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☆ Trump made a lot of tax promises. Can he keep them?
▼ + stars: | 2024-11-16 | by ( Tami Luhby | ) edition.cnn.com time to read: +7 min

Although Trump claims that his plan to raise tariffs will replace the revenue lost to these tax breaks, experts say that’s not possible. President-elect Donald Trump's tax proposals could cost trillions of dollars. In addition to eliminating taxes on certain income, Trump also floated making interest paid on car loans fully tax deductible; getting rid of the controversial cap on state and local tax deductions; ending the double taxation on Americans who live abroad; exempting police officers, firefighters, veterans and active-duty military from federal income tax; and even exploring jettisoning the federal income tax itself. Though his campaign didn’t release details on the proposal, Trump indicated that he would eliminate both federal income taxes and payroll taxes, which fund Social Security and Medicare. Virtually all tipped workers would get some tax relief if Trump also gets rid of payroll taxes on tips, the Tax Policy Center found.

Persons: Donald Trump, ” Karoline Leavitt, Trump, Marc Gerson, Miller, ”, Gerson, Donald Trump's, Jabin, Idaho Sen, Mike Crapo, Mandi Critchfield, Spokespeople, Jason Smith, Chris Campbell, ” Campbell, Republican Sen, Ted Cruz of, Byron Donalds, “ Sen, Brendan Duke Organizations: CNN, Social Security, Trump, GOP, “, Fox News, Capitol, Washington D.C, Republicans, Washington Post, Getty, Senate, Missouri Rep, Republican, Incamera Solutions, Yale University, Center, Rep, Center for American Progress Locations: Washington, Idaho, Nevada, Ted Cruz of Texas, Florida

☆ Tommy Caldwell: He lost a finger and survived a kidnapping. Then, this pro climber took on a 9,000-foot ‘death-trap’
▼ + stars: | 2024-10-27 | by ( Amy Woodyatt | ) edition.cnn.com time to read: +8 min

But after an agonizing Achilles injury that resulted in numerous surgeries, bolts in his foot and two years off climbing, Caldwell, then in his 40s, was worried about his future. Caldwell explains that the cycling portion of the trip helped with his rehabilitation and contributed to the adventure. You remove all expectation, it gives you the chance to do better than you think you’re going to do, and everybody else thinks you’re going to do. Tommy Caldwell climbing above Lake Louise in Banff National Park in Canada. Taylor Shaffer/National Geographic“You become addicted to it, but then, eventually, you’re going to come across things like adversity that you don’t plan.

Persons: Tommy Caldwell, –, Caldwell, Alex Honnold, Yosemite’s El, Ryan Valasek, Honnold, Taylor Shaffer, ” Caldwell, “, we’ve, Matt Pycroft, Alex, it’s, Beth Rodden, Caldwell grappled, Beth Radley, Jason Smith, John Dickey, ”, Rodden, Kevin Jorgeson, Wall, El, you’re, Achilles, We’re, ’, “ That’s Organizations: CNN, Alaska -, CNN Sport, Geographic, Islamic, of, El Capitan Locations: Yosemite’s, Alaska, Alaska - British Columbia, you’re, Colorado, of Uzbekistan, Kyrgyzstan, Kyrgyz, Patken, Lake, Banff, Canada

☆ Ways & Means Chair Rep. Smith: There will be a cap on SALT deductions
▼ + stars: | 2024-09-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWays & Means Chair Rep. Smith: There will be a cap on SALT deductionsHouse Ways and Means Committee Chairman Rep. Jason Smith (R-Mo.) joins 'Squawk Box' to discuss the 2025 Trump tax cut expirations, whether the SALT cap will be repealed, what the new corporate tax rate should be, and more.

