The sweeping changes the Trump administration hopes to make to individual taxes will likely be a long time coming, Bank of America Merrill Lynch’s municipal research strategy team led by Philip Fischer writes in a report.
Kate Barton, Americas vice chair of tax services for the Americas Tax practice at Ernst & Young, discusses the contrasting tax reform plans of House Republicans and President Trump, and what’s likely to be in the final bill.
U.S. Treasury Secretary Steven Mnuchin has taken pains to stress that the Trump administration isn’t out to kill Americans’ beloved mortgage-interest tax deduction—but a side effect of the plan could turn it into a perk for only the wealthy.
President Donald Trump’s pledge to repeal Obamacare ran into a Republican buzz saw. Now, his ambitious proposal to cut taxes is again encountering GOP opposition—from lawmakers in Democratic-leaning states.
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