House Republicans are set to unveil their far-reaching tax overhaul today, making major changes yet looking to preserve current tax rules for retirement accounts popular with middle-class Americans and to retain a top income-tax rate for million-dollar earners.
President Donald Trump and Republicans were at odds on Wednesday over changing the 401(k) retirement program to help finance tax cuts, with the president insisting the middle-class favorite will remain untouched and lawmakers open to revisions.
President Donald Trump shot down a possible approach for raising revenue to finance tax cuts in politically must-do legislation for the Republicans, promising Monday the popular 401(k) retirement savings program will be untouched.
President Donald Trump said Friday that the centerpiece of his plan to help American businesses and workers “thrive, compete and grow” is a “giant, beautiful, massive, the biggest ever in our country, tax cut.”
How do you pay for an estimated $5.8 trillion tax cut?
Dismissing concerns about ballooning federal deficits, President Donald Trump on Wednesday proposed dramatic tax cuts for U.S. businesses and individuals — outlining an overhaul his administration promises will spur economic growth and simplify America’s tangle of tax code rules.
Mississippi’s Republican-led Legislature and GOP Gov. Phil Bryant enacted a substantial package of tax cuts during their 2016 session, with reductions phased in over several years.
Mississippi’s budget is a mess because the Republican-led Legislature has been cutting taxes to help potential campaign donors, Democratic Attorney General Jim Hood said Thursday.
Gov. Phil Bryant on Friday signed what may be the largest tax cut in Mississippi history, a measure that will reduce taxes by $415 million over the next 12 years.
Two weeks ago, the Mississippi Senate, at the behest of Lt. Gov. Tate Reeves, passed a bill that will reduce state revenue by a whopping $577 million over the next 15 years by eliminating the franchise tax on business and the two lowest income tax brackets for residents.