US tax

Citigroup reports steep Q4 losses tied to US tax reform

New York - Muslimchronicle

Citigroup on Tuesday reported steep fourth-quarter losses driven by a one-time charge from the recent US tax cuts. Net losses for the final quarter of 2017 were $18.3 billion, or $7.15 per share, due to a $22 billion charge stemming from re-measurement of tax-deferred assets under the new tax law and repatriation of foreign earnings, the company said in aRead more

US tax reform to cut earnings by $5 bn

New York - Muslimchronicle

US banking giant Goldman Sachs said Friday the recently-enacted US tax reform will cut its earnings this year by about $5 billion, mainly because of a tax targeting earnings held abroad. The tax reform package is expected to "result in a reduction of approximately $5 billion in earnings for the fourth quarter," the company said in a statement. "Approximately two-thirds of whichRead more

Trump signs sweeping tax overhaul, sealing major victory

Washington - Muslimchronicle

US President Donald Trump on Friday signed into law a sweeping overhaul of the US tax code, two days after the Republican plan was adopted by Congress in a major political victory. Trump signed the bill shortly before departing for his Mar-a-Lago resort in Florida, pulling forward a formal signing initially planned for January. "I watched the news this morningRead more

Trump's much-touted tax cut

Washington - Muslimchronicle

Congressional Republicans on Friday unveiled the final version of their dramatic US tax overhaul - debt-financed cuts for businesses, the wealthy and some middle-class Americans - and picked up crucial support from two wavering senators ahead of planned votes by lawmakers early next week. Passage of the biggest US tax rewrite since 1986 would provide Republican lawmakers and President DonaldRead more

Trump proposes biggest US tax overhaul in 30 years

Washington - Muslimchronicle

President Donald Trump proposed on Wednesday the biggest US tax overhaul in three decades, calling for tax cuts for most Americans, but prompting criticism that the plan favors business and the rich and could add trillions of dollars to the deficit. The proposal drew a swift, skeptical response from Senator Bob Corker, a leading Republican “fiscal hawk,” who vowed notRead more