TAX BENEFITS
What is Trump's deal with SALT? Here's how the new state and local tax deductions in US President's tax bill would impact you
A U.S. House bill proposes raising the federal deduction cap for state and local taxes (SALT) to $40,000, potentially benefiting affluent earners in high-tax states. This adjustment, phasing out for incomes over $500,000, aims to provide financial relief, especially in Democratic-leaning states, though its overall impact remains debated and faces potential Senate revisions.
How much will U.S. debt increase with passage of Trump’s big, beautiful bill? Here’s the whopping amount
The US House of Representatives passed President Trump's tax and spending bill. Reports indicate it will increase the national debt by $3.8 trillion. Concerns rise as US debt already stands at 124% of GDP. Democrats argue it favours the wealthy.
Trump’s Big, Beautiful Bill just passed the House - here’s what it really means for taxpayers and businesses
Trump’s Big Beautiful Bill is making headlines after the House narrowly passed the sweeping tax and spending package. This 1,000-page proposal touches nearly every corner of American life—from lower tax rates and new “Trump accounts” to cuts in Medicaid and food aid. It promises major tax breaks for businesses, new savings options for families, and changes to energy and AI regulation. But critics warn of rising deficits and deep social cuts. With $3.3 trillion in projected deficits, and benefits tilted toward the wealthy, the bill’s future in the Senate remains uncertain. Here's what taxpayers and businesses need to know.
Republicans proposing nearly $1 trillion in cuts to Medicaid and food stamps. Will you be impacted?
House Republicans are proposing significant cuts to Medicaid and SNAP, totaling nearly $1 trillion, to advance President Trump's policy goals. These cuts could lead to millions of Americans losing access to critical benefits, shifting costs to states and potentially impacting hospitals and local economies. The proposed changes include stricter work requirements and reduced federal funding.
Inside key components of Trump’s ‘big, beautiful’ bill passed by House: All you need to know
The US House of Representatives has passed a wide-ranging tax and spending bill backed by President Trump. The legislation, which passed with a vote of 215-214, will still need Senate approval. Trump's 'big, beautiful bill' was passed after Republicans in the U.S. House of Representatives came together. The megatax cut bill eliminates levies on qualified tips, overtime pay, and car loan interest payments
US House Rules Committee clears Trump's big tax-cut bill
The US House Rules Committee has approved President Trump's tax-cut bill, advancing it towards a full House vote amidst political contention. Senate Republicans narrowly passed their framework of tax breaks and spending cuts, facing Democratic opposition and some GOP dissent.
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US House passes Trump's sweeping tax-cut bill in a knife's edge 215-214 vote, two Republicans vote no
The U.S. House narrowly passed a Republican bill championed by Donald Trump, adding $3.8 trillion to the national debt. The bill extends tax cuts, boosts military spending, and tightens eligibility for social programs. It passed 215-214, opposed by Democrats and some Republicans concerned about the rising debt.
How will Trump's 'big, beautiful bill' impact lowest-income households and wealthy people in the US? Check details
Donald Trump's 'Big, Beautiful bill' passed a key hurdle in the House. Republicans were divided over the bill's impact on the national debt. The bill extends Trump's tax cuts and increases military and border security spending. Democrats criticized the bill for favoring the wealthy and harming low-income households. The bill includes tax breaks and increased standard deductions.
I am an NRI and I have inherited property in India. Can I sell it from abroad and what will be the tax implications?
Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us right away.
New Zealand Budget 2025 highlights: KiwiSaver changes, business tax breaks, and increased spending on health and education
New Zealand budget 2025: It outlines changes to KiwiSaver and benefits. Tax breaks for businesses are included. The budget aims to balance cuts with new spending. Health, education, law and order, and defence will receive increased budgets. The return to surplus is delayed. There are changes to benefits for unemployed young people.
NRI Talk | A blended approach—India + global—is becoming the norm in NRI portfolios: Alok Saigal
While India is seen as a core long-term investment destination by NRIs, countries like UAE & Singapore continue to attract NRI capital for diversification, real estate and global exposure. A blended approach—India + global—is becoming the norm in NRI portfolios.
Dollar swoons on fiscal worries, bitcoin extends record rally
U.S. fiscal concerns and a weak Treasury bond auction sent the dollar to a two-week low against the yen. Investors, already wary after a Moody's credit rating cut, sought refuge in gold and Bitcoin, which hit a new high. Trump's spending bill faces Republican divisions, adding to market skepticism about fiscal restraint and further pressuring the dollar.
SC rejects finance ministry’s plea against input tax credits for commercial rentals
The Supreme Court has dismissed the finance ministry's plea to review its October judgement, which allowed real estate companies to claim input tax credits (ITC) on construction costs for commercial buildings meant for renting.
When will Trump's 'Big, beautiful Bill' be passed?
President Trump urged House Republicans to unite behind his tax and immigration bill, despite concerns over its $3.8 trillion deficit impact. The bill extends Trump's 2017 tax cuts, introduces new tax breaks, and proposes cuts to safety net programs and green energy incentives. It also allocates significant funding for defense and border security, including resuming border wall construction.
What’s the deal with SALT? The tax break at the center of a high-stakes GOP battle that’s delaying major legislation
Some Republicans and Democrats are fighting over how much state and local tax (SALT) people can deduct. It has now put a flagship tax and spending bill to be presented in the Congress, in jeopardy.
