The contentious tax overhaul is beginning to deliver a change that many will welcome — bigger paychecks. Workers are starting to see more take-home pay as employers implement the new withholding guidelines from the IRS, which dictate how much employers withhold from pay for federal taxes. Those whose checks have remained the same shouldn’t fret […]
tax cuts
Posted inMaine, sj-web
How Mainers can benefit: Tax experts identify keys in overhaul legislation
Tax accountants and financial planners in Maine have been scrambling for days to keep up with the constant trickle of proposed changes to the federal income tax code and figure out what those changes could mean for their clients. While various provisions of the Republican tax reform effort were being furiously negotiated among members of […]
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Posted inMaine, sj-web
Collins in pressure cooker on tax reform
Sen. Susan Collins is in the pressure cooker heading into a crucial vote on tax reform next week, targeted by protesters in Maine and Washington, lobbyists both for and against the bill, Republican leadership and health care advocates. Progressive activists were arrested at Collins’ Bangor office on Dec. 4 and clergy were arrested at her […]
Posted inNation / World, sj-web
Marco Rubio's demand on child tax credit endangers GOP tax plan
WASHINGTON (AP) — Republican Marco Rubio’s potential defection over a tax credit for low-income parents put a speed bump into GOP leaders’ drive to push their big tax package through the Senate, but it’s a complication that’s likely to be resolved. The Florida senator declared Thursday that he’ll vote against the $1.5 trillion bill unless […]
Posted inNation / World, sj-web
Ample tax cuts for business, wealthy in new GOP tax accord
WASHINGTON (AP) — Generous tax cuts for corporations and the wealthiest Americans would be delivered in a sweeping overhaul of the tax laws, under a new agreement crafted by Republicans in Congress. Middle- and low-income families would receive smaller tax cuts, though President Donald Trump and Republican leaders have billed the package as a huge […]
Posted inOp-Eds, sj-web
End for mortgage interest tax deduction?
WASHINGTON — If you want to understand why the tax code is so hard to overhaul, consider the case of the mortgage interest deduction. The issue is so sensitive that the House and Senate are dealing with it in completely opposite ways. To its many defenders and beneficiaries, the mortgage interest deduction symbolizes and subsidizes […]
Posted inNation / World, sj-web
Trump says no changes to 401(k) incentives to pay for GOP tax cuts
WASHINGTON (AP) — 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 program will be untouched. As Republicans hurtle toward producing a bill to overhaul the U.S. tax system, they’re scrambling to find new revenue sources […]
Posted inNation / World
Donald Trump tax plan billed as ‘largest tax reform’ in U.S. history
This April 13, 2014, file photo shows the Internal Revenue Service (IRS) headquarters building in Washington. President Donald Trump’s plan to provide massive tax breaks to corporations faces big challenges as Washington struggles with mounting debt and the populist president tries to make good on promises to bring jobs and prosperity to the middle class. […]
Posted inMaine, sj-web
Lawmakers looking to trim exemptions from Maine tax code
AUGUSTA — Eliminating any of the state’s tax exemptions and credits will be politically challenging but may be necessary to avoid further cuts to municipal revenue sharing, Maine lawmakers said Monday. A special group of lawmakers, state officials and economists that’s been tasked with examining the state’s tax breaks, exemptions and credits to come up with […]