One Big Beautiful Bill, tax cut
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The president’s signature tax law allows a long-standing business deduction for the cost of food provided to employees to expire, imperiling a workplace perk popularized during Silicon Valley’s dot-com boom that is now an emblem of modern office culture. A well-stocked pantry is now a staple at Wall Street banks, among other places.
President Donald Trump's "big beautiful bill" includes a section for "no tax on tips." Now that the provision is enacted, here's what experts know so far.
Washington — A Trump-backed tax holiday on auto loan interest payments could save middle-class Americans several hundred dollars apiece on new U.S.-built vehicle purchases through 2028, according to industry experts.
About two-thirds of U.S. adults expect the new tax law will help the rich, according to the poll from The Associated Press-NORC Center for Public Affairs Research. Most — about 6 in 10 — think it will do more to hurt than help low-income people. About half say it will do more harm than good for middle-class people and people like them.
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Once upon a time, the idea of simplifying the federal tax code enjoyed widespread bipartisan political support. Times have changed in this regard, and not for the better. That’s bad news, and not just because of the headaches it causes taxpayers each April.
Instead of paying up, wealthy expats are getting out—sparking questions about whether the move will raise any money at all.