live_tv
Livestream Starting Soon
00
Hours
:
00
Minutes
:
00
Seconds
Up next in 10
Republicans are trying to find ways to offset a projected revenue loss caused by the potential renewal of President Trump's 2017 tax cuts.
Show More Show Less View Video Transcript
0:00
House Republicans crafting the renewal of President Trump's 2017 tax cuts may add multiple
0:05
measures that would raise taxes on businesses, corporations, and the richest people in the
0:10
country. The proposals include ending tax breaks for sports team owners and increasing the tax on
0:16
stock buybacks. According to a report in Punchbowl News, the House Ways and Means Committee is
0:21
considering multiple options to offset the projected revenue loss from tax breaks for
0:26
individuals and corporations. Legislators may eliminate a tax break that comes when purchasing
0:32
a sports team. Using amortization, owners can deduct the cost of purchasing the team from their
0:38
taxes over a 15-year period. Lawmakers could raise the current 1% tax on stock buybacks
0:45
A new rate has not been made public. They could also raise the 1.4% endowment tax on universities
0:51
The tax was first created in 2017. It's not yet known what the higher rate could be
0:57
They could also put a new cap on state and local tax deductions for businesses
1:02
Republicans in blue states could have a lot of influence over this bill because their votes are needed to pass it
1:08
and their seats are needed if Republicans are to hold the majority after the 2026 midterms
1:14
Those Republicans are using that leverage to get the individual state and local tax deduction, or SALT, included
1:21
The 2017 Tax Cuts and Jobs Act lowered the individual state and local deduction from $25,000 to $10,000
1:30
This allows people to claim local taxes as a write-off on their federal return
1:35
and it's particularly important to those in high-tax states like New York, New Jersey, and California
1:40
Republicans in those states are pushing hard to get this included, and it's been a point of contention ever since
1:47
I'm Ray Bogan for Straight Arrow News. For more reporting, download the SAN app
#news
#Politics
#Fiscal Policy News