AUBURN — The normal, year-end rush for tax accountants has some added complications this year. With the new federal tax bill set to take effect Jan. 1, Americans have many questions about how they can utilize tax deductions that will change in 2018. Currently, individuals are allowed to deduct from their federal taxable income any […]
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Posted inNation / World
IRS says many who prepaid property taxes may still face cap on deductions
People across the United States rushed this week to pay their 2018 property taxes early, hoping to take advantage one last time of a federal deduction for state and local taxes that will be scaled back under the tax-code overhaul signed by President Donald Trump. On Wednesday, however, the Internal Revenue Service announced that those […]
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Donald Trump signs $1.5 trillion tax law and temporary spending bill
WASHINGTON (AP) — President Donald Trump signed a temporary spending bill into law on Friday to avert a government shutdown after the Republican-led Congress did the bare minimum in a sprint toward the holidays and punted disputes on immigration, health care and the budget to next year. The measure had passed the House on Thursday […]
Posted inNation / World
House passes $1.5 trillion tax bill and sends it to Donald Trump
WASHINGTON (AP) — Congressional Republicans delivered an epic overhaul of U.S. tax laws to President Donald Trump on Wednesday, bringing generous tax cuts for corporations and the wealthiest Americans while providing smaller cuts for middle- and low-income families. In a re-vote due to a last-minute hiccup, the House passed the massive $1.5 trillion tax package […]
Posted inMaine, sj-web
Susan Collins says media coverage of her is ‘unbelievably sexist’
Sen. Susan Collins of Maine is calling media coverage of her support for a tax overhaul “unbelievably sexist.” Her comments Tuesday were made in response to a question posed by a reporter in a hallway near her office in the Senate, which was poised to vote on the Republican tax plan late Tuesday. Collins, a […]
Posted inNation / World
House votes to pass tax bill but errors force a 2nd vote
Update 4:50 p.m.: Democrats say three provisions in the Republican $1.5 trillion tax bill violate Senate rules and will likely be removed before that chamber votes on the measure. The House approved the legislation Tuesday. But this means the House will have to vote again on the legislation once it’s been amended and approved by the […]
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Sen. Susan Collins says she’s a ‘yes’ on Republican tax bill
In remarks from the Senate floor Monday, Collins affirmed her support and detailed several amendments she sought that provided relief to middle income taxpayers. Maine Sen. Susan Collins took to the Senate floor on Monday to announce her support of the Republican tax reform bill speeding its way through Congress. Collins had voted for the […]
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House, Senate leaders reach deal on tax package
WASHINGTON (AP) — House and Senate GOP leaders forged an agreement Wednesday on a sweeping overhaul of the nation’s tax laws, paving the way for final votes next week to slash taxes for businesses and give many Americans modest tax cuts starting next year.Top GOP aides said lawmakers had reached an agreement in principle on […]
Posted inLewiston-Auburn, sj-web
Bates College president blasts proposed cuts for higher education in tax bill
LEWISTON — Bates College President Clayton Spencer blasted a controversial tax measure Tuesday that Congress appears poised to pass this month as “an assault on educational opportunity.” Spencer said the $71 billion the bill would take from higher education would hurt students, families and America’s colleges and universities. It would also undermine “the engine of […]
Posted inNation / World, sj-web
Congress could finalize deal to reconcile House and Senate tax bills as soon as today
WASHINGTON — Lawmakers are on the verge of striking a tentative agreement that would reconcile tax bills passed separately by the House and Senate, and an announcement could come later Tuesday or sometime Wednesday, a top Senate Republican said Tuesday. Republican Sen. John Thune, R-S.D., the No. 3 Senate Republican, said in an interview that […]