"Today, the President released his 2020 federal income tax return, continuing an almost uninterrupted tradition," the White House said on Monday, the deadline to file income tax returns.
No matter what you do for a living, odds are you paid more federal income tax than Trump did the year he took office. Analysts say real estate tax breaks allowed him to avoid high tax bills.
The agency's budget has been cut sharply over the past decade. That means fewer audits. The Trump administration says those cuts may have gone too far and it's seeking more money for tax enforcement.
The tax collecting agency is one of those affected by the partial government shutdown, but the White House says it will issue refunds, reversing previous government policy.
The tax overhaul uses an alternative measure of inflation that will show less upward pressure on prices. That means tax brackets will adjust upward less often, making many people pay more.
Republican lawmakers say their plans will save the typical middle class family between $1,200 and $1,400. But polls show only 25 percent to 33 percent of Americans approve of the proposals.
Some senators want the tax overhaul to come with a built-in trigger: If budget deficits grow, tax cuts will be reversed. But several key senators strongly oppose the idea.
The plan would raise taxes on graduate students, who make very little money to begin with. Analysts say the provision could discourage students from seeking advanced degrees, hurting economic growth.
A committee vote is expected this week that would send the bill to the full House for a vote. Meanwhile, Senate Republicans are releasing their version of tax legislation in the coming days.
To avoid penalties, people who didn't have health insurance in 2016 or who got federal assistance to pay the premiums need to take a little extra care when completing their tax forms this year.
Sweeping tax cuts, for businesses and individuals, will be at or near the top of the list for both the White House and the Republican-controlled Congress. A tax on imports may also be on the table.
The Democrat wants to double the credit for parents of children 4 and under. It would be paid for by a tax on Wall Street, the wealthy, corporations. Trump's tax plan would most benefit the wealthy.
The 1990-91 recession was catastrophic for Donald Trump's empire. A tax document published by The New York Times shows as late as 1995, he was reporting an annual loss of $916 million. What happened?
The court says Maryland unconstitutionally raised the cost of doing business in more than one state, by letting local governments tax money that was earned — and taxed — in other states.
