Jul 26, 12:09 PM EDT Newsletter Signup BusinessTechnologyWorldNationalMedia & CultureOpinionSportsLuxury National By Matthew Frankel 07/26/18 AT 11:35 AM The Tax Cuts and Jobs Act was the most significant change to the tax code in the United States in three decades, but it looks as if Congress isn't done yet. The House Ways and Means Committee recently released a framework for the so-called "Tax Reform 2.0."This article originally appeared in the Motley Fool.While the two-page framework is light on details, it does give us a good idea of what changes could potentially be implemented if the second round of tax reform is successful. Instead of a single tax reform bill, Tax Reform 2.0 will be a series of three bills, each with its specific focus. Here's what we know so far about each one.The Tax Cuts That Passed Last Year Could Become PermanentWhile the Tax Cuts and Jobs Act made several big changes for individuals, such as lower marginal tax rates and an … [Read more...] about Tax Reform 2.0: Here’s What We Know So Far
Tax reform proposals
By Henry Fernandez Published July 17, 2018 Tax Reform FOXBusiness Facebook Twitter Comments Print video Congress looks to help Americans save for retirement Groom Law Group principal Michael Kreps on how Congress is exploring several proposals that could help the middle class save for retirement. Retirement savings changes could be on the horizon as Republicans look to make it easier for middle-class workers to save. Continue Reading Below Lawmakers are working on a bipartisan bill, the Retirement Enhancement and Savings Act of 2018 (RESA), that would offer an opportunity for small employers to band together to obtain more favorable and less expensive pension investment options. “It would make it easier for your employer to offer you a 401(k) by allowing small employers to pull their resources and reduce cost,” said Groom Law Group principal Michael Kreps during an interview on FOX Business’ “After the Bell” … [Read more...] about Why ‘tax reform 2.0’ could improve retirement security for middle class
close Trump unveils plans for tax reform, health care legislation John Roberts shares a roundup of the president's remarks. President Trump and congressional Republicans unveiled their plan for a massive tax overhaul. The plan, meant to be a framework for Congress to negotiate into legislation, still has missing parts. And as the House prepares to vote on the Senate’s budget plan Thursday, some lawmakers, including Republicans, still have qualms with parts of the tax framework. One issue is whether to curb tax-free deposits in 401(k) retirements accounts, something that Trump has said he opposed. Ways and Means Committee Chairman Kevin Brady, R-Texas, wants to curtail them. White House press secretary Sarah Sanders declined to "negotiate" and speculate on if Trump could work with lawmakers and change the 401(k) rules but told Fox News Thursday morning that he is "committed" to protecting the middle class' retirement accounts. "The president will get much … [Read more...] about Trump’s tax reform plan: Who are the winners and losers?
By Martin Crutsinger Published 3:32 pm, Tuesday, April 10, 2018 Photo: Zach Gibson / Bloomberg Image 1of/1 CaptionClose Image 1 of 1 Fed official Randal Quarles says the proposals will simplify bank regulations. Fed official Randal Quarles says the proposals will simplify bank regulations. Photo: Zach Gibson / Bloomberg Fed proposes streamlining annual stress tests for banks 1 / 1 Back to Gallery WASHINGTON — The Federal Reserve has proposed streamlining the annual stress tests that it conducts to see if the nation’s largest financial firms can survive a severe recession. Randal Quarles, selected by President Trump to be the Fed’s vice chairman for financial supervision, said Tuesday that the changes are being put forward in an effort to ensure the central bank’s regulatory measures are … [Read more...] about Fed proposes streamlining annual stress tests for banks
Ministers (L-R) Brian Mikkelsen, Simon Emil Ammitzbøll, Kristian Jensen and Karsten Lauritzen present the plan on Tuesday. Photo: Mads Claus Rasmussen/Scanpix Lower tax on income, cars and pensions are all part of a 23 billion kroner plan unveiled by Denmark's government on Tuesday. The coalition government unveiled its much-anticipated tax reform proposal Tuesday morning. The reforms will mean 21,000 Danes in full time employment will now pay lower amounts of tax, according to DR's assessment of the plan. Overall, the state will collect 23 billion kroner (3.1 billion euros) less from taxation should the plan be implemented. A limit to tax reductions known as beskæftigelsefradraget will be scrapped by the new plan, benefitting anyone with an annual income of over 340,000 kroner (45,000 euros). A new deduction known as a jobfradrag will also reduce tax by an expected 2.7 percent for people with incomes of over 569,400 kroner, and by 7.7 … [Read more...] about Denmark’s government announces new tax plan