Microsoft takes $13.8 billion tax charge, but results still beat expectations
SEATTLE — Microsoft reported a $6.3 billion loss in its second quarter, reflecting a huge charge stemming from last year’s tax reform legislation. Without that charge, the results were better than analysts expected. The Redmond company’s fiscal second-quarter earnings reflect a $13.8 billion tax payment related to Microsoft profits held overseas. The software giant holds […]
This new Trump tax calculator shows how much you’ll pay going forward
Tax reform is at the forefront of the nation’s mind as we rush headlong into the height of the holiday season. Both the House and Senate are expected to vote on the GOP tax bill today before sending it off to President Trump by December 20. Just one stroke of President Trump’s pen will reshape […]
Corker Demands Answers About Last-Minute Tax Break
Facing a firestorm of criticism, Republican Sen. Bob Corker (TN) sent a letter Sunday night to Senate Finance Committee Chair Orrin Hatch, R-Utah, asking how the final tax bill ended up including a special tax cut provision experts say would particularly benefit investors in real-estate related LLCs. The letter follows an International Business Times investigative […]
Cornyn Says Tax Loophole Was Added To Secure Key Senate Votes
Sen. John Cornyn of Texas, the majority whip, on Sunday said a provision that could personally enrich key Republican lawmakers was added to the final tax bill as part of an effort to “cobble together the votes we needed to get this bill passed.” Cornyn was pressed about the provision on ABC’s “This Week,” after […]
Trump’s Treasury Admits Tax Plan Won’t Pay For Itself
After months of pressure from watchdog groups, the U.S. Department of the Treasury, led by Trump-appointee Steve Mnuchin, has released a one-page analysis of the Republican tax bill. The report shows that even when analyzed under Republican-favored methods, the tax cuts will enlarge the federal deficit and will require additional policy changes to create the […]
The 1 Percenters Are Middle Class: House Republicans
That’s rich! Republicans suddenly believe that one percenters are barely struggling to be in the middle class, party officials revealed. On Thursday, House Republicans issued a fact sheet about their new tax cut plan that referred to Americans earning $450,000 a year as “low- and middle-income” — even though that income level would put those […]