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Tag: House

House and Senate agree: The adoption tax credit stays

House and Senate agree: The adoption tax credit stays

Finance
What's in the GOP proposed tax planBoth the House and Senate agree: The adoption tax credit is off the chopping block. Republican Senators introduced their tax overhaul Thursday afternoon and it preserved the adoption tax credit, according to initial materials from the Senate Finance Committee. Last week, House Republicans introduced its 429-page tax overhaul that included repealing the credit. But Ways and Means Committee Chairman Kevin Brady offered an amendment on Thursday that would preserve the credit. Related: What's in the Senate Republicans' tax bill Adoption advocates breathed a sigh of relief at the change. Denise Bierly, a family attorney, is set to finalize her daughter's adoption by the end of year. She said the news gave her a sense of justice. "I had this rather guilty f...
5 Decisions That Matter Far More Than Buying a House

5 Decisions That Matter Far More Than Buying a House

Finance
It never fails.Every time I tell someone that my wife and I are buying a house, we get bombarded with blatantly false financial tropes. "Real estate is a great investment," someone will say, or "home equity is a great savings vehicle." Those are both objectively false -- real estate has barely beaten inflation historically , and your house is an incredibly illiquid asset, so it's hard to get access to all that home equity when you need it. (That's usually the point of a savings account.)But the one that really gets me going is. "It's the most important financial decision you'll ever make."That one's way off base.Image source: Getty Images.Let's break it down for a minute. According to research from the St. Louis Federal Reserve, the median price for a home sold in Au...
House tax bill would scrap deduction for medical expenses

House tax bill would scrap deduction for medical expenses

Finance
What's in the GOP proposed tax planThe tax bill unveiled by Republicans in the House on Thursday would not, as had been rumored, eliminate the tax penalty for failure to have health insurance. But it would eliminate a decades-old deduction for people with very high medical costs. The controversial bill is an effort by Republicans to revamp the nation's tax code and provide dramatic tax cuts for business and individuals. However, its future is not yet clear because Republicans, who control both the House and Senate, appear divided on key measures. The medical deduction, originally created in World War II, is available only to taxpayers whose expenses are above 10% of their adjusted gross income. Because of that threshold, and because it is available only to people who itemize their deduct...
Top House tax writer suggests 401(k) changes could still happen, contradicting Trump

Top House tax writer suggests 401(k) changes could still happen, contradicting Trump

Finance
The top House tax writer on Wednesday signaled that Congress could still propose changes to a popular retirement savings plan in its tax bill, contradicting an assurance made by President Donald Trump. At a Christian Science Monitor event, Rep. Kevin Brady said Republicans are "exploring a number of ideas" to "create incentives for Americans to save more and save sooner." The House is "continuing discussions with the president" in that area, the House Ways and Means Committee chairman said. "I do have a worry. Not enough Americans are saving," Brady said at a separate Yahoo Finance conference later in the day. Brady said Republicans have "asked for ideas how Americans (can) save more and save earlier in their lives." On Monday, Trump emphatically tweeted that "there will be NO change to yo...
White House plans order to expand health care options

White House plans order to expand health care options

Health
The White House is finalizing an executive order that would expand health plans offered by associations to allow individuals to pool together and buy insurance outside their states, a unilateral move that follows failed efforts by Congress to overhaul the health care system. President Donald Trump has long asserted that selling insurance across state lines would trigger competition that brings down premiums for people buying their own policies. Experts say that's not guaranteed, partly because health insurance reflects local medical costs, which vary widely around the country. Moreover, White House actions may come too late to have much impact on premiums for 2018. Trump was expected to sign the executive order next week, likely on Thursday, a senior administration official said Sunday. U...