tax cuts | WOSU Radio

tax cuts

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.

House and Senate Republicans have now passed two different versions of a sweeping tax overhaul. Their next step is to iron out differences between the two bills, so the final product can be sent to the president to be signed into law.

Vermont U.S. Sen. Bernie Sanders made two stops in Ohio over the weekend as part of his "Protecting Working Families Tour" to condemn the GOP tax plan that passed the Senate early Saturday morning.

Former Ohio Sen. Nina Turner addressed a crowd in downtown Akron Saturday night before Bernie Sanders took the stage. That followed another joint appearance in Dayton and a livestream address by Sanders to a crowd in Louisville, Ky.

Updated Dec. 2 at 11:57 a.m. ET

The Senate narrowly approved a $1.4 trillion tax overhaul early Saturday morning following a day of procedural delays and frustration.

The legislation, which would cut the top corporate tax rate to 20 percent and lower taxes for most individuals, narrowly passed in a vote of 51-49. Tennessee Republican Bob Corker was the only Republican to vote against the legislation, joining every Democrat and both independents in opposing the sweeping overhaul of the nation's tax laws.

Senate Republicans have begun debate on their bill to overhaul the nation's tax code. Many GOP members sound hopeful about passing their tax bill, possibly in a matter of hours. But they aren't there yet. To pass, 50 of the 52 GOP senators need to support the legislation. As the bill is debated on the Senate floor Thursday, several amendments are expected to try and get their support.

Here's what to watch for:

ANWR Drilling

Esther Honig / WOSU

Dozens of graduate students at The Ohio State University joined 50 other schools across the country in protest on Wednesday. Their target was the House version of the GOP tax plan - specifically, a provision that would tax the tuition wavers that graduate student receive in exchange for working at the university.

Gage Skidmore / Flickr

Republican U.S. Sen. Rob Portman says his party’s tax reform bill has taken a significant step forward.

The House has narrowly approved a $1.4 trillion tax overhaul, clearing the first major hurdle in Republican attempts to cut taxes and rewrite the tax code.

The vote was almost along party lines, with no Democrats voting in support of the bill and some GOP defections over provisions in the measure that would eliminate important tax deductions taken by constituents in some high tax states.

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

Sen. Sherrod Brown weighed in on the Senate Republican tax plan, including a piece that he says was slipped-in “in the dead of night” to dismantle the Affordable Care Act.

Updated at 4:58 p.m. ET

Republicans are sprinting to push their tax plan through Congress by the end of the year, and with that quick timeline comes a breakneck news cycle. The Senate tax overhaul plan underwent some big changes overnight, with GOP members in that house confident they could get the bill passed. But with a GOP senator now saying he opposes the bill and several others uncommitted, it could have a tougher time passing.

National Retail Federation / Facebook

The Treasury Secretary came to Columbus to promote Republican lawmakers’ $1.5 trillion tax reform plan, which they say will grow the economy, make the tax code simpler and create a middle-class tax cut. But not everyone agrees.

Updated at 12:01 ET Nov. 16

There are a lot of anxious graduate students at universities around the country right now.

That's because to help pay for more than $1 trillion in tax cuts for U.S. corporations, the House Republican tax plan would raise taxes on grad students in a very big way. These students make very little money to begin with. And many would have to pay about half of their modest student stipends in taxes.

Tax Reform

Nov 14, 2017
401kcalculator / Flickr

A new plan announced last Thursday shows Senate Republicans want to change a key tax provision that allows millions of Americans to deduct the amount they pay in state, local and property taxes from their annual federal income tax returns. Coming up, a look at how that will work and who will be benefited with guest host Mike Thompson.

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