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The Latest Breaking News from Tax Cuts

Battle of the election ‘sugar hits’: Labor and Coalition announce tax plans at duelling campaign launches

Albanese unveils an automatic $1,000 deduction on annual tax returns while Dutton pledges $1,200 one-off tax refund for low- and middle income earners

The Guardian - AU

Two Cheers for Extended Tax Cuts and an IRS in Chaos

It’s not the reform we need, but it’s welcome relief from ravenous and unpopular tax collectors.

Reason

$337 billion, two-year budget gets Texas House approval

The lower chamber’s plan largely aligns with the Senate’s proposal and puts billions toward teacher pay, border security and property tax cuts.

The Texas Tribune

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A win for Mike Johnson? The finish line of the speaker’s budget marathon is still far in the distance

ANALYSIS: ANALYSIS: The GOP has a long way to go before legislation extending the Trump tax cuts and cutting federal spending makes it into law, writes John Bowden

The Independent UK

Texas plans to spend $51 billion on property tax cuts. It may not be sustainable.

State budget watchers — and some Republicans — worry Texas is spending too much on property tax cuts.

The Texas Tribune

These Reforms Would Simplify Our Messy Tax Code—and Level the Playing Field

The government currently collects revenue in an arbitrary and distortionary manner, with loopholes that benefit special groups.

Reason

GOP budget "just the first set of cuts"

"Wealthy Americans, on the other hand, would have a larger share of the economic pie"

Salon

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Poorest urban fringe electorates gain most from Labor’s first-term tax and welfare reform, ANU research shows

Exclusive: The wealthiest households on average will be nearly $800 worse off, modelling reveals, as a result of the rejigged stage-three tax cuts

The Guardian - AU

Top US companies spent three times as much on buybacks as taxes after Trump cuts – report

As president proposes new cuts, data shows 11 corporations collectively recorded nearly $500bn in profits since last cuts

The Guardian - US

Why tax literacy should be a national priority in Canada

The last time Canada’s political parties campaigned during a tax season was more than a decade ago. This year, taxes are a hot topic, and for good reason. Shortly after the federal election was called, the political parties began rolling out promises of tax cuts to win over voters.

The Conversation

Wall Street gets its Trump wake-up call

Analysis: Wall Street is freaking out about Trump’s trade war. But it was always in plain sight

The Independent UK

Budget battle in the House - Roll Call

Speaker Mike Johnson faces a rebellion within GOP ranks over a budget blueprint that squeaked through the Senate. CQ Roll Call’s Caitlin Reilly, Paul M. Krawzak and David Lerman assess the outlook for final adoption of a budget resolution and the big fights over Medicaid cuts and whether to pay…

Roll Call

'Current policy' debate dogs budget reconciliation efforts - Roll Call

The Senate's budget blueprint has triggered a fight over wiping away the cost of tax-cut extensions in a bid to make them permanent.

Roll Call

GOP's magic math undermines Trump's plan

Republicans are wishing away the debt to give tax cuts to the wealthy

Salon

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Fortune

Trump tariffs could help clear the way for bigger tax cuts as Congress eyes a potential revenue windfall — and a shrinking economy

Economists at Citi Research said in a note on Thursday that the aggressive tariffs "may now become a justification for larger tax cuts."

Roll Call

House GOP won't be jammed by Senate on budget, leaders pledge - Roll Call

Speaker Mike Johnson and his GOP leadership team on Saturday sought to tamp down a brewing revolt on the budget resolution.

International Business Times

Fractious Republicans Seek Unity Over Trump Tax Cuts

US senators were set to vote Saturday on unlocking trillions of dollars for sweeping tax cuts promised by President Donald Trump, despite bitter infighting among the majority Republicans over the savings that will be needed to fund them.

Roll Call

Senate begins long night of budget votes - Roll Call

The Senate kicked off a "vote-a-rama" Friday night on a revised budget blueprint that was expected to win adoption by early Saturday morning.

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Euronews

Republicans move ahead with Trump’s tax break bill and spending cuts

Critics are concerned that tax cuts may be implemented at the expense of key social services, such as healthcare and childcare support.

Euronews

What to know about President Donald Trump's vast array of tariffs

President Donald Trump followed through on his tariff threats by declaring on Wednesday a 10% baseline tax on imports from all countries and higher tariff rates on dozens of nations that run trade surpluses with the US.

International Business Times

Senate GOP's Budget Plan: $1.5T In Tax Cuts, $5T Debt Limit Hike—What You Need To Know

Republicans are using the accounting method called the "current policy baseline" to show that extending Trump's tax cuts would cost nothing. Democrats strongly oppose this, calling it "magic math" because it hides the true cost, which could be in the trillions.

Roll Call

Senate Republicans get ready to roll on revised budget - Roll Call

The compromise budget blueprint is designed to pave the way for a major package of tax cuts, border security and defense funding and more.

Fortune

White House officials are considering a higher tax rate for the wealthiest Americans to help pay for cutting taxes on tips, report says

Ending taxes on tips was one of President Donald Trump's top campaign pledges, and he has reaffirmed it since returning to the White House.

Fortune

Stocks post worst quarter since 2022 ahead of ‘Liberation Day’

Trump wants tariffs to pay for tax cuts, but investors have received few updates on the latter.

The Independent UK

Peter Navarro faces bipartisan wrath over ‘exceptionally stupid’ claim that ‘tariffs are tax cuts’

‘They think you are stupid,’ Pradeep J. Shanker, a contributor for the conservative National Review magazine, said about Navarro’s claim

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