Taxes

Obamacare Tax on Wealthy Sparks Battle Over Fairness
Charges GOP favors a tax cut for the wealthy

Top Senate tax-writer Orrin Hatch, R-Utah, said lawmakers have not agreed on an effective date for repeal of the health law surtax. (Al Drago/CQ Roll Call file photo)

 Republicans and Democrats are squaring off in a fight over tax fairness as the GOP develops a timetable for repealing the 3.8 percent surtax on investment income under the health care overhaul.

GOP lawmakers have long argued for elimination of the surtax, or the net investment income tax, that applies to income such as interest, dividends and capital gains for individuals making more than $125,000 or couples earning more than $250,000.

Ryan Bucks Trump, Says Congress Will Not Raise Tariffs
Speaker’s comment breaks from president-elect’s promise to impose ‘border tax’

Speaker Paul Ryan said Congress will not raise tariffs, undermining President-elect Donald Trump’s plan to institute a “border tax” for companies that leave the U.S. but want to continue doing business here. (Tom Williams/CQ Roll Call file photo)

Speaker Paul D. Ryan, in a break from President-elect Donald Trump, said Wednesday that Congress is not going to increase taxes on imports and exports through tariffs. 

“We’re not going to be raising tariffs,” Ryan said on “The Hugh Hewitt Show.”

A New Democratic Gatekeeper on the Trump Agenda
Neal at Ways and Means, one of House minority’s 3 new bigwigs, positioned as key legislative field director

Massachusetts Rep. Richard E. Neal is positioned to become a key legislative field director as the ranking Democrat on the Ways and Means Committee, Hawkings writes. (Tom Williams/CQ Roll Call file photo)

The most important changes in the House Democratic power structure so far look more like a tectonic shift than a dramatic upheaval.

Counterintuitively, a caucus where white men have been reduced to a two-fifths plurality will be represented by three baby boomer white men as the fresh public faces confronting the new Trump administration on the biggest domestic policy debates of next year, from highways to health care.

Ryan Says He and Trump Have Not Discussed Cutting Medicare
Speaker talks about how he and Trump decided to ’let bygones be bygones’

Speaker Paul Ryan, R-Wisconsin, says overhauling Medicare is not Congress’ top priority after President-elect Donald J. Trump takes office and that they haven’t even discussed it. (Tom Williams/CQ Roll Call file photo)

Since the election, Democrats have rung constant alarms about Republican designs on cutting Medicare. But Speaker Paul D. Ryan said Sunday that’s an option he hasn’t even discussed with President-elect Donald J. Trump.

In an interview with CBS’s “60 Minutes,” Ryan said he wants to overhaul Medicare so that benefits will remain for future generations. But overhauling the big entitlement program is not at the top of the legislative agenda, Ryan said.

Chart: Presidential Candidates' Tax Returns
Republican candidate Donald Trump breaks from a 40-year tradition

Republican candidate Donald Trump at Wednesday's debate in Las Vegas. (Photo By Bill Clark/CQ Roll Call)

President Richard Nixon released four years of tax returns in 1973 to quell accusations that he was evading taxes. Since then, every candidate for president, except Donald Trump, has released some tax information, ranging from Gerald Ford's summary document to 30 years of Bob Dole's returns.

See how many years of tax information candidates have released before each presidential election:

Nuclear Industry's Next Big Ask for Next Congress: Tax Credits
Credits seen as potential ‘bridging strategy‘

Beset by low natural gas prices and tax advantages for its competitors, the nuclear power industry is seeking new tax credits to help it find its footing in an increasingly challenging marketplace.

The Nuclear Energy Institute’s newly tapped president and CEO Maria Korsnick said last week that the trade association is exploring a proposal for new production or investment tax credits to help “even the playing field” against other power sources.

Congress and a Tax Overhaul: Lots of Talk, Little Action
Donald Trump's tax return controversy could prompt action — or not

Republican presidential nominee Donald Trump gestures during the Presidential Debate at Hofstra University on September 26, 2016 in Hempstead, New York. (Win McNamee/Getty Images)

Is 2017 the year when a tax overhaul finally happens?

Don’t bet on it.

Study: Clinton, Trump Tax Plans Are 'Mirror Images'
Candidates most apart on treatment of wealthy families

Republican presidential nominee Donald Trump and Democratic rival Hillary Clinton shake hands after their presidential debate at Hofstra University in Hempstead, N.Y., on Sept. 26. (Spencer Platt/Getty Images file photo)

A new analysis by the Urban-Brookings Tax Policy Center finds that Democratic presidential nominee Hillary Clinton and her Republican rival Donald Trump continue to move away from one another on taxes, particularly for wealthy families.

The center’s study released Tuesday says Clinton would raise taxes by $1.4 trillion over 10 years, mainly by raising taxes on wealthy individuals and curbing business sweeteners. Trump would cut taxes by $6.2 trillion over 10 years, benefiting wealthy families and business.

Lawmakers Criticize Europe for Going After Apple's Back Taxes
Calls to make U.S. tax system more attractive for multinational corporations

Photographers take iPhone photos of Apple CEO Tim Cook during a 2013 Senate hearing on offshore profit shifting and charges that Apple was avoiding taxes. (Tom Williams/CQ Roll Call file photo)

A bipartisan group of lawmakers accused European authorities of a money grab by seeking more than $14.5 billion in back taxes from Apple Inc.'s Ireland operations, and some are using the case to call for a tax overhaul.

The European Commission concluded Tuesday that Ireland should recover 13 billion euros in “unpaid taxes” — plus interest —from the tech giant's operations in the country.

Libertarian Johnson Pushes National Sales Tax to Woo Republicans
Replacing income tax with 28% levy could draw some defectors

Libertarian presidential nominee Gary Johnson is hoping a proposed consumption tax will win over uncommitted Republican politicians and donors. (Photo By Bill Clark/CQ Roll Call)

Libertarian presidential candidate Gary Johnson has appealed for support from undecided Republicans by promoting a national sales tax plan that resembles a proposal backed by dozens of conservatives in Congress.

The former two-term governor of New Mexico is touting as a top fiscal priority a plan similar to a national sales tax bill sponsored by Rep. Rob Woodall, R-Ga., with 73 co-sponsors. Johnson made clear in an interview with the Los Angeles Times published Aug. 1 that he hoped his sales tax plan would attract voters and entice endorsements from uncommitted GOP elected officials and donors.