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The Latest Breaking News from Tax Cuts

With second special session underway, Texas lawmakers offer opening property tax-cut proposals

A stalemate among Texas’ top Republicans has dragged on for months. Tax-cut proponents in the House and Senate made their first pitches to end the impasse Wednesday.

The Texas Tribune

A property tax deal has eluded Texas lawmakers. Here’s where things stand at the start of another special session.

Top Republicans promised property tax cuts, but have been locked in standoffs on how to achieve it. Gov. Greg Abbott has called another overtime legislative session in hopes of solidifying a plan.

The Texas Tribune

First special session ends with no new laws, Texas lawmakers still deadlocked on property taxes

Gov. Greg Abbott quickly called lawmakers back to the Capitol for round two, hoping to break an impasse that has outlasted the regular session and one overtime period.

The Texas Tribune

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The next president's $4 trillion problem

Republicans' tax cuts and Democrats' enhanced ACA subsidies both expire in 2025.

Axios

What Is the Bonus 'Guaranteed' Standard Deduction?

A proposed Republican tax cut package contains a 'bonus' of up to $4,000 for the current standard deduction. Could it help?

Kiplinger

Texas senators include more property tax cuts for businesses in new pitch to break impasse with House

The Senate’s latest proposal is an apparent effort to appease Gov. Greg Abbott and the lower chamber. The state’s top Republicans have been at odds for months over how to use the state’s historic budget surplus to cut property taxes.

The Texas Tribune

Dutton’s climate ‘stunt’ sacrifices tax cut promise: Labor

The Coalition risks sacrificing an election promise on small business tax cuts to pull a political stunt on climate change, Labor claims.

The New Daily

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Joe Biden rallies with union workers in Philadelphia: ‘You built America’

President enlists support of union members against GOP tax cuts for the wealthy at first political rally of 2024 re-election campaign

The Guardian - US

GOP budget would destroy Social Security

The proposed budget calls for tax cuts for the uber-rich and an increase in the Social Security retirement age

Salon

Partisan clash on spending and taxes - Roll Call

CQ Roll Call's David Lerman, Aidan Quigley and Laura Weiss dissect the partisan battles brewing over appropriations and tax cuts.

Roll Call

Conservatives’ budget plan renews battle over seniors’ benefits

WASHINGTON — The largest bloc of House conservatives offered up a fiscal blueprint Wednesday that promises to balance the federal budget in seven years, make GOP tax cuts permanent and slash domestic spending.

Tribune News Service

GOP bill: $24 billion tax cut for top 1%

The average member of the 1 percent would save $16,550 under the plan

Salon

Texas Property Tax Relief in 2024

Homeowners have started saving due to a Texas property tax relief package passed last year. Here's a breakdown of the tax cuts.

Kiplinger

What to Do Before the Tax Cuts and Jobs Act Provisions Sunset

Parts of TCJA (also known as the Trump tax cuts) are set to expire by the end of 2025, so the sooner you act, the more options you’ll have to take advantage of today's lower taxes.

Kiplinger

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The Independent UK

Tax cuts without lower inflation is ‘betrayal’ of Thatcher, says minister

Gillian Keegan said the Government would need to ensure ‘sound money’ and financial stability before planning to cut taxes.

Kiplinger

How Two Tax Laws Make REITs More Tax-Friendly

Taking advantage of the return of capital (ROC) and Tax Cuts and Jobs Act rate reductions can significantly reduce the taxes on REIT distributions.

The Texas Tribune

Texas Republicans are fighting over how to split $12.3 billion in property tax breaks between homeowners and businesses

Gov. Greg Abbott and House Speaker Dade Phelan back a plan that spreads property tax relief among all landowners, while Lt. Gov. Dan Patrick’s proposal would give homeowners a bigger boost than businesses.

Newsroom.co.nz

National still taking bait from streetfighter Hipkins

With the polls narrowly backing a National/ACT government, National should have the confidence to come out from the shadows and more positively assert its own agenda, says Peter Dunne

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The Texas Tribune

Republican priorities on school choice, border fail, but late-night compromises resurrect others

Rushed agreements and suspended rules rescue legislation on the electric grid and economic incentives for companies, and work is still being done on a property tax proposal.

Newsroom.co.nz

Labour goes negative on National-ACT 'cuts'

Labour kept up its attacks on the Opposition's proposed tax cuts but fumbled its own number-crunching at a party congress.

Newsroom.co.nz

A thought experiment, 1939: will a Nazi Europe buy our lamb?

How might things have gone had we looked to the ideology of tax cuts to defeat fascism in WWII, asks Nicholas Agar?

The Guardian - UK

IMF says UK no longer heading for recession but urges against tax cuts

Jeremy Hunt should squeeze public spending and cut debt, says Washington-based body

Tribune News Service

NC governor declares ‘state of emergency’ due to GOP school voucher expansion, tax cuts

RALEIGH, N.C. — Democratic Gov. Roy Cooper declared Monday that “public education in North Carolina is facing a state of emergency” in the face of “extreme legislation” being promoted by Republican state lawmakers.

The New Daily

Alan Kohler: The battle for America’s heart, soul and future

Republicans are threatening to force America to default on its debt if there isn’t a crackdown on welfare for the poor.

The Independent UK

Jeremy Hunt hints at tax cuts as he urges Tories not to talk the country down

Jeremy Hunt said the push to cut inflation would result in tax cuts

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