Apr 26, 2017, 6:09 pm EDT
The Donald Trump tax plan is here.
Here are 10 things you should know about the plan, according to the White House:
The standard deduction is set to be doubled, eliminating taxes on a couple’s first $24,000 in earnings.
Individual and corporate taxes will both be lower thanks to the plan.
The Trump tax plan will lower taxes on every bracket, which will be split into 35%, 25% and 10%.
Most itemized tax deductions would get eliminated.
Deductions for mortgage interest and charitable contributions will replace the former.
The estate tax and alternative minimum tax will be repealed.
The plan does not include the border adjustment tax.
There is support under the Trump tax plan for territorial taxes that would exempt company earnings abroad from taxation, while still pushing companies to have its headquarters in the U.S.
The plan would also offer a one-time tax to encourage companies to repatriate cash that they are parking overseas.
The opinions contained in this column are solely those of the writer.
Want to share your own views on money and politics? Drop us a line at email@example.com and we might reprint your views in our InvestorPolitics blog! Please include your name, city and state of residence. All letters submitted to this address will be considered for publication. Read
Apr 19, 2017, 5:37 pm EDT
Emirates Airline has announced that it will be reducing the number of flights it sends to the U.S.
Source: amanda kelso via Flickr (Modified)
The announcement came Wednesday following Trump’s visa ban that was announced on Tuesday, where the POTUS noted that it will be harder for foreign citizens to get visa in the U.S.
The airline announced that it will be cutting down service to five of the 12 U.S. cities that it flies to. Starting May 1, Ft. Lauderdale, Florida flights will go from having daily flights to flights five days a week. Read
Apr 18, 2017, 5:58 pm EDT
President Donald Trump has signed a visa executive order.
Here are six things you should know about it:
It will investigate those who commit fraud or abuse the visa system.
The move is designed to protect U.S. workers, Trump said as he spoke at the Snap-On Tools in Kenosha.
The move follow Trump’s campaign decision to “Buy American, Hire American.”
Some of the people who will be affected negatively by the move are those who take the jobs of U.S. workers from abroad for less money.
“This historic action declares that the policy of our government is to progressively promote and use American-made goods and to ensure that American labor is hired to do the job,” added Trump.
He said that the move will send a signal to the world in which this country puts Americans first.
Apr 18, 2017, 5:19 pm EDT
USAFacts is a new website that keeps track of government spending.
Source: Microsoft Sweden via Flickr
The site first came to life thanks to an idea by Steve Ballmer, the former CEO of Microsoft Corporation (NASDAQ:MSFT). The site is split up into six categories: The Big Picture, Finances, Population, Missions, Reports and an About section.
USAFacts is updated on a daily basis by economists, researchers and professors that helped to piece the site together. They worked together over the last three years to bring the concept to life. Read
Apr 18, 2017, 4:21 pm EDT
With the tax deadline ending today, are you looking to file an IRS extension?
If you simply do not have enough time to file your taxes with the Internal Revenue Service April 18, there are three things you can do, and they all involve Form 4868:
You can pay all or part of your taxes and indicate that you request an extension through “Direct Pay, the Electronic Federal Tax Payment System, or using a credit or debit card.”
You can file Form 4868 through IRS e-file, or through a tax preparation professional who uses IRS e-file.
You can print Form 4868, complete it and ship it to the agency with an estimate of your tax due.
IRS e-file allows you to fill out Form 4868 and send it digitally, with everything done online and you’ll receive a receipt noting that you completed it. Read
Apr 17, 2017, 2:52 pm EDT
What are the post office hours for tax day 2017?
Most postal services announced that tax day, which falls on Tuesday, April 18, will include extended hours at the post office in order to ensure you have plenty of time to mail your return out by the necessary date.
However, the postal service noted that this year would be different due to the fact that there have been cutbacks in this country’s postal system, thus resulting in lesser hours. Read