Latest National taxes News

In Biden's big bill: Climate, health care, deficit reduction

Aug. 12, 2022 01:03 AM EDT

WASHINGTON (AP) — The biggest investment ever in the U.S. to fight climate change. A hard-fought cap on out-of-pocket prescription drug costs for seniors in the Medicare program. A new corporate minimum tax to ensure big businesses pay their share. And billions left over to pay...

House Dems set to overcome GOP for climate, health care win

Aug. 12, 2022 00:52 AM EDT

WASHINGTON (AP) — A flagship Democratic economic bill perched on the edge of House passage Friday, placing President Joe Biden on the brink of a back-from-the-dead triumph on his climate, health and tax goals that could energize his party ahead of November’s elections. Democrats...

Politicians, energy experts, advocates on climate bill

Aug. 11, 2022 15:23 PM EDT

Congress is expected on Friday to pass a major bill that includes close to $375 billion in spending related to fighting climate change. The bill, called the Inflation Reduction Act, will infuse cash, subsidies and tax breaks into various sectors of the economy, all aimed at making green energy much...

EU says US electric vehicle tax credit could break WTO rules

Aug. 11, 2022 11:37 AM EDT

BRUSSELS (AP) — The European Union expressed concern Thursday that a new U.S. tax credit plan aimed at encouraging Americans to buy electric vehicles would discriminate against European producers and break World Trade Organization rules. Under the Inflation Reduction Act nearing...

AP FACT CHECK: GOP skews budget bill’s impact on IRS, taxes

Aug. 10, 2022 14:59 PM EDT

Republican politicians and candidates are distorting how a major economic bill passed over the weekend by the Senate would reform the IRS and affect taxes for the middle class. The “ Inflation Reduction Act,” which awaits a House vote after passing in the Senate on Sunday, would...

German FinMin pitches $10B tax cuts to ease inflation pain

Aug. 10, 2022 09:27 AM EDT

BERLIN (AP) — Germany's finance minister said Wednesday that the government plans to make tax cuts worth more than 10 billion euros ($10.2 billion) to benefit broad sections of the population squeezed by high energy costs and inflation. Finance Minister Christian Lindner said about...

Congress can get Trump tax records, appeals court rules

Aug. 09, 2022 15:19 PM EDT

WASHINGTON (AP) — A federal appeals court sided Tuesday with a House committee seeking access to former President Donald Trump's tax returns, rejecting Trump's contention that Congress was overstepping. A three-judge panel of the U.S. Court of Appeals for the District of Columbia...

Most electric vehicles won't qualify for federal tax credit

Aug. 09, 2022 11:02 AM EDT

DETROIT (AP) — A tax credit of up to $7,500 could be used to defray the cost of an electric vehicle under the Inflation Reduction Act now moving toward final approval in Congress. But the auto industry is warning that the vast majority of EV purchases won’t qualify for a tax...

Colombia’s leftist president presents ambitious tax plan

Aug. 08, 2022 20:12 PM EDT

BOGOTA, Colombia (AP) — Colombia’s first leftist president presented an ambitious tax plan on Monday that aims to raise up to $11 billion a year for anti-poverty programs. Gustavo Petro was sworn into office on Sunday, and has promised to fight economic inequality while investing...

Editorial Roundup: Michigan

Aug. 08, 2022 13:58 PM EDT

Traverse City Record-Eagle. August 3, 2022. Editorial: It’s time to pump funds into sewer projects Rich is good in a lot of cases. Rich is good in the Mega Millions lotto. Rich is good when it comes to flavor of foods like cheesecake...