taxes

comer.house.gov, cropped

U.S. Congressman James Comer has released his tax returns, financial disclosures and other expenses for 2017

President Trump will not meet the federal deadline to file his 2017 tax return in April, the White House said.

"The president filed an extension for his 2017 tax return, as do many Americans with complex returns," White House spokeswoman Sarah Sanders said in a statement.

Sanders said Trump will file his returns by Oct. 15, the deadline set by the IRS for taxpayers who ask for extensions.

Trump has bucked decades of tradition by not releasing his tax returns to the public.

It's not every day that the Pennsylvania State Police call to say they have a warrant out for your arrest. But that's exactly what happened to me in late March.

At least, that's what the caller said was happening.

The voice on the other end of the line rattled off information about me — my full name, my email address, where I went to college, when I graduated — and told me I owed the IRS more than $7,000 for not paying taxes on a college scholarship.

President Trump traveled to St. Charles, Mo., on Wednesday to promote the GOP tax plan now facing a possible vote in the Senate by the end of the week. He also spoke more generally about his record during his first year in office. "I will tell you this in a non-braggadocious way," Trump said. "There has never been a 10-month president that has accomplished what we have accomplished."

Here's a closer look at some of the president's claims.

CLAIM: The GOP tax plan is primarily aimed at workers on the lower rungs of the income ladder.

Are parents responsible for adult children's medical debts? Should people squeeze in appointments and expensive procedures before year's end because of changes that might come with the GOP tax bill? Should consumers pay a broker to help them enroll in a plan? Here are the answers to some recent questions from readers.

Q: My 25-year-old brother died in April, and now hospitals are calling my parents to cover his bills. He was covered under my parents' employer-sponsored plan, but are they liable for his medical debt?

Updated at 12:01 ET Nov. 16

There are a lot of anxious graduate students at universities around the country right now.

That's because to help pay for more than $1 trillion in tax cuts for U.S. corporations, the House Republican tax plan would raise taxes on grad students in a very big way. These students make very little money to begin with. And many would have to pay about half of their modest student stipends in taxes.

Republicans in Congress say cutting corporate taxes would improve the balance sheet for U.S. businesses, giving them more money to spend on jobs and investment.

But how does anyone know that's what will happen?

It's the question at the heart of the debate taking place on Capitol Hill right now about whether to lower corporate taxes, and by how much.

When Republicans began assembling their tax overhaul proposals they were aiming to make them revenue neutral; the tax cuts could not lead to increased deficits. Holding the line on deficits has long been the goal of Republican deficit hawks.

Updated at 4:20 p.m. ET

The Senate Finance Committee unveiled its version of a sweeping overhaul of the federal tax code on Thursday, as the House Ways and Means Committee was preparing to pass its own bill. The differing proposals forecast clashes between the two chambers that will make it difficult for Congress to enact the legislation by the end of the year as promised.

The two bills share a name, The Tax Cut and Jobs Act, but diverge on tax policy that affects both the business and individual sides of the tax code.

House Republicans selling their new tax plan have a great sales pitch: It will simplify taxes so much you'll be able to file your return on a postcard! GOP leaders brandished just such a prop in their rollout of the overhaul Thursday and gave a couple to President Trump at their meeting with him at the White House.

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