Latest National taxes News

Pot taxes pick up in California but still far off target

Aug. 15, 2018 8:58 PM EDT

LOS ANGELES (AP) — When it comes to the taxman, California's legal pot market is off to a sluggish start. Marijuana cultivation and excise tax collections hit $48 million between April and June, state officials announced Wednesday. That's a jump from the prior three months but well below the windfall...

GOP's McCarthy slams California Democrats, faces heckling

Aug. 15, 2018 7:36 PM EDT

SACRAMENTO, Calif. (AP) — House Majority Leader Kevin McCarthy blasted his home state of California as out of touch Wednesday, criticizing leaders for increasing the gas tax and failing to get a handle on long lines at the Department of Motor Vehicles. At the same time, the Republican defended the Trump...

The 411 on 529s

Aug. 15, 2018 10:13 AM EDT

It's back-to-school time and let's face it — education can be expensive. The College Board reports that the average cost of in-state tuition, fees, room and board at a public four-year college in the U.S. was $20,770 last year. And that's just a starting point — out-of-state tuition, private...

Pence calls for continued support of Republicans in Congress

Aug. 14, 2018 5:42 PM EDT

CINCINNATI (AP) — Vice President Mike Pence used a trip to swing state Ohio on Tuesday to ask Americans for their support of Republican leaders who will bolster President Donald Trump's administration. Pence highlighted the administration's work during the event at a downtown Cincinnati hotel, telling...

IRS proposes rules to govern new small business deduction

Aug. 13, 2018 11:03 AM EDT

NEW YORK (AP) — Small business owners have gotten more information about a new tax break many will get, with the IRS issuing proposed regulations that explain the deduction for qualified business income and which company owners can claim it. Some of the new details include how to handle a spouse's income,...

AP FACT CHECK: Trump's economic fiction: 'record' GDP, jobs

Aug. 13, 2018 12:14 AM EDT

WASHINGTON (AP) — President Donald Trump is distorting the truth on U.S. economic growth and jobs, pointing to record-breaking figures that don't exist and not telling the full story on black unemployment. He cites the highest-ever gross domestic product for the U.S. that's not there and predicts a...

AP FACT CHECK: Trump's economic mirage; Sanders on Medicare

Aug. 11, 2018 8:12 AM EDT

WASHINGTON (AP) — President Donald Trump is pulling numbers out of thin air when it comes to the economy, jobs and the deficit. He refers to a current record-breaking gross domestic product for the U.S. where none exists and predicts a blockbuster 5 percent annual growth rate in the current quarter that...

US budget deficit totals $76.9 billion in July

Aug. 10, 2018 2:52 PM EDT

WASHINGTON (AP) — The federal government racked up a $76.9 billion deficit in July, with increased government spending and tax cuts keeping the country on track to record its biggest annual deficit in six years. The Treasury Department reported Friday that in the first 10 months of this budget year, the...

Prosecutors shift focus to fraud charges in Manafort trial

Aug. 9, 2018 9:28 PM EDT

ALEXANDRIA, Va. (AP) — After three days of dramatic and sometimes salacious testimony in the trial of Paul Manafort, prosecutors returned Thursday to the nuts and bolts of their case against the former Trump campaign chairman as they sought to show he obtained millions of dollars in bank loans under false...

Who's in, out in small business tax break? It's complicated

Aug. 9, 2018 12:29 PM EDT

WASHINGTON (AP) — Architects and engineers are still in. Accountants, doctors and lawyers remain out — mostly. New rules floated by the Trump administration lay out what kinds of businesses can take a 20 percent deduction against income taxes under the new tax law. With the proposed rules issued...