Persons: Smith, Jason Smith Organizations: Trump

☆ Trump's promise to repeal SALT caps revives the fight on Capitol Hill
▼ + stars: | 2024-09-20 | by ( Brian Schwartz | ) www.cnbc.com time to read: +4 min

The SALT deduction allows tax payers to deduct up to $10,000 of property, sales or income taxes that have already been paid to state and local governments. Historically, most of the tax payers who claim the deduction reside in high tax states such as New York, Connecticut, New Jersey and California. There was no cap on SALT prior to the Trump tax bill. Some of those recent conversations have featured Trump's new stance on bringing back the full SALT deduction, despite his bill being the cause for the $10,000 cap. Rep. Young Kim, R-Calif., told CNBC in a statement that the SALT cap is "hurting" her constituents and said Trump's most recent take on SALT shows he's listened to "Americans across the country hurting from the SALT cap."

Persons: Josh Gottheimer, Donald Trump's, Trump, Andrew Garbarino, Garbarino, Anthony D'Esposito, Nick LaLota, Jason Smith, Smith, Young Kim, he's, Kim, they'll Organizations: United States Capitol, Republicans, Senate, Capitol, New York Republicans, CNBC, Democrats, The New, The New Jersey House, Democratic Locations: Washington ,, New York , Connecticut , New Jersey, California, The, The New Jersey

☆ Kamala Harris’ economic pitch just got a lot more complicated
▼ + stars: | 2024-08-05 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

It may be even harder now that cracks are forming in the labor market. The jobs report was not a disaster, by any stretch, and it’s no guarantee of a looming recession. But it was a surprise, and economists expressed concerns about how quickly the labor market appears to have downshifted. For Wall Street, the surprise slowdown was the bitter cherry on top of a sundae of disappointing tech earnings. (In other words, Wall Street may have overreacted because, well, that’s just kinda the way Wall Street does things.)

Persons: Harris, couldn’t, that’s, ”, Heidi Shierholz, Kamala Harris, Sam Stovall, it’s, It’s, Joe Biden’s, Jason Smith of, “, Biden Organizations: New, New York CNN, Biden, Economic Policy Institute, Democratic, CFRA Research, ”, Dow, Nasdaq, Republicans, GOP, Harris Administration, Connecticut GOP Locations: New York, Jason Smith of Missouri, Connecticut

☆ Senate GOP blocks tax bill as Democrats spotlight child tax credit in election-year push
▼ + stars: | 2024-08-01 | by ( Clare Foran | Tami Luhby | ) edition.cnn.com time to read: +6 min

Washington CNN —Senate Republicans on Thursday blocked a bipartisan tax package that would have temporarily expanded the child tax credit and restored some business tax benefits. The Senate tax bill vote also gave Democrats an opportunity to push back against comments from Republican vice presidential candidate Sen. JD Vance of Ohio. Vance has falsely claimed that Vice President Kamala Harris, the presumptive Democratic presidential nominee, is calling to end the child tax credit. Harris has actually called for years to increase the child tax credit. “Democrats do not oppose the Child Tax Credit whatsoever.

Persons: ”, Sen, JD Vance, Ohio, Vance, Kamala Harris, Harris, Chuck Schumer, –, Ohio –, ” Schumer, Jason Smith, Ron Wyden, CNN’s Daniel Dale Organizations: Washington CNN —, Republican, Republicans, GOP, Democratic, Tax, Budget, Center, Oregon Democrat, Taxation Locations: Ohio, Missouri, Oregon, East Palestine , Ohio

☆ Senate Rejects Bipartisan Tax Deal
▼ + stars: | 2024-08-01 | by ( Andrew Duehren | ) www.nytimes.com time to read: +1 min

The Senate rejected a bill on Thursday that would have restored lapsed tax breaks for businesses and expanded the child tax credit, as many Republicans in the chamber lined up against the bipartisan deal in hopes of gaining an advantage in bigger tax legislation expected next year. It soared through the House earlier this year with broad bipartisan support, a rare feat. Business groups loved it and hoped Congress would again allow companies to immediately deduct the full cost of capital investments and research expenses from their tax bills. Republicans senators worried that the bill’s expansion of the child tax credit veered into creating a new welfare program, stalling the legislation. Mr. Schumer also ultimately voted against the bill, a decision that allows him to potentially bring it back up for another vote.

