Will the IRS impose taxes on Pope Leo XIV’s Vatican residence?
What happens when the tax man comes for the Pope? With the election of Prevart F. Prevast of Chicago as Pope Leo XIV, America now has its first Pope, and Chicagoans can claim a stake in the Vatican. While Catholics across the globe ponder spiritual matters, tax lawyers are focused on a different question. Will […]
Trump claims increasing taxes on the richest is ‘good strategy’
As Republicans sought to extend President Donald Trump’s 2017 tax cut, some within the party began to contemplate that tax reductions might inadvertently lead to lower wages for workers. The president seems to resonate with this sentiment. “People often say, ‘This is bad.’ But what we’re really doing is benefiting middle-income folks and helping those […]
Trump states that increasing taxes on the richest people is ‘smart politics’
Trump’s Tax Proposal and Comparisons to Bush As Republican lawmakers look to extend Donald Trump’s tax cuts from 2017, some have raised concerns that these cuts might lead to reductions in salaries for the nation’s top workers. Trump appears, perhaps, to be on board with this idea. “People say, ‘This is terrible.’ But really, what […]
Thune on tax for wealthy individuals: ‘I don’t want to see anyone’s taxes increase’
Senate Majority Leader John Thune (R-S.D.) expressed his reservations about President Trump’s tax proposal earlier this week. However, he remains open to hearing the president’s plans, even regarding potential tax increases on high earners. “I really don’t want to see anyone’s taxes go up,” Thune remarked during an interview on CNBC’s “Squawk Box” on Friday. […]
Long Island schools receive a $270 million increase in state funding, yet homeowners continue to face some of the highest property taxes in the country.
Long Island schools are poised to gain over $270 million in extra state funding next year, which marks a 5.4% increase from the previous year. Interestingly, local homeowners are facing the highest property taxes in the nation. The latest budget from Albany allocates $37 billion for school funding across the state. This agreement not only […]
Trump’s significant tax reform could lead to conflict over increased taxes.
The discussion surrounding possible tax cuts for the wealthiest Americans is causing a rift among Republicans in Congress. Some within the GOP and various conservative groups are firmly against raising taxes, expressing their concerns loudly. On the other hand, President Trump and his supporters believe such a plan could help fund vital tax credits for […]
Trump’s plan to raise taxes reminds political experts of George H. W. Bush’s tax increase.
Tax Hike Discussions Echo Past Republican Challenges When President George H.W. Bush was at the 1988 Republican National Convention, he faced accusations from some Americans for promising not to raise taxes, only to approve a tax increase just two years later. Fast forward to today, and similar dilemmas are unfolding with President Donald Trump, who […]
Trump Suggests GOP Should Likely Not Increase Taxes After Supporting Millionaire Tax
President Donald Trump seems to have put Congressional Republicans in a tough spot by suggesting that Americans might need to increase taxes within a “big beautiful bill” that the GOP is currently crafting. On Friday morning, Trump remarked that Congressional Republicans shouldn’t “probably” raise taxes on high earners. Yet, he acknowledged that if he decides […]
Trump’s tax proposal: Updates on the significant tax bill and what to anticipate for your taxes in 2025 and later.
Since extending the tax cuts in 2017, President Donald Trump hasn’t really pushed for major changes to U.S. tax laws. Now, Congressional Republicans are striving to align Trump’s vision with tangible action. The current state of tax bills Here’s an update on the status of the significant tax bills navigating through Congress. Republicans are crafting […]
Trump suggests Republicans “might want to avoid” increasing taxes on the wealthy.
On Friday, President Trump remarked about the wealthy, suggesting that they “maybe ‘may not’” face tax hikes. He added that it wouldn’t be a major issue if that were the case as Capitol Hill Republicans worked through the details of his legislative agenda. This proposal emerged just a day after news indicated that Trump was […]