Tax Reform

Tax reform may be icing on the cake for U.S. stocks and the economy.

Tax reform may be icing on the cake for U.S. stocks and the economy.

The House passed its tax reform plan by slim margins on Thursday, leaving behind some Republican lawmakers refusing to vote to eliminate state and local tax deductions.

The House passed its tax reform plan by slim margins on Thursday, leaving behind some Republican lawmakers refusing to vote to eliminate state and local tax deductions.

In a somewhat uncanny turn of events, several hundred millionaires, including Ben & Jerry’s co-founders Ben Cohen and Jerry Greenfield, penned a letter to Congress making a rather unusual request: They wanted Republicans to increase taxes on the wealthy.

While the House pushed forward with approving its tax reform plan on Thursday, the Senate may taken a step in the opposite direction: Sen. Ron Johnson (R-Minn.) announced that he would not support the bill because of its lack of provisions for pass-through businesses, endangering an already razor-thin Republican Senate majority.

While the House pushed forward with approving its tax reform plan on Thursday, the Senate may taken a step in the opposite direction: Sen. Ron Johnson (R-Minn.) announced that he would not support the bill because of its lack of provisions for pass-through businesses, endangering an already razor-thin Republican Senate majority.

The GOP tax bill otherwise known as the “Tax Cut and Jobs Act” was passed by the House with a vote of 227-205.

The GOP tax bill otherwise known as the “Tax Cut and Jobs Act” was passed by the House with a vote of 227-205.

The House passed a sweeping tax bill Thursday, while GOP lawmakers in the Senate continue to deliberate over their own plan.

The House passed a sweeping tax bill Thursday, while GOP lawmakers in the Senate continue to deliberate over their own plan.

FBN's Stuart Varney argues the far left has no grounds to impeach President Trump.

FBN's Stuart Varney argues the far left has no grounds to impeach President Trump.

The Republican-controlled U.S. Congress was approaching a major test on Thursday of its ability to enact sweeping tax cuts, as lawmakers prepared for their first full-scale vote on tax legislation.

The Republican-controlled U.S. Congress was approaching a major test on Thursday of its ability to enact sweeping tax cuts, as lawmakers prepared for their first full-scale vote on tax legislation.

Billionaire entrepreneur and potential presidential candidate Mark Cuban said on Wednesday that a cut in the U.S. corporate tax rate would have little to no effect on his investment decisions.

Billionaire entrepreneur and potential presidential candidate Mark Cuban said on Wednesday that a cut in the U.S. corporate tax rate would have little to no effect on his investment decisions.

Rep. David Schweikert (R-Ariz.) on Wednesday said that the Senate tax reform plan is needed in order to help grow the economy and support future retirees.

Rep. David Schweikert (R-Ariz.) on Wednesday said that the Senate tax reform plan is needed in order to help grow the economy and support future retirees.

While Congressional Republicans have touted their tax reform bills as a way to stimulate economic growth and job creation by reducing taxes on the middle class and corporations, others have criticized the GOP plans for what they say is largely a boon for businesses.