tax reform

The hubbub over the Republican tax plan has died down some since it passed, but the bill isn't forgotten — not by a long shot.

The week after Christmas is usually a short and slow one for town officials in New Paltz, N.Y. — but not this time.

"When we opened town hall Wednesday we had almost 100 voicemails from people inquiring about how they could prepay their taxes," says Daniel Torres, the town's deputy supervisor.

And the phones kept ringing. People started lining up. Torres says the clerk's office has a only few people working in it.

"The clerk's office was so overrun. After a certain while we couldn't even pick up the phones anymore," he says.

A little-remarked-upon provision changing the way inflation is calculated is among the big changes contained in the tax overhaul signed by President Trump last week.

The new method, using the so-called "chained" consumer price index to determine when to adjust tax brackets and eligibility for deductions, is expected to push more Americans into higher tax brackets more quickly. In the past, the tax code used the traditional CPI measure issued by the Labor Department each month.

Berea College, via WFPL

A provision that would have protected Berea College from a tax on university endowments has been removed from the tax bill passed by Congress.

Alexey Stiop, 123rf Stock Photo

Republican leaders of the General Assembly are throwing water on the idea that they’ll make major changes to the state’s tax code during the upcoming legislative session.

Matt Markgraf, WKMS

West Kentucky lawmakers offered their thoughts on ‘the big three’ potential agenda items when lawmakers convene in Frankfort for the regular session beginning in January: pension reform, tax reform and the budget. Republican State Senator Stan Humphries and Republican State Representative Kenny Imes spoke at a recent Chamber luncheon in Murray. In addition to the major items they touched on other issues, including the long-awaited expansion of Highway 641 South and funding for higher education.

Protesters were removed from the gallery of the House chamber today as Republicans prepared to vote on their $1.5 trillion tax cut package. The disruption was the latest in a series of demonstrations and attempts to get lawmakers' attention and prevent the passage of the bill.

Minutes later, House Republicans voted to pass the bill 227-203, leaving the next step to the Senate before sending the bill to the president.

Updated at 1:26 a.m. ET Wednesday

Republicans in Congress approved a sweeping and controversial $1.5 trillion tax overhaul, with the Senate voting early Wednesday along straight party lines to move the measure forward.

GOP Tax Bill Leaves Health Savings Accounts Untouched

Dec 19, 2017

The ongoing uncertainty about congressional changes to the health law — and their impact on insurance and the online marketplaces — continues to raise questions among consumers. Here are answers to recent queries.

Does the GOP tax bill affect health savings accounts?

At this time, there are no changes aimed specifically at HSAs. These are savings accounts linked to high-deductible health plans, and are exempt from tax liability.

Graduate students nationwide can breathe a sigh of relief: Their tuition waivers won't be taxed after all.

A provision in the Republican House tax plan had originally proposed taxing grad students' tuition waivers as income. It was a controversial proposal and sent a wave of anxiety across campuses, leading to protests at dozens of universities.

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