Taxes May 9, 2025
Trump Seeks Tax Hike on Wealthy Earning $2.5 Million or More
The president’s proposal calls for creating a new 39.6% tax bracket for individuals earning at least $2.5 million, or couples making $5 million.
Taxes May 9, 2025
Poll: Trump Says Harvard Shouldn’t be Tax-Exempt, But Do Voters Agree?
According to a new Economist/YouGov poll of 1,850 U.S. adults, Americans are divided over whether Harvard’s tax-exempt status should be changed.
IRS May 5, 2025
IRS Has Slashed 11% of Its Workforce as of March, TIGTA Says
A new report from the Treasury Inspector General for Tax Administration provides an update on the IRS’s efforts to reduce its workforce, as well as a snapshot of IRS business units impacted.
Taxes May 5, 2025
Trump Wants Tax Deduction for Interest on Loans to Buy U.S.-Made Cars. Can it Happen?
The White House hasn’t provided any details of how the tax break would work, but the president touted it during the 2024 campaign and reiterated his support last month.
Taxes May 5, 2025
Trump’s Attack on Harvard’s Tax-Exempt Status Could Be a Problem for the IRS
Experts say the IRS would face an “uphill climb” if it decided to move ahead against Harvard. And that fight could potentially take years.
Payroll May 5, 2025
Trump Asks Supreme Court for DOGE Access to Social Security Data
The Trump administration is challenging a federal trial judge’s order blocking DOGE from having full access to personally identifiable information in the Social Security Administration database.
Taxes May 2, 2025
Trump Seeks to Squeeze Drugmakers’ Revenues to Pay for Tax Cuts
President Donald Trump wants the pharmaceutical industry to shoulder part of the cost of his tax cuts, pressing Republicans to force drugmakers to accept lower prices on prescriptions covered by Medicaid.
IRS May 2, 2025
Trump Nominates Donald Korb for Second Go-Around as IRS Chief Counsel
Korb, a partner at law firm Sullivan & Cromwell who served as IRS chief counsel during the George W. Bush administration, would need to be confirmed by the Senate in order to fill the role at the agency.
Taxes May 2, 2025
Trump Renews Vow to Strip Harvard of its Tax-Exempt Status
While he did not elaborate, President Donald Trump posted to his Truth Social feed early Friday: “We are going to be taking away Harvard’s Tax Exempt Status. It’s what they deserve!”
Taxes May 1, 2025
An ‘Enormous’ Amount of Money at Stake if Trump Targets Harvard Tax Exemption
Harvard's conflict with the Trump administration may not just threaten its research funding. The president said that the university “perhaps” should lose the tax exemption it enjoys as an educational institution.
Payroll May 1, 2025
U.S. Economy Shrinks for First Time Since 2022 on Imports Surge
The U.S. economy contracted at the start of the year for the first time since 2022 on a monumental pre-tariffs import surge and more moderate consumer spending, a first snapshot of the ripple effects from President Donald Trump’s trade policy.
PCAOB April 30, 2025
PCAOB Chair ‘Deeply Troubled’ By GOP’s Plans to Shutter U.S. Audit Regulator
Draft legislation being considered by the House Financial Services Committee proposes to eliminate the Public Company Accounting Oversight Board and fold its responsibilities into the Securities and Exchange Commission.