The proposal in the House's spending and tax cut plan, which Trump supports, offers a deduction for seniors worth a small fraction of what he repeatedly promised.

The Republican-backed tax and spending bill would add trillions of dollars to the federal deficit and negatively affect the poorest of Americans, experts say.

The U.S. dollar edged lower on Wednesday, extending a two-day slide against major peers, as President Donald Trump failed to convince Republican holdouts to back his sweeping tax bill.

Nonpartisan research groups studying the proposal have estimated that it would add more than $2.5 trillion to the federal debt—currently at an all-time high of $36.8 trillion—over the next decade. Despite those projections,

President Donald Trump is growing frustrated with demands to significantly boost the cap on the state and local tax deduction, according to a senior administration official, signaling a deadlock as Republicans aim to quickly pass a giant tax-cut bill.

The idea is politically popular, but the tax benefits may not go as far for low-income workers as many may think.

Billy Long, President Donald Trump's nominee to lead the IRS, answered Senate Finance Committee questions on Tuesday. Here's what to know.

The GOP tax bill could boost the highest-earning Americans' incomes while hurting low earners, according to findings from nonpartisan research groups.

Billy Long’s effort to promote the credit, along with his advocacy of a fraud-ridden pandemic-era tax break, was scrutinized during his Senate confirmation hearing.