Eliminating taxes on tips has emerged as a sturdy -- and contentious -- political talking point in the last year, and now it's one step closer to reality. On Tuesday, the Senate unanimously voted to pass the No Tax on Tips Act,

Under the bill, employees would be eligible for an annual income tax deduction of $25,000 for some types of cash tips.

The spending bill passed by the U.S. House increases a tax the richest private universities pay on their endowment investment gains, a move proponents say reins in "woke" schools but that critics say will wind up hurting the poorest students the most.

Chances of a close brush with a US payment default are growing as the Senate plans for time-consuming revisions to President Donald Trump’s sprawling, multi-trillion-dollar tax and spending package.

The cost for a 30-year fixed-rate mortgage crept up to levels not seen since February, reflecting bond market fears over Trump’s plan to pay for tax cuts with an estimated $3.8 trillion in new debt. “Trump and Republicans are directly responsible for the spike in the 30-year Treasury bond yield and mortgage rates,

The poorest fifth of Americans would receive 1 percent of the House reconciliation bill's net tax cuts in 2026 while the richest fifth of Americans would receive two-thirds of the tax cuts. The richest 5 percent alone would receive a little less than half of the net tax cuts that year.

Investors are fearing that projections for the U.S. debt mountain could increase further when a sweeping tax and spending bill goes through the Senate, with the risk that bond yields stay higher for longer.

The carried interest loophole refers to a provision in the U.S. tax code that allows investment fund managers, like private equity executives, to pay a lower tax rate than normal,