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taxes

The House has narrowly approved a $1.4 trillion tax overhaul, clearing the first major hurdle in Republican attempts to cut taxes and rewrite the tax code.

The vote was almost along party lines, with no Democrats voting in support of the bill and some GOP defections over provisions in the measure that would eliminate important tax deductions taken by constituents in some high tax states.

Updated 5:56 p.m. ET

Senate Republicans now plan to try to repeal the Affordable Care Act's individual mandate as part of a tax overhaul bill.

Several Senate Republicans said Tuesday that including the repeal in tax legislation, currently making its way through a key Senate committee, would allow them to further reduce tax rates for individuals without adding more to the deficit.

Updated at 12:01 ET Nov. 16

There are a lot of anxious graduate students at universities around the country right now.

That's because to help pay for more than $1 trillion in tax cuts for U.S. corporations, the House Republican tax plan would raise taxes on grad students in a very big way. These students make very little money to begin with. And many would have to pay about half of their modest student stipends in taxes.

Updated at 4:20 p.m. ET

The Senate Finance Committee unveiled its version of a sweeping overhaul of the federal tax code on Thursday, as the House Ways and Means Committee was preparing to pass its own bill. The differing proposals forecast clashes between the two chambers that will make it difficult for Congress to enact the legislation by the end of the year as promised.

The two bills share a name, The Tax Cut and Jobs Act, but diverge on tax policy that affects both the business and individual sides of the tax code.

House Republicans made steady progress Tuesday on their goal to pass a sweeping tax bill in their chamber by Thanksgiving, as Senate leaders prepared to release their own tax legislation later this week.

The quick progress comes as Republicans race to pass steep tax cuts into law by Christmas to meet a deadline set by President Trump. But significant challenges lie ahead as Republicans try to avoid repeating the bitter party infighting that doomed earlier attempts to pass a GOP health care bill.

From Texas Standard.

A new proposal from Republican lawmakers would cut some tax rates and overhaul portions of the U.S. tax code. House Republicans rolled out the Tax Cuts and Jobs Act in Washington on Thursday.

Among the most controversial aspects of the GOP tax plan is that it lowers the mortgage interest deduction for homeowners. Current homeowners wouldn’t be affected, but new borrowers would only be able to deduct the first $500,000 – that’s down from the current limit, which is $1 million.

John Diamond, director of Rice University’s Center for Public Finance says that the mortgage deduction change could lower Texas home values by 1-2 percent.

Updated at 3:10 p.m. ET

House Republicans unveiled a draft tax bill on Thursday, calling for deep cuts in both individual and corporate tax rates.

"With this bill, we will grow our economy by delivering more jobs, fairer taxes, and bigger paychecks to Americans of all walks of life," said Rep. Kevin Brady, R-Texas, chairman of the House Ways and Means Committee.

Updated at 1:45 p.m. ET

Congress has approved a joint budget resolution, a critical step to paving the way for major tax legislation later this year.

The Senate-approved resolution passed the House narrowly on Thursday, 216-212, with 20 Republicans voting no and House Speaker Paul Ryan, R-Wis., even having to cast a rare vote to help ensure its passage.

This week, Sarah Huckabee Sanders promoted one of the White House's chief selling points about the Republican tax plan. The pitch: American households will get an additional $4,000 as a result of the tax overhaul proposed in September.

The number comes from an estimate produced by the Council of Economic Advisers earlier this month.

Updated at 10:24 a.m. ET

Marching down Pennsylvania Avenue to send a message to Congress is a classic move in presidential political theater, and Tuesday is President Trump's inaugural performance. Trump makes his first visit to Capitol Hill to meet with Senate Republicans at their weekly meeting and the message is clear: Pass a tax cut.

Graphic by Bryant Ju and Ryan Murphy / The Texas Tribune

For Hurricane Harvey recovery, Texans want federal, state and local officials to focus on debris cleanup and disposal, housing, public health and environmental contamination, according to the latest University of Texas/Texas Tribune Poll.

Updated at 3:35 p.m. ET

Republicans are once again waving the white flag on health care.

Senate Majority Leader Mitch McConnell announced that he is pulling the Republican health care bill because it does not have the votes.

