House Democrats’ plan would prohibit individual retirement accounts from holding private equity, hedge funds

A tax package unveiled by House Democrats would forbid individual retirement accounts from holding certain private investments typically reserved for the wealthy. While proponents think the proposal would raise investor protection and reduce the use of an IRA as a tax shelter for the rich, critics think it could lead to a big financial hit… Continue reading House Democrats’ plan would prohibit individual retirement accounts from holding private equity, hedge funds

House Democrats’ tax plan would increase marriage penalty for wealthy couples

The tax package House Democrats unveiled this week would increase the so-called marriage penalty for wealthy couples. Couples who file a joint tax return experience a marriage penalty if their income-tax bill is larger than the one they’d get filing as single taxpayers. A penalty is more common when each spouse earns a similar income,… Continue reading House Democrats’ tax plan would increase marriage penalty for wealthy couples

House Democrats promise ‘meaningful’ relief for state and local tax deduction cap

House Democrats have said they will pursue “meaningful” change to the $10,000 cap on the federal deduction for state and local taxes, known as SALT. The controversial measure is part of former President Donald Trump’s signature 2017 tax overhaul and has been a pain point for Americans in high tax states. Since the Tax Cut… Continue reading House Democrats promise ‘meaningful’ relief for state and local tax deduction cap

House Democrats push for permanent earned income tax credit expansion

House Democrats have unveiled a comprehensive package of social and climate change proposals, including a boost for millions of Americans with a permanent expansion of the earned income tax credit. The earned income tax credit provides a write-off for low- to moderate-income families. Taxpayers must have earned income — wages and payments not including investments… Continue reading House Democrats push for permanent earned income tax credit expansion

House Democrats’ plan would close tax loophole used by crypto investors

House Democrats proposed legislation Monday that would close a tax loophole for cryptocurrency investors. The bill would impose “wash sale” rules on commodities, currencies and digital assets, according to an outline issued by the House Ways and Means Committee. That means bitcoin, ethereum, dogecoin and other popular crypto investments would be subject to the anti-abuse… Continue reading House Democrats’ plan would close tax loophole used by crypto investors

House Democrats propose top 39.6% tax rate at these income levels

House Democrats have proposed a top marginal income tax rate of 39.6% for individuals, part of a sweeping change to the tax code to fund climate investments and an expansion of the U.S. safety net. That rate, an increase from the current 37% levy for the wealthiest taxpayers, would kick in for single individuals with… Continue reading House Democrats propose top 39.6% tax rate at these income levels

House Democrats propose raising capital gains tax to 28.8%

House Democrats on Monday proposed raising the top tax rate on capital gains and qualified dividends to 28.8%, one of several tax reforms aimed at wealthy Americans to help fund a $3.5 trillion budget plan. The top federal rate would be 25% on long-term capital gains, which is an increase from the existing 20%. (Long-term… Continue reading House Democrats propose raising capital gains tax to 28.8%

House Democrats propose extending expanded child tax credit through 2025. Advocates hope it’s a step toward making it permanent

House Democrats have unveiled a proposal to continue the expanded child tax credit through 2025. While one advocacy group, MomsRising, is “thrilled” with that development, executive director Kristin Rowe-Finkbeiner said the group hopes to see the expanded credit made permanent. The expanded child tax credit was included in the American Rescue Plan signed by President… Continue reading House Democrats propose extending expanded child tax credit through 2025. Advocates hope it’s a step toward making it permanent

House Democrats push forward with $25B Post Office bill, GOP dismisses rare Saturday vote as a ‘joke’

President Donald Trump responds to accusations he’s sabotaging the USPS.’ The House of Representatives kicked off heated debate Saturday morning over a $25 billion funding bill for the United States Postal Service (USPS) that Democrats say is needed to prevent President Trump from trying to “destroy” the Post Office before the 2020 mail-in election, while Republicans dismissed… Continue reading House Democrats push forward with $25B Post Office bill, GOP dismisses rare Saturday vote as a ‘joke’

Ingraham: House Democrats took cues from rioters in attempting ‘reputational assassination’ of Barr

Laura Ingraham accused Democrats on the House Judiciary Committee Tuesday of “taking cues” from rioters in cities across America by “performing for a television audience, attempting to carry out what was equivalent of reputational assassination of [Attorney General] Bill Barr.” The “Ingraham Angle” host highlighted one exchange between Barr and Rep. Madeleine Dean, D-Pa., who asked the attorney… Continue reading Ingraham: House Democrats took cues from rioters in attempting ‘reputational assassination’ of Barr