Trump tax plan

Senate Republicans plan to modify the massive fiscal package to lower maximum deductions for state and local taxes and limit the impact of a "revenge" tax.

The Texas senator pitched Republican senators on ending the Federal Reserve's authority to pay interest to banks, claiming it would save $1.1 trillion over a decade.

The multitrillion-dollar package would avert a year-end tax increase at the expense of adding to the U.S. debt burden.

President Trump said his massive tax package is close to being finalized, but the White House has yet to win over a faction who want more spending cuts.

President Trump suggested his sweeping tariffs would help him reduce income taxes for people making less than $200,000 a year.

The rebate, which would be geared toward boosting U.S. manufacturers, would be issued at the end of the year to offset the effects of retaliatory tariffs.

A sizable increase to the current $10,000 limit on SALT write-offs would represent a major victory for a crucial group of swing-district House Republicans.

Republican leaders say they are closer to a plan to extend the 2017 tax cuts and increase the debt ceiling.

Treasury Secretary Scott Bessent and Trump's National Economic Council director, Kevin Hassett, are set to meet Tuesday with House and Senate Republican leaders and their top tax writers to try to resolve differences over the scale of cuts and ways of paying for them.

The stopgap funding bill paves the way for Republican lawmakers to pivot to signature border and tax bills they seek to pass in the coming months.

Rising populist sentiment in the Republican Party means that banks will have to work harder to get the same kinds of wins they did in 2017.

House Republicans are in talks over raising the cap for state and local tax deductions after winning pledges to include it in a must-pass tax bill this year.

Senate Republicans would like to do a large bill on immigration and energy first and then tackle tax reform in a second bill. House Republicans prefer one large bill.

The president-elect has announced members of his senior leadership team at the Treasury, who'll work alongside Scott Bessent, his pick for secretary.

Scott Bessent, President-elect Donald Trump's pick to serve as Treasury secretary, is aiming to build support for his nomination

Donald Trump vowed to boost the U.S. auto industry by making interest on car loans fully tax-deductible and renegotiating a trade deal with Mexico and Canada as he courts Michigan.

After three years of savings, top U.S. banks could face an increased tax bill of as much as $11 billion a year if President-elect Joe Biden moves forward with corporate rate hikes he campaigned on.

The industry says the 2017 cut in the corporate rate helped position lenders to support the economy when the pandemic hit. But a plan proposed by Democratic nominee Joe Biden could strain banks' capital investment and hiring, observers say.

Sen. Pat Toomey, R-Pa., a potential chair of the Senate Banking Committee in the next Congress, is expected to announce that he is not running in 2022.

New research reveals the financial services industry both prefers and predicts an incumbent win in November.