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The logo for consumer lending firm Capital One Financial Corp. is seen on its headquarters in McLean, Virginia, on Jan. 20. 2023.Win Mcnamee | Getty Images News | Getty ImagesNew York Attorney General Letitia James sued Capital One on Wednesday, accusing the bank of “cheating” customers out of millions of dollars in interest payments, just months after the Trump administration’s Consumer Financial Protection Bureau dropped a similar suit against the financial institution.In a complaint filed in Manhattan federal court, James alleged that Capital One marketed its “360 Savings” account as its high-yield savings account, then left those customers in the…

Where House Republicans remain at odds over Trump’s budget bill – CBS News Watch CBS News It took the House Ways and Means Committee 17 hours to advance the tax portion of President Trump’s economic agenda along party lines, but Republicans remain divided. CBS News political correspondent Caitlin Huey-Burns reports. Then, GOP Rep. Mike Lawler of New York joins to discuss his stance on deductions for state and local taxes. Be the first to know Get browser notifications for breaking news, live events, and exclusive reporting. Not Now Turn On Source link

Wealthy Americans and business investors are among the big winners in House Republicans’ draft tax legislation while targets of President Donald Trump’s ire such as immigrants and elite universities were hammered. The tax plan is likely to undergo significant changes as it winds through the House and then the Senate. But the committees’ drafts released this week have set up initial goalposts. Here’s who’s winning and losing so far in the tax fight.WinnersMultimillionairesThe rich would dodge a tax increase and gain the ability to pass more wealth on to their heirs in the bill approved early Wednesday by the House’s tax committee.House…

As a Republican-backed bill moves ahead in the House, proposed tax cuts under the measure include some new and surprising changes that could impact the wallets of millions of Americans. On Wednesday, the House Ways and Means Committee voted in favor of the bill, which would make Mr. Trump’s 2017 tax cuts permanent while also adding a host of other reductions. The extension of the 2017 Tax Cuts and Jobs Act provisions would mean that most taxpayers wouldn’t see much of a change because their tax brackets would remain at the same levels they’ve been at since the cuts took effect in…

Key Senate Republicans are resisting the House’s plan to gut clean energy tax credits, vowing to soften the blow for emerging technologies and nuclear power.The pushback comes after House Republicans released a plan to help pay for an extension of President Donald Trump’s tax cuts by cutting more than $500 billion in energy tax credits from former President Joe Biden’s signature climate law.The comments from GOP lawmakers mean industries facing a sharp cutoff in federal help still have a chance to preserve their tax incentives for longer.The plan “needs refinement,” said Thom Tillis, a North Carolina Republican, who serves on…

JAY MALLIN/BLOOMBERG NEWS The Internal Revenue Service will begin taking applications for 2026 Low Income Taxpayer Clinic matching grants from qualified organizations this Thursday, May 15, through July 14.Organizations may request up to $200,000 for the 2026 grant year. For every dollar of funding awarded by the IRS, a taxpayer clinic must provide a dollar in matching funds, and it must provide services for free or at a nominal fee.For 2026, the IRS is looking to obtain LITC coverage for Hawaii, Kansas, Montana and West Virginia. Florida, Nevada and South Dakota are also only partially covered by LITCs; uncovered counties…