Persons: Jason Smith, Ron Wyden, —, Chuck Schumer, Joe Manchin III, West, Bernie Sanders, Vermont —, Schumer Organizations: Republican, Democrat, Finance, Senate, New York Democrat, Republicans, Democrats Locations: Missouri, Oregon, West Virginia, Vermont

TuesdaySeveral Senate candidates and House leaders joined Mr. Trump in the box over the course of Tuesday night. Eric Trump Donald J. Trump Senator J.D. Mr. Trump responded with applause, flanked by Mr. Vance and Representative Steve Scalise of Louisiana, the House majority leader. Walt Nauta, Trump’s valet Vanessa Trump Massad Boulos Ronan Anthony Villency Linda McMahon, business executive Kimberly Guilfoyle Kai Trump Eric Trump Lara Trump Michael Boulos Issac Perlmutter Laura Perlmutter Donald Trump Jr. Usha Vance Donald J. Trump Gov. Vance, Ohio Melania Trump Eric Trump Donald Trump Jr. Photo by Hiroko Masuike/The New York Times

Persons: Hiroko Masuike, Donald J, Trump’s, Trump, J.D, Vance of, Byron Donalds of, Katie Britt, Ala, Sarah Boulos, Ronan Anthony Villency, Massad Boulos, Tiffany’s, David Sacks, Donald Trump Jr, Kimberly Guilfoyle Eric Trump Lara Trump Tiffany Trump Michael Boulos, Tiffany's, Tucker Carlson, Byron Donalds, Ohio Mike Johnson, Kelly Johnson, Mike Johnson’s, Trump Sarah Boulos, Kimberly’s, Eric Trump Donald Trump Jr, Kimberly Guilfoyle Lara Trump Tiffany Trump Michael Boulos, Ohio Tucker Carlson, Trump Mike Johnson, Eric Trump, Lara Trump, Kimberly Guilfoyle, Tiffany Trump, Michael Boulos, Donald Trump , Jr, Vance, Mike Johnson, Massad, Ken Paxton, Markwayne Mullin, Okla, Marsha Blackburn, Ronny Jackson, Rick Scott, Brian Mast, Anna Paulina Luna, Matt Gaetz, Marjorie Taylor Greene, Cory Mills, Sarah Huckabee Sanders, Ark, Eric Trump Donald J, Tom Emmer, Elise Stefanik, Tiffany Trump Michael Boulos Eric Trump Donald J, Steve Scalise, Kyle Yunaska, Lara Trump’s, Robert Luke Yunaska, Michael Boulos Tiffany Trump Eric Trump Linda Ann Sykes, Lee Zeldin, Jim Banks, Eric Schmitt, Haiyun Jiang, Glenn Youngkin, Marco Rubio, Callista Gingrich, Newt Gingrich, Mary Miller, Dale Strong, Nicole Malliotakis, Lisa McClain, Callista Gingrich Amber Rose, Troy Nehls, Troy Nehls , Texas Ronan Anthony Villency Mike Johnson Isaac Perlmutter, Laura Perlmutter, Lauren Boebert, Jeanette Rubio, Marco Rubio’s, Greg Abbott, Monica De La, Monica De La Cruz , Texas Newt Gingrich, Todd Heisler, Vance’s, Usha Vance, Doug Burgum, Kai Trump, Trump's, ” Walt Nauta, Jason Smith, Mo, Boris Epshteyn, Ronan Anthony Villency Kai Trump Vanessa Trump, Kimberly Guilfoyle Linda McMahon, Lara Trump Usha Vance Eric Trump Michae, Laura Perlmutter Issac Perlmutter Donald J, Mike Johnson Gov, Texas Bev Vance, Walt Nauta, Vanessa Trump Massad Boulos Ronan Anthony Villency Linda McMahon, Kimberly Guilfoyle Kai Trump Eric Trump Lara Trump Michael Boulos Issac Perlmutter Laura Perlmutter Donald Trump Jr, Usha Vance Donald J, Mike Johnson Bev Vance, Jamie Kelter Davis, Ivanka, Jared Kushner, Melania, Ronan Anthony Villency Steve Witkoff, Dan Bongino, Kai Trump Laura Olaya, Tiffany Trump Michael, Vanessa Trump Jared Kushner Ivanka Trump, Hulk’s, Hulk Hogan Kimberly Guilfoyle Lara Trump Usha Vance, Vance , Ohio Melania Trump Eric Trump Donald Trump Jr Organizations: New York Times, Republican, Convention, Fox News, Trump, New York, House, Mr, Republicans, Rep, Michael, Tiffany Trump Gov, Texas Rep, Trump Rep, Gov, Republican National Committee, Ill, Monica De La Cruz , Texas Gov, Trump Gov, The New York, The New York Times, Daily Locations: Trump’s, Vance of Ohio, Byron Donalds of Florida, Fla, Vance, Ohio, Ala, Ken Paxton , Texas, Tenn, Texas, Ga, Vance , Ohio, Minn, N.Y, Massad, Louisiana, Bird , Iowa, La, Ind, Mo, Virginia, Marco Rubio of Florida, Mich, Troy Nehls , Texas, Colo, Monica De La Cruz , Texas, Va . Rep, North Dakota

