tax cuts

Sammis Power Plant First Energy
FIRSTENERGY

Corporations are seeing big savings as the effects of the large federal tax cut take place. Now state energy regulators want to see if Ohio’s major utilities are going to pass those savings on to the ratepayers. It’s unknown whether the corporation tax cuts will result in lower electric bills.

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

Democratic Sen. Sherrod Brown backed a two-year budget deal that could push federal deficit spending past a trillion dollars by next year. But Brown argues GOP lawmakers are responsible for a fair share of the red ink.

Evan Vucci / Associated Press

President Donald Trump came to the Cincinnati suburb of Blue Ash on Monday to tout the Republican tax reform bill he signed into law and boast that it is already paying dividends for American workers and companies.

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.

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