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The Latest Breaking News from Tax Cuts

'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

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."

Fortune

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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.

Roll Call

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.

International Business Times

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.

Roll Call

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

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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.

Euronews

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.

International Business Times

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.

Roll Call

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.

Fortune

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

The Independent UK

Coalition energises race for votes with gas and petrol

The coalition have pledged gas investment to bring down power prices as they position themselves as stronger leaders for the nation ahead of the election.

AAP

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The Conversation

We calculated how much Dutton’s excise cut would save you on fuel – and few will save as much as promised

The opposition has unveiled its response to Labor’s A$17 billion “top-up” tax cuts outlined in Tuesday night’s federal budget: cheaper fuel for Australians.

Al Jazeera

Australia’s PM Anthony Albanese set to call election ‘imminently’

Prime Minister Albanese’s Labor Party has introduced new tax cuts in advance of general election due before May 17.

AAP

Labor gets tick on tax cut, Liberal fuel plan sputters

Labor's election tax cuts will provide a "meaningful" boost to the economy, while the coalition's fuel excise cuts have been labelled economically "silly".

The Independent UK

300 of America’s wealthiest citizens ask Congress not to carry out tax breaks for them. Here’s why

Group of wealthy Americans includes member of the Disney family, founder of Seventh Generation, heir to the Rockefeller family and more

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AAP

Cheaper power bills pledge as Dutton spurs gas supply

Opposition Leader Peter Dutton's budget reply has outlined an alternative vision to drive down energy costs and ease pressure on household budgets.

The Guardian - AU

Labor’s budget tax cuts make good economic sense – and have backed Dutton and Taylor into a political corner

The tax cuts announced in Jim Chalmers’ fourth budget have left the opposition leader and shadow treasurer with limited options

The Conversation

Politics with Michelle Grattan: Jim Chalmers and Angus Taylor on tax top-ups and budget bottom lines

As the election starter’s gun is about to be fired, Tuesday’s budget announced modest income tax cuts as the government’s latest cost-of-living measure. The Coalition has opposed the tax relief, with Peter Dutton’s Thursday budget reply to put forward his policy counters on the cost of living.

The Guardian - AU

Afternoon Update: budget tax cuts pass lower house; easing inflation boosts rate cut hopes; and a dachshund on the run

Labor’s legislation passes the lower house without Coalition support

The Conversation

Is this the right budget for these economic times? We asked 5 experts

Treasurer Jim Chalmers has described the income tax cuts in this week’s federal budget as a “top-up”. They will amount to roughly one cup of coffee a week for every taxpayer in the first year.

The Guardian - AU

Morning Mail: Coalition won’t back tax cuts, Black Sea truce agreed, a Perth power play

Treasurer springs surprise with tax cuts and puts opposition on the defensive; Russia and Ukraine will ‘eliminate the use of force’ in area

AAP

Battle lines drawn over tax cuts as election looms

Universal $5 a week tax cuts are being raced through parliament as debate around cost of living intensifies ahead of the federal election.

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