taxes

Top Trump aide stops short of echoing boss’ claim that economy is ‘best it’s ever been’
But Lawrence Kudlow touts wage growth and low unemployment rate

Larry Kudlow, director of President Donald Trump’s National Economic Council, says the economy under Trump will “rank up there” with previous strong economies. (Yasin Ozturk/Anadolu Agency via Getty Images)

Donald Trump’s chief economic adviser on Friday stopped short of endorsing the president’s repeated claim that the U.S. economy is at its strongest point in the country’s history.

“In history? I think it’ll rank up there, yes,” Lawrence Kudlow told CQ Roll Call on Friday. But he notably did not say the U.S. economy is the strongest it’s ever been as his boss heads into what pollsters and strategists in both parties say could be a photo-finish election.

Chris Allen, Senate Finance Committee GOP tax aide, has died
Allen handled pensions and tax-exempt organizations issues under Finance Chairman Charles E. Grassley

Chris Allen, right, with Sen. Pat Roberts, R-Kan., in an undated photo. (Courtesy Sen. Pat Roberts)

Chris Allen, a Senate Finance Committee GOP tax aide, has died, according to his former boss, Sen. Pat Roberts, R-Kan.

“Chris was beloved by everyone who had the privilege of meeting him,” Roberts said in a statement. “He had a brilliant mind, a generosity of spirit and a passion for serving the country in the United States Senate. His gentle soul made him an amazing husband, father, son, brother and friend.”

‘Eliminated’ Soleimani and ‘booming’ economy: Takeaways from Trump’s first 2020 rally
President alleges ‘Crazy Bernie’ condemned U.S. military strike on Soleimani

President Donald Trump speaks during a reelection rally at the Huntington Center in Toledo, Ohio, on Thursday night. (Kyle Mazza/Anadolu Agency via Getty Images)

ANALYSIS — “Hello, Toledo,” President Donald Trump told an arena full of supporters Thursday night as he made clear he believes the Buckeye State is now solidly GOP territory.

“We love Toledo, you remember, I was here a lot,” Trump said at the top of another raucous campaign rally. “You remember 2016 — what a year that was, right?”

Businesses hit by mistaken tax penalty seek help from Congress
Drafting error in 2017 GOP tax overhaul hurt retail industry particularly hard

Arizona Sen. Martha McSally is the lead sponsor of a bill that would address an unintentional mistake in the 2017 Republican tax code overhaul over deducting net operating losses. (Bill Clark/CQ Roll Call file photo)

A one-word drafting error in the 2017 tax code overhaul has sent companies ranging from specialty retailer PetSmart Inc. to Nissan Motor Co. scrambling to Capitol Hill for relief.

As part of the effort to offset a dramatic reduction in the corporate tax rate in the 2017 law, Republicans limited the ability of firms to claim tax breaks on net operating losses, or when deductions exceed income.

Talking taxes 2020
CQ Budget, Ep. 138

UNITED STATES - Rep. Nita Lowey, D-N.Y., leaves a meeting with Sen. Patrick Leahy, D-Vt., Sen. Richard Shelby, R-Ala., and Rep. Kay Granger, R-Texas, in the Capitol after agreeing to a spending deal. (Photo By Bill Clark/CQ Roll Call)

Tax reporter Doug Sword sits down with guest host Jennifer Shutt to explain why Congress added so many tax bills to a massive spending package and what exactly those provisions will mean during the upcoming year. CQ Budget delves into what didn't make it into the package and predicts how far those provisions will advance in 2020.

House passes restored ‘SALT’ deduction bill
Democrats deal symbolic blow to Republicans’ tax code overhaul

Reps. Peter King, R-N.Y., left, and Mike Doyle, D-Pa., make their way to votes in the Capitol on Nov. 15, 2019. (Tom Williams/CQ Roll Call file photo)

House Democrats dealt a symbolic blow to Republicans’ tax code overhaul Thursday on the two-year anniversary of that law’s passage. 

On a mostly party-line vote of 218-206, the House passed a bill that would make good on a top Democratic tax priority: lifting a $10,000 limit on state and local tax deductions, known as SALT. It was amended to prevent households earning more than $100 million from claiming unlimited deductions, however, after a procedural motion offered by Republicans won enough bipartisan support.

Year-end spending deal avoids government shutdown
CQ Budget, Ep. 137

From left, Sen. Patrick Leahy, D-Vt., Rep. Nita Lowey, D-N.Y., Sen. Richard Shelby, R-Ala., and Rep. Kay Granger, R-Texas, (not pictured) emerge from a meeting in the Capitol to announce a spending deal. (Photo By Bill Clark/CQ Roll Call)

With fiscal 2020 appropriations finally complete, CQ Roll Call's budget and tax editor Peter Cohn explains what got funded, what it means, and what lies in store for next year.

Tax deal in hand, spending package grows in size
Targets expiring tax breaks for biodiesel, distilleries, racehorses and butane

After Senate Finance Chairman Charles E. Grassley, R-Iowa, tweeted his displeasure over the weekend about talks possibly being “detrimental to farmers,” prospects for renewal of the lapsed biodiesel tax credit perked up. (Tom Williams/CQ Roll Call file photo)

A deal on tax extenders reached late Monday by top Capitol Hill and White House officials would renew most expired or expiring tax provisions through 2020, with a longer extension for lapsed biodiesel and short-line railroad maintenance credits through 2022.

Adoption of the rule for floor debate on an eight-bill spending package set for floor consideration Tuesday will incorporate the tax package, which will also carry disaster aid provisions and a couple of fixes to the 2017 tax law.

Lawmakers unveil two mega spending packages
Health taxes to be repealed, tobacco age raised in year-end deal

From left, Sen. Patrick Leahy, D-Vt., Rep. Nita Lowey, D-N.Y., Sen. Richard Shelby, R-Ala., along with Rep. Kay Granger, R-Texas, not pictured, announced on Thursday that they had reached a deal on a spending agreement before government funding runs out at the end of this week. (Bill Clark/CQ Roll Call)

Updated Dec. 16 at 6:05 p.m.

House appropriators filed two mega spending packages for floor consideration Tuesday after hammering out last-minute details over the weekend.

Sources: Repealing health care taxes in play on spending deal
Tax talks appear to have picked up steam over the weekend

Sen. Charles E. Grassley tweeted over the weekend his concern that top Democrats might be cooking up a deal with Treasury Secretary Steven Mnuchin that would be "detrimental to farmers." (Tom Williams/CQ Roll Call)

Congressional leaders were discussing a permanent repeal of three major health care taxes — on medical devices, health insurers and high-cost “Cadillac” insurance plans — as part of the final appropriations measures advancing this week, according to sources familiar with the talks.

The tentative development follows some skepticism about whether leaders would even be able to agree to attach an extension of expiring tax cuts and other tax policy changes to the package — and little expectation that the costly taxes would be repealed altogether.