Tax Reform

In this new year, beer brewers are enjoying a temporary excise tax break that was signed into federal law as 2017 was winding down.

Carolyn Kaster / Associated Press

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.

Esther Honig

The Franklin County treasurer's office has seen an unusual amount of traffic in the last two weeks, and that has a lot to do with the recent Republican tax overhaul.

Ohio U.S. Sentators Rob Portman (left) and Sherrod Brown.
Ideastream

The U.S. House and Senate have passed the most sweeping tax overhaul in decades, with the bill splitting down party lines. Democratic U.S. Senator Sherrod Brown contends that this only benefits the rich, while his Republican counterpart Rob Portman argues that this can help pay down the deficit in the long run.

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.

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 call their tax bill the Tax Cut and Jobs Act. But critics say maybe it should have been named the Tax Cut and Robots Act.

That's because it doesn't create new tax incentives that specifically encourage companies to hire workers and create jobs, some employers and economists say. But it does expand incentives for companies to buy robots and machines that replace workers.

Republicans say that lowering taxes will boost the economy and spur job creation. But critics say that the tax legislation would create an imbalance favoring machines over workers.

Pages