Latest Tax reform News

How ZIP codes determine the quality of a child's education

Nov. 9, 2019 3:06 AM EST

ALLENTOWN, Pa. (AP) — Students at Allentown's Harrison-Morton Middle School look forward to hearing the squeaky wheels of the technology cart approaching their classroom, though the iPads they hold may not be the latest models and time with them is limited. A luxury in Allentown schools, such technology...

Schumer: Democrats will try to overturn tax deduction cap

Oct. 22, 2019 11:15 AM EDT

WASHINGTON (AP) — Senate Democrats are attempting to repeal an IRS regulation that is designed to keep people from exceeding the $10,000 limit on state and local tax deductions. Democrats will force a vote, scheduled for Wednesday, to overturn the regulation through the Congressional Review Act, Senate...

Protesters remain despite Lebanese PM's reform package

Oct. 21, 2019 3:09 PM EDT

BEIRUT (AP) — Facing escalating mass protests, the government of Lebanese Prime Minister Saad Hariri approved Monday a package of economic reforms and a 2020 budget without new taxes, hoping to appease people in the streets. Protests swelled in the hours after the announcement, however, as many...

Tax overhaul lawsuit filed by 4 blue states is dismissed

Oct. 1, 2019 9:09 PM EDT

NEW YORK (AP) — A federal judge in New York has ruled that the 2017 federal tax overhaul's cap on state and local tax deductions was not an "unconstitutional assault" on the sovereignty of high-tax Democratic-leaning states. Judge J. Paul Oetken dismissed a challenge on Monday to the Republican-led tax...

World markets subdued as investors eye trade, Brexit

Oct. 1, 2019 7:06 AM EDT

BANGKOK (AP) — World markets were mixed on Tuesday after a global agency cut its forecasts for trade and as investors monitor developments in Britain's exit from the European Union. After Asia largely closed higher, the FTSE 100 in Britain was down 0.3% at 7,385. The CAC 40 in Paris was 0.2% lower at 5,668...

Japan ups sales tax to 10% amid signs economy is weakening

Oct. 1, 2019 4:15 AM EDT

TOKYO (AP) — Japan raised its national sales tax to 10% from 8% on Tuesday, risking short-term pain for the sake of the country's future financial stability as it copes with a fast aging and shrinking population. Previous tax increases, a 2-point increase to 5% in 1997 and another to 8% in 2014, brought on...