How the Japanese Diet impacts your car
In today's edition … How the Japanese Diet is getting in the way of a trade deal … Congress approves Trump's foreign aid and public broadcast cuts … but first …
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Yahoo
2 minutes ago
- Yahoo
Trump's ‘big, beautiful bill': Here's when key tax laws go into effect
Americans may soon see a wave of tax changes — some as early as this year, others rolling out in future tax seasons. These updates stem from the massive tax bill recently signed into law by President Donald Trump. The new legislation includes several key tax rules: an extension of many of the provisions of the 2017 Tax Cuts and Jobs Act (TCJA), an expanded child tax credit, a larger standard deduction for seniors, tax breaks for workers who receive tips and overtime pay, and more. But not all of these provisions will take effect at the same time — and some are permanent while others are temporary. Learn more: Trump's tax law: 5 'big, beautiful bill' tax breaks that won't last long Here's a summary of when some of the key tax provisions go into effect — and expire. A timeline of key tax breaks Tax provision Effective date Temporary orpermanent SALT deduction cap raised to $40,000 2025 through 2029 Temporary(cap drops to $10,000 in 2030) Auto loan interest deduction of up to $10,000 2025 through 2028 Temporary Bonus deduction of $6,000 for people aged 65 and older 2025 through 2028 Temporary No tax on tips and overtime pay 2025 through 2028 Temporary New charitable contribution deduction for people who don't itemize 2026 Permanent Elimination of electric vehicle tax credits Sept. 30, 2025 Permanent Elimination of residential clean energy and energy efficient tax credits Dec. 31, 2025 Permanent Higher child tax credit of $2,200, with annual inflation adjustments 2025 Permanent Increased standard deduction (TCJA amounts made permanent, plus new inflation adjustment for 2025) 2025 Permanent Reduced income tax rates (TCJA rates made permanent, plus new inflation adjustment added) 2026 Permanent Qualified business income deduction of up to 20% made permanent (otherwise would have expired after 2025) 2026 Permanent 2025: Tax changes that could put more money in your pocket Beginning in 2025, millions of Americans could begin benefiting from a wide range of new tax breaks. One of the most notable changes is the expanded state and local tax (SALT) deduction, which increases the cap from $10,000 to $40,000. The change will provide meaningful relief to taxpayers in high-tax states such as New York, California, and New Jersey. The increased SALT cap will be adjusted annually for inflation but is set to drop back to $10,000 in 2030 unless extended by Congress. Another provision beginning in 2025 allows taxpayers to deduct up to $10,000 in auto loan interest for qualifying vehicles — new cars purchased for personal use and with final assembly in the U.S. The deduction applies to loans issued from 2025 through 2028. Seniors will be eligible for a bonus deduction of up to $6,000. Meanwhile, service workers could benefit from a new exclusion of up to $25,000 in reported tip income, while employees who work overtime may qualify for a deduction of up to $12,500, or up to $25,000 for married couples filing jointly. 'These new tax provisions could bring about meaningful changes for taxpayers starting in 2025,' says Tracey Carney, a certified public accountant in New Orleans. 'Now is the time to review how these updates might impact your finances and consider meeting with a qualified tax professional to plan ahead.' 2026: More changes ahead, including health care impacts Several tax changes, including extensions of TCJA provisions, are set to begin in 2026. That said, taxpayers may not notice some of these changes that much, because many of these new provisions are simply continuing what is already in effect for 2025. The 2017 TCJA, passed during Trump's first term, made sweeping changes to the tax code. However, many of its provisions were set to expire after 2025. The new law makes several of those provisions permanent and extends them beyond Dec. 31 of this year. Some of those tax rules include reduced income tax rates, the limit on deducting mortgage interest on debt up to $750,000 and the qualified business income deduction. The new law also makes two significant changes related to health care and taxes beginning in 2026. 'There are two overlooked elements of the big beautiful bill that can have major tax implications for your health care,' says Whitney Stidom, vice president of consumer enablement at eHealth, an independent insurance advisor. 'One impacts how health insurance subsidies are calculated, and the other changes who qualifies to use a health savings account.' The law modifies rules for Affordable Care Act (ACA) subsidies, which help reduce premiums for lower-income Americans. Under the new rules, individuals who earn more than 400 percent of the federal poverty level may still qualify for subsidies, but any excess subsidies received must be repaid in full when filing taxes. 'In the past, there was a cap on how much of the overpaid subsidies you had to return,' Stidom says. 