NFO Alert: Union Mutual Fund launches Income Plus Arbitrage Active FOF
c, blending arbitrage and debt strategies for tax-efficient income. Targeting medium- to long-term investors, the fund offers dynamic allocation and aims to benefit from equity-like tax treatment amid falling interest rates.
Trump’s new tax plan could be a $3.1 trillion gift to the 10 richest Americans, including Elon Musk
A Republican-backed bill, the "One Big Beautiful Bill Act," proposes extending 2017 tax cuts, potentially delivering $3.1 trillion in tax breaks to the wealthiest Americans over the next decade. While the bill may increase average household resources, the bottom 10% could see a decline, while the top 10% would enjoy significant gains, exacerbating existing wealth inequality.
Trump's One big, Beautiful bill: When will no tax on tips, overtime, Social Security start?
Officially titled the "One Big, Beautiful Bill Act," this megabill fulfills a laundry list of President Donald Trump's campaign promises from taxes to border security. The bill aims to make the 2017 tax cuts permanent and introduce new temporary tax breaks, sparking debate over its fiscal responsibility and funding priorities.
America’s debt problem is also a retirement problem
Moody's acknowledgment of America's debt problem highlights the unsustainability of current entitlement programs like Social Security and Medicare. The author suggests raising the early retirement age to 65 and increasing payroll taxes on high earners to address the funding gap. These changes, coupled with longer lifespans, could help reduce the long-term shortfall and promote fiscal responsibility.
Fund Manager Talk | Discretionary consumption sector set to outpace staples: Mirae’s Siddhant Chhabria
Mirae Asset's Siddhant Chhabria anticipates a multi-year consumption upcycle in India, fueled by easing inflation, tax reliefs, and a rural rebound. The fund is overweight on consumer discretionary stocks, expecting them to outpace staples due to faster growth potential and margin recovery. He highlights the potential impact of the 8th Pay Commission and tax benefits on discretionary spending.
JSW Steel faces tax benefit reversal after Supreme Court scraps Bhushan Power takeover
JSW Steel may lose tax benefits gained from its 2020 acquisition of Bhushan Power and Steel (BPSL) after the Supreme Court scrapped the takeover. Under the Insolvency and Bankruptcy Code (IBC), companies can offset losses of the insolvent firm against profits. BPSL had Rs 7,000 crore in losses, which it offset after becoming profitable post-acquisition.
Diageo to cut liquor prices in India as UK trade deal slashes Scotch duties
Diageo plans to reduce liquor prices in India by a high single-digit percentage following the India-UK FTA, anticipating full implementation by fiscal year 2027. This move aims to boost growth in the Indian market, the company's largest by volume.
White House study raises alarm: 9 million Americans could lose health insurance in 'major' recession if...
White House has warned that 8.2 to 9.2 million people could lose health insurance if Trump's 'big, beautiful bill' doesn't pass. The White House projects that the expiration of the 2017 Trump tax cuts in 2026 and other shocks would trigger a "moderate to severe recession." Republicans argue that it is a necessary step to rein in federal spending and reduce the deficit.
Donald Trump’s tax overhaul gains traction with key win; what you need to know about MAGA accounts, SALT caps, and who really benefits
Donald Trump’s tax bill brings major changes to individual and business taxes, extending 2017 cuts while introducing new ideas like MAGA accounts and higher child tax credits. The plan also tackles SALT deductions, business incentives, and debt ceiling increases. With trillions at stake, this tax bill faces debate in Congress as Republicans push for a quick vote before summer. It’s a complex mix of tax cuts, new savings plans, and controversial rules that could reshape how Americans pay taxes for years to come.
Trump's 'one big, beautiful bill' offers $1k for newborns, immigration and tax cuts: 10-point explainer
President Trump's 'One, Big, Beautiful Bill Act' aims to reshape American policy through tax cuts, stricter immigration measures, and increased defense spending. The bill faces opposition despite narrowly clearing a House committee. It proposes making the 2017 tax cuts permanent, ending taxes on tips, and increasing military and border security funding, while also cutting federal spending and revising asylum policies.
Pune-based Agarwal can save Rs 10.5 lakh tax in new tax regime via corporate NPS, debt funds
Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.
DPIIT nod to 187 startups for income tax exemption under revamped Section 80-IAC: Govt
The Department for Promotion of Industry and Internal Trade (DPIIT) has approved 187 startups for income tax exemptions under Section 80-IAC of the Income Tax Act. The tax benefit offers a 100% deduction on profits for three consecutive years within a ten-year period, supporting innovation and job creation.
NRI Talk: From Art to Angel Deals: NRIs are broadening their investment canvas, Sachin Sawrikar decodes
NRIs are increasingly diversifying their investments beyond traditional real estate and fixed deposits, exploring opportunities in mutual funds, GIFT City, and tech startups. Factors like resilient economic fundamentals, tax benefits in certain jurisdictions, and emotional ties to India drive this shift.
NRI Talk: Why NRIs in Dubai and Singapore pay zero tax on mutual fund gains, Nitin Aggarwal explains
India is one of the most preferred markets for the long-term investments for NRIs. Several clients have increased exposure to India in recent years as there is no country other than India with strong and stable economic growth prospects.
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