☆ JD Vance has some ideas on how to get Americans to have more babies
▼ + stars: | 2024-07-16 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Read previewSen. JD Vance, now a vice-presidential nominee, has some strong opinions on how America can better support families. Vance, the author of "Hillbilly Elegy" and a former venture capitalist, has been outspoken about his views on family and birth rates. "We should worry that in America, family formation, our birth rates, a ton of indicators of family health have collapsed," Vance said in 2021 remarks. But Vance's actions as a senator suggest some support for Democratic policies, such as an expansion of the child tax credit. Vance expressed support for the credit, saying at the time that "we're the party of families," Punchbowl News reported.

Persons: —, Sen, JD Vance, Vance, He's, he's, we're, would've, Democratic Sen, Ron Wyden, Jason Smith —, Joe Biden, Biden Organizations: Service, Business, Republican National Committee, Social Security, Democratic, Tax Relief, American Families and Workers, Republican, Punchbowl Locations: America, Ukraine, Washington

Hunter Biden, son of U.S. President Joe Biden, arrives at the federal court on the opening day of his trial on criminal gun charges in Wilmington, Delaware, U.S., June 3, 2024. Top House Republicans on Wednesday sent criminal referrals to the Justice Department recommending President Joe Biden's son Hunter Biden and brother James Biden be charged with making false statements to Congress. In his prepared opening statement at the deposition, Hunter Biden pushed back at the basis of the committee's impeachment inquiry. NBC News has reached out to the Justice Department and a representative of James Biden for comment. Hunter Biden and his attorney were in court in Wilmington and could not immediately be reached.

Persons: Hunter Biden, Joe Biden, James Comer, Jim Jordan, Jason Smith, Hunter, James Biden, Donald Trump, General Merrick Garland, David Weiss, Weiss, Joe Biden's, Robert K, Hur, Mike Johnson, Biden, he'd, Hunter Biden's, Tony Bobulinski, Abbe Lowell Organizations: Committee, Top, Republicans, Wednesday, Justice Department, Rep, GOP, NBC Locations: Wilmington , Delaware, U.S, Ohio, New York, Delaware, Washington ,, Wilmington

☆ Beth Rodden: After her kidnapping, she was ‘embarrassed’ to feel traumatized. Now, this climber is learning to be vulnerable
▼ + stars: | 2024-05-01 | by ( Amy Woodyatt | ) edition.cnn.com time to read: +7 min

CNN —Weeks after being taken hostage by captors from the Islamic Movement of Uzbekistan, American climber Beth Rodden was back home – but plagued by nightmares of her ordeal. On their return to the US, Rodden was baffled to find that people within the climbing community were inclined to “celebrate” their ordeal. And obviously, this was a harrowing tale,” Rodden tells CNN Sport 24 years on from the incident. Rodden struggled with insomnia and nightmares, and although she went to a few therapy sessions she says she didn’t really open up. People that are postmenopausal that are older, younger – I feel like it’s just becoming a more inclusive, well-rounded community,” she added.

