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Proposals to tax contributions upfront, limit deferrals and create new savings accounts are floating around Capitol Hill.
“You can’t go from 35 to 15 [percent] and still allow deductions. It’s just algebra,” a senior official tells CNBC.
Mulvaney, a budget hawk, tells CNBC “there’s no way to know” yet what effect the plan will have on the deficit.
The elimination of some popular deductions could expose more of the average household’s income to taxes.
Here’s how Wall Street is trading President Trump’s tax plan, even before he presents details.
It was not immediately clear how much President Donald Trump would reveal or what form it would take.
If you want to avoid a tax audit this year, here’s the best piece of advice: don’t make millions.
The average tax refund is nearly $3,000, which could help make a dent in those credit card bills. How to maximize that.
The markets tend to follow a certain pattern before and after Tax Day.
Put away the Champagne. If you received a large check from Uncle Sam, it may mean you’ve been paying him way too much.
Time is running out for first-timers to take their required minimum distributions.
Hedge fund fees, which were previously taxed as income at rates as high as 45 percent, could be completely exempt from taxation.
Kohl’s CEO warned that his company’s tax rate could surge as much as 75 to 85 percent.
Retirees taking a required minimum distribution for the first time often procrastinate. Missing out carries a big penalty.
European car manufacturers are set to be the biggest losers from President Trump’s border tax proposals, says Deutsche Bank suggests.