'Now, you may have to repay the full amount.' The law also expands eligibility for health savings accounts (HSAs), allowing more health insurance plans — specifically, catastrophic and bronze-tier ACA marketplace plans — to qualify. An HSA allows people to stash money into a tax-advantaged account for qualified medical expenses, but you can only have an HSA if you also have a qualified high-deductible health plan. For 2025, people can contribute up to $4,300 for themselves into an HSA and the amount increases to $8,550 for families. People aged 55 or older can add a $1,000 catch-up contribution to those amounts. 'There are about 7 million Americans currently enrolled in bronze plans who haven't been able to use an HSA,' Stidom says. 'This change could offer significant new tax benefits.' Learn more: Medical expense deduction: How to claim medical costs on your taxes Some tax breaks will now expire this year The sweeping legislation also ends several clean energy tax credits, but on different timelines. The popular electric vehicle (EV) tax credit is set to expire on Sept. 30. After that date, the credit will no longer be available. Originally introduced in 2008, the credit was expanded under President Joe Biden's Inflation Reduction Act of 2022, offering up to $7,500 for new EVs and $4,000 for used models. 'If you're considering buying a vehicle, now is the time to buy an electric vehicle,' Carney says. 'Unless Congress extends the credit in the future, buyers won't have the chance to take advantage of it once it's gone.' Other credits — specifically, the energy efficient home improvement credit and the residential clean energy credit — are now scheduled to end after 2025. Until the end of the year, taxpayers can claim up to $3,200 per year for eligible improvements to their primary residence under the energy efficient home improvement credit. The credit covers 30 percent of qualified expenses, such as for installing energy efficient doors and windows. The residential clean energy credit allows taxpayers to claim 30 percent of the cost for new qualified clean energy property — including solar panels, solar water heating systems, geothermal heat pumps and more. These credits are nonrefundable, meaning they cannot reduce your tax bill below zero. Learn more: Tax credits are a valuable tool to trim your tax bill — here's how they work Bottom line Carney recommends that taxpayers review both expiring tax provisions and new ones that may apply to their situation. 'Whether it's making qualified home improvements to lower your tax liability or maximizing overtime pay this year, being strategic with your tax planning can lead to big savings when you file your 2026 return,' she says. More: These 9 states have no income tax — that doesn't always mean you'll save money Sign in to access your portfolio
New York Post
3 minutes ago
- New York Post
Anti-Trump DA Alvin Bragg sure acts like he has something to hide — we're suing to find out
Manhattan District Attorney Alvin Bragg holds potentially hundreds of communications appearing to link his office to senior Biden administration officials and other political actors in connection with his unprecedented criminal prosecution of then-former President Donald Trump. We've asked for those records, and he's not turning them loose. So we're taking him to court. Last September, America First Policy Institute launched a formal investigation into the people and motivations behind Bragg's decision to prosecute Trump. Advertisement Our effort had a simple goal: figuring out whether Bragg's case was a routine legal probe — or lawfare, a politically engineered hit job orchestrated to influence the 2024 election. The charges brought against Trump were extraordinary. Never before has a question of federal campaign-finance law — which the FEC declined to pursue, no less — been morphed into a state-level misdemeanor, already time-barred under New York law, then Frankensteined into a felony by alleging it was committed to conceal some other crime never defined by the prosecution, nor unanimously agreed upon by jury. Advertisement Confusing? That's the point. Bragg's office thrives on obfuscation. Public records should be accessible. Criminal prosecutions should be transparent. This case was neither — and still isn't. We were drawn to investigate because we saw just too many coincidences to ignore. Michael Colangelo, a top DOJ official with a focus on white-collar crime, left his Biden administration post to join Bragg's office just months before Trump was indicted on 34 counts of falsifying business records. Advertisement Judge Juan Merchan, who presided over Bragg's prosecution, had a history of political donations to Biden and to political groups opposed to Trump, the defendant before him. He was officially 'cautioned' on that by the state ethics board. Merchan's daughter Loren worked on Kamala Harris' 2020 campaign and during Trump's trial served as president of Authentic Campaigns, a progressive political consulting firm hired by the Biden-Harris ticket. It all paints a curious picture: A DA who campaigned on a promise to take down Trump, aided by a Biden DOJ veteran, bringing legally contorted charges before a judge with clear partisan connections. Advertisement If this wasn't coordinated, it's one lucky political pile-up. The American people deserve answers. In pursuit of those answers, and in defense of the public's right to know, AFPI submitted a request to