Persons: CNN — Weeks, Beth Rodden, Rodden, Tommy Caldwell, –, Caldwell, Beth Radley, Jason Smith, John Dickey, ”, ” Rodden, Rich Pedroncelli, “, ‘, It’s, ‘ You’re, ’ Rodden, Ryan Moon, There’s, Smith Organizations: CNN, Islamic, of, CNN Sport, “ Locations: of Uzbekistan, American, Kyrgyzstan, Kyrgyz, Tajikistan, El Capitan, Davis , California, perfectionism, Yosemite, Oregon

☆ Rep. Jason Smith: Every American will see a tax increase at the end of 2025 if Trump tax cuts expire
▼ + stars: | 2024-04-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRep. Jason Smith: Every American will see a tax increase at the end of 2025 if Trump tax cuts expireHouse Ways and Means Committee Chairman Rep. Jason Smith (R-Mo.) joins 'Squawk Box' to discuss the future of Trump tax cuts, whether Congress will pass a slimmed down version of the tax cuts, and more.

Persons: Jason Smith Organizations: Trump

Rep. Devin Nunes, R-Calif., ranking member of the House Intelligence Committee, speaks during an impeachment inquiry hearing in Washington, Nov. 13, 2019. Trump Media CEO Devin Nunes on Tuesday urged House Republican committee leaders to investigate possible "unlawful manipulation" of the company's stock. Trump Media, which began trading on the Nasdaq on March 26 after completing a lengthy public merger, was far and away the most expensive U.S. stock to short as of early April. The letter comes as the stock price of Trump Media, which created the social media app Truth Social and is majority-owned by former President Donald Trump, continues to trend down in volatile trading sessions. The stock dropped nearly 5% early Wednesday but turned positive before noon, trading around $33 per share.

Persons: Devin Nunes, Nunes, Patrick McHenry, Jim Jordan, Jason Smith, James Comer, Donald Trump, DJT Organizations: House Intelligence, Trump Media, Republican, GOP, Nasdaq, Financial Locations: Washington, R, Ohio, Spokespeople

☆ How the House GOP’s Biden impeachment effort fell apart
▼ + stars: | 2024-04-24 | by ( Annie Grayer | Melanie Zanona | ) edition.cnn.com time to read: +14 min

“To me, success is impeachment from the House,” GOP Rep. Brian Mast said. Comer’s co-leads, House Judiciary Chairman Jim Jordan and House Ways and Means Chairman Jason Smith, are also fully behind the work. I don’t think that’s an impeachable offense,” GOP Rep. Jodey Arrington said. Even GOP Rep. Darrell Issa remarked after the first hour of questioning that Hunter Biden was prepared for the interview. There’s an election in seven months from now,” GOP Rep. Nick LaLota, who represents a New York district Biden won in 2020, told CNN.

Persons: James Comer, Joe Biden, –, Comer, Biden, “ Comer, Jesus, Alejandro Mayorkas, Comer –, “, Anna Paulina Luna –, Hunter Biden, it’s, ” Luna, ”, missteps, Brian Mast, Mike Johnson, Comer’s, Jim Jordan, Jason Smith, ” Johnson, Steve Scalise, Elise Stefanik, Kevin McCarthy, ” Bruce Dubinsky, McCarthy, Samuel Corum, Johnson, Jodey Arrington, Darrell Issa, …, Doug LaMalfa, Mayorkas, Tony Gonzales, Austin Scott, ” Comer, Donald Trump, Jordan, doesn’t, There’s, Nick LaLota, Jamie Raskin, Raskin Organizations: Washington CNN —, Republican, CNN, Kentucky Republican, Homeland, Biden, GOP, Republicans, Getty, White, Democratic, ”, Department of Justice Locations: Kentucky, ”, Washington , DC, –, Texas, New York

☆ 'On life support': Senate Republicans are prepared to sink the child tax credit bill
▼ + stars: | 2024-04-10 | by ( Sahil Kapur | ) www.cnbc.com time to read: +6 min

Teddy bears, meant to represent West Virginia children, appear on the National Mall during an event with the Unbearable Campaign to urge Congress to expand the Child Tax Credit on Wednesday, February 2, 2022. Sen. Thom Tillis, R-N.C., a member of the Finance Committee, said he'd be happy to see the entire tax bill fade away. Saying the bill would "create entitlement spending that would generate significantly higher deficits," he called for spending cuts to fund the child tax credit expansion. He said there's "no question" Senate Republicans are trying to sink the bill to deny President Joe Biden an achievement in an election year. "This tax bill looks like, to me, it's in very serious trouble," he said Tuesday.

