#tax-reform

#tax-reform

Baltimore is undervaluing vacant land by nearly half a billion dollars, leading to low tax bills for absentee speculators while residents face the highest property tax rate in Maryland.

The new $6,000 senior deduction is a huge win for retirees. Having this extra deduction helps lower their taxable income. This means that more of their Social Security checks and retirement benefits stay in their hands instead of being taxed.

Verizon raised its annual profit forecast, citing strong demand for premium plans and benefits from tax law changes, leading to a notable rise in shares.

"Childcare, as you know, has been seen as a personal problem for women and workers, but not an economic imperative. We knew we needed to get businesses to make the case..."

The goal of the new tax is pretty simple: It encourages colleges to use their major endowments to lower the cost of education.

"The thresholds are SO low and there should be NO CAP for goods and services. Make it about spending/payments. This is good for consumers."

The House of Representatives agreed to clear the last procedural hurdle for the One Big Beautiful Bill Act (BBB), paving the way for Trump's ambitious tax reform.

House Republicans faced challenges in advancing President Trump’s tax and spending cuts package, dealing with skeptical lawmakers and pressure to finalize the bill before the July 4th deadline.

"Senate Republicans moved one step closer to ripping health care away from millions of Americans to pay for massive tax breaks for billionaires," Gov. Kathy Hochul said in a statement.

The outcome capped an unusually tense weekend of work at the Capitol, the president's signature legislative priority teetering on the edge of approval or collapse.

The big, beautiful bill makes permanent the Tax Cuts and Jobs Act provisions, which generally benefited high earners more than most. Increased standard deductions are for individuals, heads of households, and married couples.

The One Big Beautiful Bill Act is a massive tax cut proposal that would reduce federal revenue by roughly $4 trillion over the next decade, while impacting income distribution significantly.

The Senate Republicans' tax bill could slash $1.1 trillion from health provisions by 2034, leading to an estimated 11.8 million people losing their health insurance.

The Senate tax bill could add nearly $3.3 trillion to US deficits over a decade, raising concerns about its fiscal impact and long-term sustainability.

Elon Musk criticized the Senate tax package, stating it would destroy millions of jobs and inflict strategic harm on the country.

The much-maligned IR35 status checker tool, used by HMRC, saw a 73% decline in usage over the past financial year, reflecting growing discontent among contractors.