taxes

Senate GOP Seeks Tax Law Fixes, Including ‘Retail Glitch’
Provision meant to reward store renovators would end up hurting them instead

Sen. Orrin Hatch, R-Utah, and other GOP tax writers have spotted some holes they want to plug in the new tax law. (Bill Clark/CQ Roll Call file photo)

Senate Finance Chairman Orrin G. Hatch said Thursday that Republicans are aiming to fix at least three glitches in last year’s tax code overhaul, including an error that has so far kept certain restaurants and retailers from taking advantage of a key tax break to renovate their storefronts.

In a letter to Treasury Secretary Steven Mnuchin and acting IRS Commissioner David Kautter, Hatch and other Senate GOP tax writers said they will introduce legislation to plug holes in the new tax law like the so-called retail glitch.

McConnell Casts Doubt on Legislation to Restrict Trump’s Trade Authority
Kentucky Republican talked taxes and trade Friday in Louisville

Senate Majority Leader Mitch McConnell, R-Ky., was talking taxes and trade in his hometown on Friday. (Tom Williams/CQ Roll Call file photo)

Senate Majority Leader Mitch McConnell stopped at a water tank manufacturing company Friday in Louisville, Kentucky, to tout the benefits of the Republican tax overhaul, but the conversation not surprisingly turned to trade.

The Kentucky Republican said it was unlikely Congress could enact restrictions on President Donald Trump’s trade authority, despite some GOP senators’ efforts to reign in the president’s actions.

Record Debt Pile by 2029 if Tax Cuts, Budget Deal Extended, CBO Says
Congressional scorekeeper assumed future lawmakers will extend temporary provisions

Debt as a share of the economy would balloon, under a scenario studied by the Congressional Budget Office. (Bill Clark/CQ Roll Call file photo)

Federal debt would be about one and one half times the size of the economy within 20 years under an alternative fiscal scenario from the Congressional Budget Office that assumes Congress will continue the recent tax cuts and spending increases enacted over the past year.

Debt held by the public, which excludes debt held by government accounts including the Social Security and Medicare trust funds, would top the previous World War II-era record of 106 percent of gross domestic product by fiscal 2029 under the CBO’s “extended alternative fiscal scenario,” released Wednesday.

After Public Praise for Diane Black, Trump Embraces Bill Lee
Tennessee Republican’s gubernatorial campaign touted support of the president

Rep. Diane Black, R-Tenn., talks with reporters outside a meeting of the House Republican Conference in the Capitol last year. She will not be Tennessee’s next governor after losing her primary Thursday night. (Tom Williams/CQ Roll Call file photo)

President Donald Trump, who previously praised Rep. Diane Black, essentially cast her aside Friday after she lost a Republican gubernatorial primary in Tennessee.

Though the president never officially endorsed her, he did mention her — and not Bill Lee, the eventual victor — during a May 31 rally in Nashville.

In Pennsylvania, Trump Rips Casey as ‘Sleeping Bob’
GOP Senate nominee Barletta tells crowd Democrat will ‘take away your tax cuts’

Pennsylvania Democratic Sen. Bob Casey, right, talks with the state’s junior senator, Republican Patrick J. Toomey, in the Senate subway in July 2016. President Donald Trump visited the state Thursday night to campaign against Casey. (Bill Clark/CQ Roll Call file photo)

Looking to boost Republican Rep. Lou Barletta in his Pennsylvania Senate bid, President Donald Trump dismissed the Democratic incumbent Bob Casey at a rally Thursday as “Sleeping Bob,” calling him “overrated” and too controlled by his party’s leaders.

Trump called Barletta onstage near the start of the rally in Wilkes-Barre, Pennsylvania, calling him a “very special man” who has “been with me.”

5 Things You Should Know From the Paul Manafort Trial, Day 2
President swings at a straw man and prosecutors mull shelving ‘star witness’ Rick Gates

President Donald Trump’s former campaign chairman Paul Manafort, here in Washington in June, is on trial, facing 18 counts involving tax evasion and bank loan fraud. (Sarah Silbiger/CQ Roll Call file photo)

Day Two of the tax evasion and bank fraud trial of former Trump campaign chairman Paul Manifort is in the books.

The day featured testimony from five witnesses — including Sen. Bernie Sanders’ 2016 presidential campaign chief — and dozens of pages of evidence on Manafort’s lavish lifestyle.

Second Quarter GDP Numbers Show Tax Cuts Deliver
Strong state of economy could help GOP mitigate midterm disadvantage

President Donald Trump, Vice President Mike Pence and congressional Republicans celebrate the passing of the tax overhaul in December 2017. The anti-tax cut narrative pushed by Democrats is contradicted by the strong economic growth of the last few quarters, Winston writes. (Chip Somodevilla/Getty Images file photo)

OPINION — No release has been more highly anticipated this summer — with the possible exception of “Mission: Impossible — Fallout” — than the Bureau of Labor Statistics’ second quarter GDP numbers.

Washington and Wall Street, with a lot on the line, have been anxiously awaiting the federal government’s quarterly report card on economic growth, billed as the first really big test of President Donald Trump’s economic policies.

11 Memorable Moments as Trump Touts DeSantis, Scott in Florida
President again fixates on crowd size, 2016 election win

President Donald Trump waves as he leaves a rally in Tampa, Fla., on Tuesday. (Joe Raedle/Getty Images)

ANALYSIS — President Donald Trump showed again Tuesday evening why he is as much the disruptor in chief as he is the commander in chief, jetting to Florida to weigh in on the Sunshine State’s Republican gubernatorial primary.

Trump called the candidate he has endorsed, Rep. Ron DeSantis, onstage early at a rally in Tampa, even branding him with a compliment he reserves for a select few — a “tough cookie.” Presidents typically have avoided getting involved in primaries for state and and congressional races. But not Trump, who is eager to put candidates who share his nationalist and conservative bona fides into elected office at all levels.

Kudlow: Trump Administration Will Lower Deficit Despite Projections
WH economic adviser says ‘economic boom’ an important factor

White House economic adviser Larry Kudlow says the Trump administration will lower the deficit despite projections that suggest otherwise. (Chip Somodevilla/Getty Images file photo)

White House economic adviser Larry Kudlow told CNN’s Jake Tapper Sunday that the administration plans to lower the deficit, despite recent upward projections that suggest otherwise.

“The effects of this economic growth boom are going to be a major important factor to this, very important,” Kudlow said on CNN’s “State of the Union.” He then cast the deficit as a byproduct of economic stimulus that would bring in more tax revenue over time.

Republicans Go For Broke on Tax Cut Message With 2.0 Effort
Making individual tax cuts permanent is centerpiece of developing 3-bill package

House Ways and Means Chairman Kevin Brady, R-Texas, briefed House Republicans Tuesday on his panel’s developing “Tax Reform 2.0” plan. (Tom Williams/CQ Roll Call fie photo)

House Republicans have made clear that the tax overhaul bill their party passed last year is their primary selling point to voters on why they should keep them in the majority come November. 

Now they’re doubling down on the tax cut message as they prepare a three-bill package they’re calling “Tax Reform 2.0.”