Taxes

Business Highlights

___ Tax bill advances, final Senate vote uncertain WASHINGTON (AP) — A key Senate committee advanced a sweeping tax package to the full Senate on Tuesday, handing Republican leaders a victory as they try to pass the nation's first tax overhaul in 31 years.

NY homeowners will see taxes increase without SALT: Rep. King

Rep. Peter King, a staunch opponent to the current version of the House Republicans’ tax reform plan, said the elimination of the state and local tax (SALT) deduction could increase the average New York homeowner’s taxes by at least $1,000.

Fiscal discipline? Not now, as GOP pushes tax cuts

Republicans relentlessly complained about big budget deficits during Democratic President Barack Obama's two terms, but now a growing number in the GOP are pushing for deep tax cuts even if they add to the government's $20 trillion debt.

Some Republicans defy Gov. Rauner and back tax increases

The Illinois House approved $5 billion income tax increase on Sunday, followed by a spending plan for the new fiscal year, with some Republicans defying Gov. Bruce Rauner and joining Democrats in a dramatic step to break the nation's longest-running budget stalemate.

Credit houses send Illinois positive financial signals

Two of the nation's top credit-rating houses smiled favorably on Illinois' financial outlook Monday following votes the previous day in the House of Representatives to end the nation's longest budget standoff.

Seattle approves new income tax for wealthy residents

Seattle's highest earners would become the only Washington state residents to pay an income tax under a proposal that is designed to open a broader discussion about whether the wealthy pay their fair share in this booming city.