The Trump administration is starting investigations into digital services taxes considered by several trading partners from the European Union to India that could lead to tariffs being imposed on the countries’ exports to the U.S.
The Internal Revenue Service said individuals who got a $1,200 stimulus payment intended for someone who’s deceased or incarcerated should return the money but left open the question of how the agency would enforce that.
President Donald Trump has fixed his sights on getting a payroll tax cut in the next coronavirus stimulus bill, but it’s unclear whether he can get Republicans — much less Democrats — to go along with such a high-cost item that likely would have only a modest impact on the economy.
A big cut in the payroll tax is high on President Donald Trump’s wish list for the next coronavirus response bill, but the idea is getting the brushoff from newly cost-conscious Republicans and Democrats who would rather send aid to people who aren’t getting a paycheck.
Americans will start to receive stimulus payments this week, a centerpiece of the $2.2 trillion rescue package meant to provide a buffer against the coronavirus pandemic that’s shuttered much of the U.S. economy.
Some of the most contested pieces of the 2017 tax overhaul are being revisited as the White House and Congress begin to discuss another round of economic stimulus, including restoring the break for entertaining business clients and lifting the cap on state and local deductions.
Large retailers like Walmart Inc. and Target Corp., as well as student loan borrowers, are on a long list of potential winners from tax breaks included in a $2 trillion coronavirus relief bill approved by the Senate.