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Treasury Secretary Steven Mnuchin, right, shows his wife Louise Linton a sheet of new $1 bills on November 15, 2017.

Treasury Secretary Steven Mnuchin says his tax rate actually went up after Trump’s tax cuts — and the reason why makes perfect sense

The cap on the state and local tax deduction has caused wealthy taxpayers in New York and California, like Steve Mnuchin, to pay more this year.
President Donald Trump holds up a chart showing the US national debt during a campaign rally in 2016.

Trump once promised to eliminate the national debt in 8 years — but his new budget shows the president is going in the opposite direction

Candidate Donald Trump promised to eliminate the debt "over a period of eight years," but the presidential budget shows that isn't going to happen.
A fan holds an American flag as paper falls from buildings above during the ticker tape parade for the U.S. women's soccer team to celebrate their World Cup final win over Japan, in New York, July 10, 2015.

After weeks of worry, Americans’ tax refunds are finally trending up

After three weeks of data showing the average tax refund was smaller than last year, the IRS announced Thursday that refunds are up 1.3% on average.
The new tax law capped the SALT deduction at $10,000.

11 million Americans could be affected by a big change in Trump’s tax plan, and a CPA says he’s getting frantic calls about it

The new tax law capped the annual deduction for state and local taxes (SALT) at $10,000, which likely affects rich homeowners in blue states the most.
President Donald Trump.

Even after getting his tax cuts, Trump still couldn’t deliver on his biggest economic promise

President Donald Trump fell short of his long-promised goal of 3% GDP growth in 2018, and economists expect he'll be disappointed in 2019 too.

Democrats claim the decline in Americans’ tax refunds is proof the GOP tax law screwed over the middle class — but the truth is more compl...

The decline in tax refunds isn't actually proof that Republicans' tax law, the Tax Cuts and Jobs Act, increased taxes on the middle class.
A smaller tax refund doesn't mean you lost money.

Financial experts say there’s no reason to panic if your tax refund is smaller this year

It's the first tax season under the new tax law President Donald Trump enacted in late 2017 and some filers are complaining of a smaller refund.
Sen. Bernie Sanders released a proposal to increase the estate tax on the wealthy to combat the concentration of wealth among a small number of American families.

Bernie Sanders just introduced a new plan to raise the estate tax for America’s billionaires all the way to 77%

Sen. Bernie Sanders wants to increase the estate-tax rate for wealthy Americans, including Jeff Bezos, Warren Buffett, and Mark Zuckerberg, to 77%.
Alimony is no longer tax deductible in 2019.

January is ‘divorce month,’ and this year brings new tax rules for couples who split up

The Tax Cuts and Jobs Act changed the tax treatment of alimony. Spousal support payments are no longer tax deductible for the payer.
Tax Day is April 15, 2019.

A new report predicts huge swaths of Americans should expect bigger tax refunds — but not everyone is set to benefit

The new GOP tax law went into effect at the start of 2018, and a UBS analysis suggests it could have a big impact on federal tax refund checks.