On May 14, the House Ways and Means Committee voted to advance “The One, Big, Beautiful Bill,” which contains President Trump’s tax priorities. One provision in the bill is a new savings option for children under age 8. If enacted, the tax-advantaged vehicles will be called Money Accounts for Growth and Advancement (MAGA). Eligible children […]

The U.S. House tax-writing committee released a draft bill on May 12 that increases the state and local tax (SALT) cap. Currently, there’s a $10,000 limit on the SALT deduction. The proposed bill raises it to $30,000 for taxpayers with incomes of $400,000 or less. Also included in the draft bill: increasing the Child Tax […]

State Implications of the One, Big, Beautiful Bill https://bit.ly/43QDG1Z 

House Republicans continue to hash out the details of President Trump’s “one big, beautiful bill.” The bill Republicans hope to pass by Memorial Day would extend many provisions in the Tax Cuts and Jobs Act. It would also contain border, energy and defense policies and create new tax breaks promised by Trump on the campaign […]

There’s been a breakthrough in the U.S.-China tariff dispute. The two countries have announced a temporary, substantial reduction of reciprocal tariffs. The new measure will be in effect for 90 days. Specifically, the U.S. will cut tariffs on Chinese imports from 145% to 30% and China will ease tariffs on U.S. imports from 125% to […]

After 33 years, the U.S. Environmental Protection Agency (EPA) plans to sunset the Energy Star program. This public/private partnership certifies energy-efficient appliances and other products that meet certain federal government standards. The popular program has provided tax breaks, including federal tax credits, to eligible taxpayers and helped lower consumers’ utility bills. According to nonpartisan analysts, […]