Island Service Workers Receptive to New Tax Law  - The Martha's Vineyard Times

Island service workers receptive to new tax law  - The Martha's Vineyard Times

Service workers and some public officials on the Island are expected to see tax savings under  President Donald Trump’s sweeping federal tax and spending bill that was signed into law earlier this month and establishes new exemptions for tips and overtime pay.  Trump signed H.R. 1, “One Big Beautiful Bill,” into law on July 4, that requires the U.S. Treasury Department to publish a list of occupations eligible for the exemptions by October, but …

'People are gonna sour': Expert warns GOP's 'disguised' tax law will backfire

The Republican budget law that passed earlier this month—which hands out lavish tax breaks to the wealthiest Americans—will result in increased taxes on the poorest 40% of the country's poorest as early as 2026.Many low-income Americans will already see net losses to their income due to the law's drastic cuts to Medicaid and food stamps. However, most of those cuts will not begin to hit for multiple years.But the lawmakers also allowed an enhanc…

GOP Megalaw Will Mean Tax Hikes for Many Poor Americans as Soon as 2026: Analysis

The poorest 40% of Americans will see tax increases on average next year according to a new analysis of the effects of the GOP megabill that passed earlier this month.

Some small-business owners sweating impact new tax law will have on their bottom line

The big tax bill signed into law by President Donald Trump has won big kudos from national organizations as a win for workers and businesses. But physical therapist Chris Edmundson said the new law will just aggravate the stress from rising costs that he and other small-business owners have struggled with over the past few years. Edmundson, who runs eight physical therapy clinics in Colorado and one in Hawaii, called inflation a “national shock …