Persons: Teddy, Jason Smith, Ron Wyden, Sen, Thom Tillis, he'd, Tillis, Mike Crapo of, Mitch McConnell, Crapo, Chuck Grassley, , Grassley, who's, Richard Neal, Joe Biden, Josh Hawley, Wyden, We're, Donald Trump, that's, Chuck Schumer, he'll, we'll, Schumer Organizations: Republicans, House, Senate, Republican, Democrats, Democratic, Finance, Finance Committee, GOP, NBC, Manhattan Project Locations: West Virginia, Mike Crapo of Idaho, Iowa

☆ House Republicans seek to downplay FBI informant charges that undermine Biden impeachment inquiry
▼ + stars: | 2024-02-16 | by ( Annie Grayer | ) edition.cnn.com time to read: +7 min

CNN —House Republicans leading the impeachment inquiry into President Joe Biden tried to downplay the importance of an FBI informant whose claims they once championed after he was charged with fabricating foreign bribery allegations involving the president and his son. Special counsel David Weiss charged the FBI informant, Alexander Smirnov, with lying to the FBI and creating false records. The indictment is just the latest setback to House Republicans who are struggling to build momentum to impeach the president. In the wake of the charges, President Joe Biden called out the informant for lying and said Republicans should end their impeachment inquiry. In the wake of the charges, Republicans have seized on the idea that Smirnov was initially presented as a credible witness.

Persons: Joe Biden, David Weiss, Alexander Smirnov, Smirnov, Biden, Jim Jordan, Jordan, James Comer, Comer, Jason Smith, Joe Biden corruptly, Hunter, Donald Trump’s, Alejandro Mayorkas, ”, Jamie Raskin, “, Johnson, Scott Brady, Brady, ” Brady, Tony Bobulinski, ” Comer, Raskin, Hunter Biden, James, CNN’s Marshall Cohen Organizations: CNN — House Republicans, FBI, Republicans, CNN, Fox, of Homeland, House Republicans, Hunter Biden, CHS, GOP Locations: Ukraine, Ukrainian

The report comes as access to sensitive taxpayer information has sparked calls for investigations — and calls for reform on taxes for the wealthy. Littlejohn had applied to work as a contractor to get Trump’s tax returns and carefully figured out how to search and extract tax data to avoid triggering suspicions internally, prosecutors said in court documents. Werfel said that since the agency has received funding through Democrats' Inflation Reduction Act, it has been able to markedly improve the security of sensitive information, including audit trail deficiencies. “Our data security and environment is dramatically better today than it was in 2017 to 2020 when this unauthorized access occurred," Werfel said. "And it’s dramatically better today because we now have the resources to make the right investments to strengthen our data security.

Persons: Daniel Werfel —, —, ”, “, TIGTA, Charles Edward Littlejohn of, Donald Trump, Littlejohn, Jason Smith, Werfel, Lindsay Whitehurst Organizations: WASHINGTON, IRS, Treasury, Associated Press, Charles Edward Littlejohn of Washington, Charles Edward Littlejohn of Washington , D.C, New York Times, Associated Locations: Charles Edward Littlejohn of Washington ,

☆ House GOP skeptical Biden inquiry leads to impeachment as election draws near
▼ + stars: | 2024-02-02 | by ( Annie Grayer | Melanie Zanona | ) edition.cnn.com time to read: +11 min

Some of the ire has been directed at House Oversight Chairman James Comer, who has spearheaded the investigation into Biden family business records. “I don’t think it goes anywhere,” one Republican lawmaker said of the Biden impeachment inquiry. One senior GOP impeachment inquiry aide said it would be “a win too in our eyes” if the probe ended with legislative proposals to reform federal ethics laws, regardless of the decision on impeachment. House Judiciary Chairman Jim Jordan, who is co-leading the investigation, acknowledged a Biden impeachment is not a forgone conclusion. “Nobody is talking about that,” said GOP Rep. Dan Newhouse of Washington state, when asked for his thoughts on the Biden impeachment inquiry.

