Author: Editor

Senate Republicans propose to cut trillions of dollars in taxes for households and businesses in their version of President Donald Trump’s signature economic package, a plan that comes at the expense of curbing health coverage for some low-income Americans and adding to US deficits.The bill would preserve Trump’s first-term tax cuts and create several new breaks that he championed on the campaign trail — including eliminating taxes on tips. To offset the cost, senators are proposing to repeal some clean energy tax credits and scale back Medicaid benefits spending more deeply than in the House-passed bill.Within hours of the bill’s…

The One Big Beautiful Bill Act, as passed by the House and whose revised text was released Monday by Republicans on the Senate Finance Committee, includes a number of significant tax provisions for both corporate taxpayers and nonprofits.”Even before we saw the legislative text of the One Big Beautiful Bill, we knew these would be the big provisions for most of our clients that they were interested to see what was going to happen,” said Jess LeDonne, director of tax technical at the Bonadio Group. “The big one that I get the most questions about right now would be the…