Rather than endure another embarrassing vote that sees his caucus come up short, the senators agreed in a closed-door meeting to shelve the bill.

frankieleon / Flickr Creative Commons

In Texas, many families are pulled out of poverty by what’s known as the Earned Income Tax Credit, or EITC. Some experts say changing how the credit is paid out might help even more people.

The Brookings Institution’s Alan Berube talks about the credit — and why paying it all at once may not be the answer.

One of President Trump's boldest, most ambitious proposals on the campaign trail was to build a wall along the Southern border and get Mexico to pay for it. Amid the tumult of Trump's first few months in office, the border wall hasn't gotten as much attention as some other things. But new legislation has been introduced in Congress to help fund it.

It's called the Border Wall Funding Act of 2017, introduced on March 30 by Rep. Mike Rogers, R-Ala.

In a letter released Friday, President Trump's lawyers said a decade's worth of his tax returns show that he doesn't owe money to Russian lenders and that he has received no income from Russian sources, "with a few exceptions."

The exceptions include this: "In 2008, Trump Properties LLC sold an estate in Florida, that it had acquired in 2005 for approximately $41 million, to a Russian billionaire for $95 million."

Updated 9:45 a.m. ET

The White House is banging the drums that President Trump is doing something big again ahead of his 100th day in office — unveiling a tax "plan."

"This is going to be the biggest tax cut and the largest tax reform in the history of our country," Trump's Treasury Secretary Steve Mnuchin said at a panel Wednesday morning.

Millions of taxpayers are rushing to complete their federal and state filings before the April 18 deadline. Among them are several million people in this country illegally, and there are signs that fewer such immigrants are filing than in years past.

andem / flickr

In recent weeks, several North Texas school districts have held or considered having tax ratification elections.

GotCredit / Flickr

For millennials just getting used to the tax code, some common misconceptions can lead to disappointment, and maybe even a big bill on filing day.

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Some North Texas school districts say they’re out millions of dollars due to a software glitch, according to a Fort Worth Star-Telegram report this week. 

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Most people won’t think about income taxes for another couple of months. But low-income families are already counting the days until they can file. 

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Seven propositions to amend the Texas Constitution are on the ballot this election. Proposition 7 would increase funding for roads by about $2.5 billion.

Supreme Court: Texas Reinforced Segregated Housing

Jun 25, 2015
Supreme Court of The United States

The biggest federal housing subsidy program in Texas — which awarded $9.7 billion in tax credits from 1990 to 2011 — effectively has been reinforcing segregated housing, the U.S. Supreme Court found Thursday.

Texas Tribune

Gov. Greg Abbott got most of what he wanted out of his first legislative session as the state's chief executive.  However, not all Republicans share his enthusiasm.

Texas Tribune

State lawmakers can go into the final weekend stretch of their legislative session now that they’ve cleared a procedural deadline this week for considering bills.  

Ross Ramsey, executive editor of The Texas Tribune, talks about which bills did and did not make the cut.

Texas Tribune

Republicans in the Texas House scrambled to get consideration of their bills by a midnight deadline. That’s as Democrats tried their best to run out the clock.

Sam Baker talked about this with Ross Ramsey, Executive Editor of the Texas Tribune. He explained why, for instance, a bill to prohibit use of state money to issue same-sex marriage licenses failed to make the cut.

Texas Tribune

After a marathon 17-hour debate, the Texas House gave tentative approval to its version of a new state budget this morning.

Texas Tribune executive editor Ross Ramsey tells KERA’s Sam Baker the $210-billion budget reflects a lot of Gov. Greg Abbott’s priorities.

There’s a new box to check on income taxes for 2014. Showing proof of health insurance for most folks will be easy as checking a box, but for others there are extra forms to fill out. Susan Hoff, with United Way in Dallas, helps sort through new tax time rituals.

Ivan Pierre Aguirre / Texas Tribune

The Democrat challenging Republican John Cornyn for his U.S. Senate seat knows he has an uphill battle against a better funded, established candidate. So why is David Alameel running?

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A report out this year found the number of women-owned businesses has increased at one and a half times the national average between 1997 and 2014. During that time, Texas saw a 98% percent growth in women-owned businesses – the second highest in the nation behind Georgia.

Michael Cox, the current director of SMU’s O’Neil Center for Global Markets and Freedom and a former chief economist for the Dallas Federal Reserve Bank, says some of what fueled growth for women applied to business owners across the board.

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