Bragg's office under New York's Freedom of Information Law in September 2024. We sought any records that could shed light on whether political influence or coordination played a role in Bragg's decision-making. Our request was specific, lawfully submitted and directly tied to one of the most consequential legal proceedings in modern American history. Ten months later, no records have been produced. None. Though they apparently exist. Instead of providing transparency, the DA's office has engaged in delay, double-talk and silence. We've asked for a list of responsive documents. They won't give one. Advertisement We've asked which of our specific requests the withheld documents pertain to. They won't say. We know, based on our investigation and his office's limited correspondence with us, that the DA possesses hundreds of records of communications with or about political agents who should have had no influence in a 'routine' prosecution, like Lauren Merchan's Authentic Campaigns. Bragg refuses to explain why the public isn't entitled to see them. There is no legal justification for this blackout. No privilege excuses total stonewalling. Advertisement There is only evasion. It's been nearly a year. The records exist, and the DA cannot explain why they remain secret. That alone should raise alarms. AFPI has now turned to the courts to compel compliance. The law does not permit selective transparency by the Manhattan DA. It does not allow politically sensitive cases to be shielded from scrutiny. Advertisement As the New York Legislature declared when it passed the state's open-records law in 1977, 'The people's right to know the process of governmental decision-making and to review the documents leading to determinations is basic to our society.' We agree. Advertisement That's why on July 17, AFPI filed its petition in New York County Superior Court requesting that Bragg's records, whatever they may reveal, be released to the public. The law demands openness, and we intend to see it enforced. Jessica Steinmann is executive general counsel and Jack Casali is an attorney at the Center for Litigation at the America First Policy Institute
Axios
3 minutes ago
- Axios
Scoop: Dems think they can get ahold of Epstein's birthday book
House Democrats are trying to get their hands on the now-infamous book celebrating Jeffrey Epstein's 50th birthday after it was suggested the disgraced financier's estate is in possession of it, Axios has learned. Why it matters: As the minority party in Congress, Democrats have been largely toothless in their attempts to investigate President Trump. They believe this is a rare opportunity to obtain concrete information. Rep. Ro Khanna (D-Calif.), who is leading the effort, told Axios it would be "very difficult" to obtain the book if it was in the hands of the Department of Justice. "In this case, you literally have a private attorney," said the California Democrat. "A private attorney is much more likely to comply. It's a much easier challenge than going after the administration." Driving the news: Khanna and House Oversight Committee ranking member Robert Garcia (D-Calif.) wrote to attorneys for the Epstein estate's executors asking for a "complete, unredacted copy" of the book, according to a copy of their letter obtained by Axios. Citing Wall Street Journal reporting that Trump submitted a poem and drawing for the book, the lawmakers wrote that it may be "essential" for a probe of the Trump administration's handling of the Epstein matter. Trump has denied the Wall Street Journal's reporting and sued the outlet for libel. What they're saying: " We write with deep concern regarding potential public corruption, abuse of power, and failures in the federal law enforcement response to the Epstein case," Khanna and Garcia wrote. They argued that members of the Oversight Committee should be permitted to review the book before deposing Epstein associate Ghislaine Maxwell, who reportedly put it together. "Information gathered from this document may also inform the development of legislative reforms addressing sex trafficking networks, financial regulation, or other critical matters," they added. State of play: Brad Edwards, a lawyer for over 200 of Epstein's victims, said in an MSNBC appearance Thursday, "I know the executors of the estate are in possession of that book." "If somebody simply called" Epstein's executors "and said, 'Give us the book,' they would probably give you the book," Edwards said. "They have attorneys, their attorneys are good people. If they didn't just voluntarily turn over the book out of fear of reprisal, Congress could just issue a subpoena to their attorneys ... they would turn the book over immediately." The three attorneys for Epstein's executors did not immediately respond to requests for comment from Axios. What's next: Khanna and Garcia asked that Epstein's estate turn over the book by August 10. Khanna told Axios: "I will make sure, if we get it, that whatever we do in terms of releasing it is what the victims want, what the victims' attorney wants, and not just trying to score partisan points." "If the victims don't want certain things, I am going to guarantee that the victims are the topmost consideration," he said. "But I do believe that they will want some of it released and once we get it, we can."
