tax law

WASHINGTON | Debate on new tax cuts undercut by GOP election pressure

WASHINGTON  — House lawmakers on Thursday debated a Republican proposal to expand the new tax law by making permanent the individual tax cuts now set to expire in 2026. But the move is undercut by election pressures faced by GOP lawmakers from high-tax states where residents are hurt by the law’s limits on state and … Continue reading WASHINGTON | Debate on new tax cuts undercut by GOP election pressure

NEW YORK | Bank of America 2Q profits jump 33 percent due to tax law

NEW YORK — Bank of America is reporting a 33 percent jump in second-quarter profits as it cut expenses and benefited from the new tax law. The banking giant, based in Charlotte, North Carolina, said Monday it earned $6.78 billion, or 63 cents per share, up from $4.75 billion, or 44 cents a share, in … Continue reading NEW YORK | Bank of America 2Q profits jump 33 percent due to tax law

NEW YORK  | JPMorgan’s profits rise 18 percent, helped by lower taxes

NEW YORK  — JPMorgan Chase says second-quarter profits rose by 18 percent from a year ago, as the bank continues to benefit from higher interest rates and a lower tax bill following last year’s passage of President Donald Trump’s tax law. JPMorgan earned $8.32 billion in the first quarter, or $2.29 a share, up from … Continue reading NEW YORK  | JPMorgan’s profits rise 18 percent, helped by lower taxes

Southwest gets boost from tax law; beats Street 4Q forecasts

DALLAS/January 25, 2018 (AP)(STL.News) — Southwest Airlines said Thursday that fourth-quarter profit jumped to $1.89 billion as the recent tax law reduced the company’s deferred tax liability and should boost 2018 earnings too. The nation’s fourth-biggest airline also said that travel bookings so far in 2018 appear solid, and it gave a cautiously upbeat forecast of revenue … Continue reading Southwest gets boost from tax law; beats Street 4Q forecasts

Bank of America 4Q profits fall by 48 percent due to tax law

NEW YORK/January 17, 2018 (AP)(STL.News) — Bank of America said Wednesday that its fourth-quarter profits fell by nearly half from a year ago, as the bank had to book $2.9 billion in charges related to the new tax law. The consumer banking giant said it earned $2.37 billion, or 20 cents a share, down from $4.54 billion, … Continue reading Bank of America 4Q profits fall by 48 percent due to tax law

Charity gets a jolt from tax law _ but due to drop next year

WASHINGTON/December 28, 2017 (AP)(STL.News) –  In this season of giving, charity seems to be getting an extra jolt because next year the popular tax deduction for donations will lose a lot of its punch. Traditionally generous Americans may have less incentive to give to charitable causes next year because of the newly minted tax law. … Continue reading Charity gets a jolt from tax law _ but due to drop next year

US industries can start counting their benefits from tax law

WASHINGTON /December 26,2017 (AP)(STL.NEWS) — Craft breweries are raising a glass to the Republicans’ new tax overhaul: It cuts the excise tax on beer. Retailers, long saddled with heavy tax bills, will get relief. So will some high-profile names in corporate finance, led by Wells Fargo. The tax measure that President Donald Trump signed into … Continue reading US industries can start counting their benefits from tax law

Florida, Texas may attract athletes after tax law change

NEW YORK /December 22, 2017 (AP)(STL.NEWS) —  Teams in Texas, Florida, Nevada and Washington state may have become more attractive destinations for free agents following the enactment of tax law changes. Deductions for state and local taxes are capped at $10,000 in the year starting Jan. 1 for married couples filing jointly. That has a … Continue reading Florida, Texas may attract athletes after tax law change