tax cuts

While the tax reform law will provide tax cuts to Ohioans, those cuts may not provide the boost needed for future economic growth. Ohio State University economist Mark Partridge says Ohio's manufacturers may see some benefit, but investment in workers will do more.

Fifth Third Bank branch
Fifth Third Bank

Fifth Third Bancorp is promising to raise its minimum wage to $15 per hour and give most of its employees a $1,000 bonus after President Trump signs the GOP tax cuts into law.

Updated on Dec. 22 on 12:02 p.m. ET

Congressional Republicans delivered on their first major legislative accomplishment of the Trump era on Wednesday, when the House voted 224-201 to pass a $1.5 trillion tax package. The bill cuts individual rates for eight years and slashes the top corporate tax rate to 21 percent permanently.

Updated at 1:26 a.m. ET Wednesday

Republicans in Congress approved a sweeping and controversial $1.5 trillion tax overhaul, with the Senate voting early Wednesday along straight party lines to move the measure forward.

Graduate students nationwide can breathe a sigh of relief: Their tuition waivers won't be taxed after all.

A provision in the Republican House tax plan had originally proposed taxing grad students' tuition waivers as income. It was a controversial proposal and sent a wave of anxiety across campuses, leading to protests at dozens of universities.

Updated at 6:25 p.m. ET

Congressional Republicans released a final draft of their tax bill Friday. With newfound support from two wavering senators, lawmakers appear to be on track to pass the measure and deliver it to President Trump for his signature by Christmas.

Votes in the House and Senate are expected next week.

Ohio U.S. Senator Sherrod Brown
J. Scott Applewhite / AP

Republican House and Senate negotiators – including Ohio U.S. Sen. Rob Portman – have agreed on a compromise tax package will likely come up for a series of votes next week. Details are scarce but, Ohio’s Democratic U.S. Senator continues to lambaste the foundation of the deal.

Updated at 7:29 p.m. ET

In making his "closing argument" for tax legislation expected to get a vote in Congress next week, President Trump announced that the changes would take effect early next year.

Republicans in Congress are on the verge of fulfilling their longtime dream of eliminating the federal estate tax, and they could do it in a way that is even more generous to heirs than previous repeal efforts.

Bills passed by the Senate and the House recently would reduce or scrap the taxes heirs now pay on estates larger than $5.5 million. And the bills would do so without repealing the so-called "stepped-up basis" provision.

The GOP Tax Overhaul

Dec 6, 2017
ccPixs.com / Flickr

Last week the U.S. Senate passed a tax overhaul measure. This week the Senate and the House worked on details of the measure around individual tax and corporate tax rates.

Coming up, what you need to know to judge your representative’s vote on the bills and tips to help you gauge the success of the proposed reforms in the future.

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