taxes

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.

tupungato, 123rf Stock Photo

The Republican tax plan is out, and Kentucky’s elected representatives are weighing in. Predictably, they fall into three camps: Republicans, Democrat and Rand Paul.

Sergey Kuzmin, 123rf stock photo

Governor Matt Bevin and state GOP leaders recently unveiled a proposal to overhaul the state's beleaguered pension systems. But what does it mean for teachers and other state workers? How will this plan affect people who aren't in the pension systems? Many agree something needs to be done about the state's pension crisis. So, if not this plan, then what could work as an alternative?

Do I have to pay the health law's so-called "Cadillac tax" because I have good health insurance? When can I get Trumpcare plans for my kids? And what can I do if my insurance plan choices don't include a specialist who is the only doctor in the area that can treat my cancer? Here are the answers to some recent questions about health insurance from readers.

Konstantin Fedin/123rf Stock Photo

Tennessee general fund tax collections have exceeded expectations by $159 million in April.

When the Trump administration previewed its budget last March, it called it the "hard power" budget. The latest details show that it greatly increases spending on defense, veterans and homeland security, and it slashes funding for major social safety net programs such as Medicaid and SNAP (also known as food stamps).

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