Government taxation and revenue
Trump ‘big beautiful’ bill gives top 1% biggest tax cuts in these states
Key Points Legislation championed by President Donald Trump would give the top 1% of U.S. households an average tax cut of about $66,000, according to the Institute on Taxation and Economic Policy. The highest earners in Wyoming, South Dakota and Texas stand to get a tax cut of more than $100,000 from the bill, formerly […]
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Why Trump tax deductions — for tips, car loans and more — may not carry large benefits for low earners
Key Points New tax deduction — on auto loans, tips and overtime pay, and for older Americans — wouldn’t deliver much of a financial benefit for lower earners, experts said. These policies are part of a massive legislative package championed by President Donald Trump. Source
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GOP Sen. Murkowski cast crucial vote for Trump’s megabill after getting key carveout
U.S. Senator Lisa Murkowski (R-AK) walks after the Senate passes U.S. President Donald Trump’s sweeping spending and tax bill, on Capitol Hill in Washington, D.C., U.S., July 1, 2025. Elizabeth Frantz | Reuters Republican Sen. Lisa Murkowski of Alaska cast a critical vote Tuesday for President Donald Trump’s massive tax-and-spending bill, helping to push the […]
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Trump’s bill gets a boost as Senate Republicans say they have a deal
U.S. Senate Majority Leader John Thune (R-SD) walks to the Senate floor as Republican lawmakers struggle to pass U.S. President Donald Trump’s sweeping spending and tax bill, on Capitol Hill in Washington, D.C., U.S., July 1, 2025. Nathan Howard | Reuters “I believe we do,” Thune said, when asked by reporters if Republicans have reached a […]
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How the Republican megabill targets immigrant finances
Key Points Republican legislation known as the “One Big Beautiful Bill Act,” which has President Donald Trump’s backing, would make the financial lives of immigrants more difficult, experts said. That includes both immigrants who are here lawfully and unlawfully. The GOP would strip access to the child tax credit from certain immigrant households. Lawmakers would […]
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Trump hosting ‘One, Big, Beautiful’ event to push Senate Republicans to pass tax bill
US President Donald Trump gestures towards the new flagpole on the South Lawn of the White House after arriving on Marine One in Washington, DC, US, on Saturday, June 21, 2025. Ron Sachs | Bloomberg | Getty Images President Donald Trump is set Thursday afternoon to host a group of working-class Americans at the White […]
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Getting Trump’s full tax break on car loans may mean buying a $130,000 vehicle
Key Points President Donald Trump proposed a tax break on car loan interest while on the campaign trail last year. House and Senate Republicans have pitched a $10,000 tax deduction on auto loan interest as part of the so-called “one big beautiful bill” being debated in Washington. Households would likely need to buy luxury cars […]
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Canada to address unfair trade in steel and aluminum sectors, Carney says
Canada’s Prime Minister Mark Carney welcomes U.S. President Donald Trump,as he arrives for the G7 Leaders’ Summit in Kananaskis, Alberta, Canada, June 16, 2025. Chris Helgren | Reuters Canada will soon adopt tariff measures to address risks associated with persistent global overcapacity and unfair trade in steel and aluminum, Prime Minister Mark Carney told reporters […]
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Trump tax bill would add $2.4 trillion to deficits, Congressional Budget Office says
President Donald Trump’s “big, beautiful bill” would add $2.4 trillion to federal budget deficits over the next decade, the Congressional Budget Office estimated Wednesday. The bill passed by House Republicans last month would decrease federal spending by $1.3 trillion, but also see a a $3.7 trillion drop in revenues, according to the CBO’s latest analysis. The […]
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House Republican tax bill favors the rich — how much they stand to gain, and why
Key Points A tax and spending package passed Thursday by House Republicans funnels the bulk of its financial benefits to wealthy households, according to economists and tax experts. The rich benefit via a slew of tax cuts tied to businesses, the SALT deduction, the estate tax, income tax rates and opportunity zones. Lower earners would […]
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