Tension rises over SALT deduction among Republican leaders in the House and Senate
Republicans in states controlled by Democrats are raising concerns in the Senate regarding President Trump’s proposed budget. GOP lawmakers from New York and California want to keep the current limits on state and local tax (SALT) deductions, which they see as a way to save taxpayers money. These Republican representatives have made the existing $10,000 […]
Why your Social Security check might be smaller this month because of Trump’s new deduction
Some individuals receiving Social Security might feel the pinch this week as payments are deposited into their accounts. It appears that certain beneficiaries of federal student loans could see their monthly payments affected due to ongoing efforts in the education sector aimed at collecting overdue payments. Last month, the Treasury started issuing notices that put […]
Reinstating Country Club Dues Tax Deduction Is Stronger Justification Than SALT
Tax Policy Shifts and SALT Deductions The Tax Cuts and Employment Act (TCJA) has led to a permanent decrease in corporate tax rates, effectively putting an end to corporate inversions as an ongoing issue. However, the cuts in personal income tax rates are set to expire at the end of 2025. A lawsuit has now […]
Trump’s tax cuts remain in place as SALT deduction limit increased in narrow 215-214 vote
Senate Split on House’s “Big and Beautiful Bill” The reaction in the Senate to the House’s “big and beautiful bill” has been distinctly divided. Democrats are raising alarms about potential long-term damage to the working class, while Republicans assert that the legislation will be beneficial for many. There are strong feelings on both sides. According […]
House Republican tax bill approves a $40,000 limit on the ‘SALT’ deduction. Here are the beneficiaries.
House Proposes Changes to SALT Deductions Jason Smith (R-MO), who is the chairman of the House Ways and Means Committee, is set to hold a press conference on May 13, 2025, just before a markup hearing at the Longworth House Building on Capitol Hill in Washington, DC. On Thursday morning, House lawmakers approved modifications to […]
Rep. Mike Lawler highlights $40K SALT deduction limit for New York as House advances Trump’s tax plan
Rep. Mike Lawler Celebrates Significant Tax Credit Increase WASHINGTON – Rep. Mike Lawler (R-NY) is marking an 11-hour agreement that brings a 400% increase in state and local tax (SALT) credits, part of President Trump’s “one big beautiful bill.” “For the middle class, this represents a true win, particularly in places like New York,” Lawler […]
Senate approves legislation providing tax deduction for tips up to $25,000
US Senate Passes Bill for Tax Credits on Tips The US Senate has recently approved a new bill that would provide tax credits on tips, with a potential cap of up to $25,000. This legislation also looks to extend the business tax credit on payroll taxes related to tips for beauty and spa services, pending […]
New tax deduction for seniors from Trump: Eligibility and actual savings
President Trump’s latest tax proposal suggests a $4,000 benefit for seniors, though experts indicate that most individuals may only see around $880 in actual savings. Critics raise concerns about the plan’s overall impact. In Greensboro, N.C., Trump’s new tax initiative aims to aid seniors, but opponents argue it could come with substantial costs. The proposal, […]
5 key points about SALT, the tax deduction delaying Trump’s bill
The Republican tax and spending cut package is encountering several obstacles on its journey to President Trump’s desk, with the caps on the state and local tax (SALT) deduction being particularly significant. House tax committee members have proposed raising the joint filer’s cap to $30,000, up from the current $400,000 annually. However, suburban Republicans from […]
Leicester may face a points deduction following charges from the Premier League.
Leicester City Faces Potential Point Deduction Leicester City might be in for a point deduction next season due to allegations of breaching profitability and sustainability regulations set by the Premier League. This situation stems from three alleged violations relating to the 2023-24 season, a period when Leicester celebrated their promotion to the top tier, and […]