Persons: Joe Biden, Biden's, Hunter Biden, James, ahas, Scott Perry, Scott Perry of Pennsylvania, Biden, “, Nicole Malliotakis, ”, –, James Comer, Kevin McCarthy, Comer, we’ve, it’s, Alejandro Mayorkas, Jim Jordan, ” Jordan, Jason Smith, Biden – it’s, I’m, ” Comer, Comer’s, Steve Scalise, BIden’s, ” Scalise, Mike Kelly of Pennsylvania, David Schweikert, Mike Garcia of California, Dan Newhouse, David Valadao of, you’re, Hunter Biden’s, Hunter, Victoria Spartz, “ It’s, ” CNN’s Haley Talbot Organizations: Republicans, Democratic, GOP, Republican, New York, CNN, Homeland, Representatives, Committee, Biden, Washington, Victoria Locations: Scott Perry of, New, Jordan, Missouri, Arizona, David Valadao of California, Victoria Spartz of Indiana, House

He spent part of the previous day meeting with GOP lawmakers who were concerned about features of the bill, namely the expanded child tax credit. Democrats focused on boosting the child tax credit. The tax credit is $2,000 per child, but not all of that is refundable. Households benefitting as a result of the changes in the child tax credit would see an average tax cut of $680 in the first year, according to estimates from the nonpartisan Tax Policy Center. Democrats pushed to restore the more generous tax credit they passed in 2021 in President Joe Biden's first year in office with payments occurring on a monthly basis.

Persons: Mike Johnson, Johnson, Athina Lawson, Jason Smith, “, ” Smith, Joe Biden's, ”, Suzan DelBene Organizations: WASHINGTON, Senate, New, Republicans, China, Center Locations: United States, “, Palestine , Ohio

☆ Ways & Means Chair Rep. Smith on bipartisan tax deal: Focused on working families & small businesses
▼ + stars: | 2024-01-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWays & Means Chair Rep. Smith on bipartisan tax deal: Focused on working families & small businessesHouse Ways and Means Committee Chairman Rep. Jason Smith (R-Mo.) joins 'Squawk Box' to discuss details of the new bipartisan tax deal, whether it has a chance to pass in Congress, and more.

Persons: Smith, Jason Smith

☆ Child tax credit could change — but ‘don't wait on Congress’ to file your taxes, IRS commissioner says
▼ + stars: | 2024-01-30 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

Tom Williams | CQ-Roll Call, Inc. | Getty ImagesAs the tax season kicks off, Congress is still negotiating a $78 billion tax package with retroactive changes, including a boost for the child tax credit. If enacted, the child tax credit changes could affect 2023 filings this season. If enacted, the child tax credit changes could expand access, increase the refundable portion of the tax break and add future inflation adjustments. How to handle retroactive child tax credit changesMeanwhile, there are lingering questions from tax professionals about how to handle possible tax law changes for 2023, especially for those who file early. By law, filers claiming the child tax credit or earned income tax credit won't receive refunds until Feb. 27 at the earliest, according to the IRS.

Persons: Danny Werfel, Tom Williams, Jason Smith, Bill Smith, CBIZ, Werfel, filers Organizations: Senate, IRS, Washington , D.C, CQ, Inc, Getty, Urban, Brookings Tax, Republicans, Friday Locations: Washington ,

☆ Wall Street is bullish on mortgage-backed securities for their juicy yields and attractive fundamentals
▼ + stars: | 2024-01-22 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

For investors looking for high-quality income with the potential for significant total return, agency mortgage-backed securities (MBS) may be the answer. Fitting MBS into your portfolio In fact, Atluri believes agency MBS are more attractive than investment-grade corporate right now. In addition, agency mortgage-backed securities also trade defensively if the economic outlook were to worsen, he added. About 25% of core bond fund holdings are in mortgage-backed securities, according to Morningstar. "Mortgage-backed securities didn't do as well [as investment grade] last year," said Wei Li, BlackRock's global chief investment strategist.

