SALT caucus turns down proposal for $30,000 deduction limit from tax committee
A group of moderate House Republicans has decided to reject the GOP leadership’s proposal, which aims to increase the state and local tax (SALT) deduction cap to $30,000 as part of a broader bill that includes key legislative priorities from Trump. The House Ways and Means Committee, responsible for the tax aspects of this GOP […]
Tax Cuts from Trump Will Not Increase the Trade Deficit
Weak links in twin deficit chains Recently, there’s been discussion about President Trump’s tax cuts potentially enlarging the trade deficit. This notion stems from what is known in economic circles as the “Twin deficit” hypothesis, which suggests that the fiscal deficit and trade deficit are closely linked, rising and falling together. The reasoning appears straightforward. […]
Five Republican Governors from Blue States Stand Firm on State and Local Tax Deduction During Budget Dispute
Five Republican lawmakers from traditionally Democratic states are pushing for an increase in state and local tax credits as part of Trump’s proposed legislation. Representatives Andrew Garbarino (R-NY), Nick Larota (R-NY), Mike Roller (R-NY), Young Kim (R-CA), and Tom Keene Jr. (R-NJ) are advocating for higher federal deductions for state and local taxes, often referred […]
Wikipedia’s Parent Foundation CEO to Resign After Ed Martin Raises Tax Exemption Concerns
Mariana Iskander, the CEO of the Wikimedia Foundation, which operates Wikipedia, has reportedly stepped down. This announcement comes just two weeks after allegations surfaced accusing the foundation of breaching its 501(c)(3) tax-exempt status by allowing misinformation from foreign sources to proliferate on its platform. Iskander has indicated she will continue in her role for a […]
Concerns grow among businesses as US-China tax treaty may be revoked before trade talks.
As Treasury Secretary Scott Bescent readies for trade discussions in Switzerland, there’s growing concern among businesses regarding the potential cancellation of a tax treaty between the United States and China. American firms operating in China could face difficulties in retrieving profits. Business groups warn that if this treaty is terminated or scaled back, they may […]
IRS loses almost a third of its tax auditors due to budget cuts, watchdog report reveals
On February 20, 2025, a traffic light outside the U.S. Internal Revenue Service (IRS) building in Washington, D.C. changed to red. The IRS has seen a significant loss of tax auditors, with a report from a watchdog revealing a decline in government efficiency linked to Elon Musk. By March 2025, the number of employees had […]
Five Republicans from blue states prepared to block tax legislation due to state and local deductions.
A group of five Republicans from suburban districts is distinguishing itself from larger factions within the party that support increasing the controversial state and local tax (SALT) credit limits. These lawmakers are ready to collectively oppose a significant tax and spending reduction package central to President Trump’s agenda unless they receive the salary increase they’re […]
Vermont House approves tax credit proposal
MONTPERIA, Va. – A significant number of Vermonters have successfully reduced their income taxes following the approval of a bill in the House on Tuesday. For years, discussions have been ongoing regarding tax reductions for military retirees. This bill reached a compromise that, while limiting certain benefits, broadens child tax credits for additional families, enhances […]
Broward tax preparer instructed to shut down operations and prohibited from preparing returns.
A Broward County tax return preparer has been ordered to shut down his business and is banned for life from preparing or filing federal tax returns following a civil suit by the U.S. Department of Justice. Sunil Ramchandani, who operated AHS Income Tax Services in Cooper City, reportedly made errors in a significant number of […]
Accountant in New Jersey allegedly submitted 177 fake tax returns for clients, according to federal authorities.
A woman from Bergen County has been sentenced to three years in prison and ordered to repay over $1 million after she confessed to submitting 177 fraudulent tax returns for a client, according to the U.S. Attorney’s Office. Josh Lynley, 49, from Elmwood Park, had earlier pleaded guilty to assisting in the preparation of false […]