Persons: Fannie Mae, Freddie Mac, Ginnie Mae, Jason Smith, Neuberger Berman, Smith, Michael Kessler, Kessler, Pramod, Atluri, Morningstar, Wei Li, Albion's Kessler Organizations: Agency MBS, U.S ., MBS, Mortgage News, Albion Financial Group, Federal Reserve, Capital Group, Fund of America, BlackRock

☆ Bipartisan tax bill clears key congressional hurdle, teeing up potential House vote
▼ + stars: | 2024-01-19 | by ( Emily Wilkins | ) www.cnbc.com time to read: +3 min

The package released earlier this week was the result of a rare, bipartisan agreement between Republican House Ways and Means Chair Jason Smith (Mo.) To help win more Democratic support, the bill also expands the child tax credit by adjusting it for inflation and allowing Americans who don't have a tax bill to get the credit as a refund, among other changes. In addition to Friday's committee vote, the White House also came out in support of the legislation. In the end, Blumenauer said he would "reluctantly" vote for the bill, but wanted to see the child tax credit expanded further. House Speaker Mike Johnson had yet to confirm when, or even if, he would bring the bill to the House floor for a vote.

Persons: WASHINGTON, Jason Smith, Ron Wyden, Karine Jean, Pierre, Earl Blumenauer, Blumenauer, Mike Johnson, Smith, Wyden Organizations: Business, of Commerce, National Association of Manufacturers, Republican, Democratic, White, Oregon Democrat Locations: Taiwan, Mo, Oregon

☆ House Republicans reintroduce bill to repeal 'death tax'
▼ + stars: | 2024-01-19 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Rep. Jason Smith, R-Mo., speaks during a House Oversight and Accountability Committee impeachment inquiry hearing into U.S. President Joe Biden on Sept. 28, 2023. House Republicans this week reintroduced legislation to permanently repeal what they're calling the "death tax" — or federal estate tax, which is levied on inherited property above a certain value. Introduced by Rep. Randy Feenstra, R-Iowa, with support from 162 lawmakers, the Death Tax Repeal Act follows past Republican proposals to abolish estate taxes, including a Senate bill from early 2023. The federal estate tax exemption adjusted for inflation by rising to $13.61 million per individual or $27.22 million for spouses in 2024. "Because the revenue effects are relatively small, they may have more leeway to eliminate [the estate tax] altogether if they had full control," Watson said.

Persons: Jason Smith, Joe Biden, Randy Feenstra, —, Biden, Garrett Watson, Donald Trump's, Watson Organizations: Republicans, Finance, Tax Locations: Iowa

☆ A bipartisan group of lawmakers' plan to boost the child tax credit for parents would help 'hundreds of thousands of kids get out of poverty,' a top economic official says
▼ + stars: | 2024-01-17 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

A bipartisan group of lawmakers proposed boosting the child tax credit for parents. The White House told BI that Biden is committed to fighting "for the full expanded Child Tax Credit." AdvertisementA bipartisan proposal to boost the child tax credit for parents appears like it might be on track to get the White House's stamp of approval. "We're very supportive of expanding the child tax credit," Bernstein said. "So, helping hundreds of thousands of kids get out of poverty, reaching 16 million kids with a more fair child tax credit, that sounds like a really smart idea to us."

Persons: Jared Bernstein, Biden, —, Ron Wyden, Jason Smith, Poppy Harlow, White, Bernstein, Joe Biden, hasn't, it's, Michael Kikukawa, Wyden, Smith's, Kikukawa, Democratic Sen, Sherrod Brown, GOP Sen, Mike Crapo Organizations: White House, Service, Democratic, Republican, Tax Relief, American Families and Workers, White House Council, Economic Advisers, American, Budget, Child, GOP

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