Tax breaks

Donald Trump vowed to boost the U.S. auto industry by making interest on car loans fully tax-deductible and renegotiating a trade deal with Mexico and Canada as he courts Michigan.

While the potential rewards are attractive, for many of the small to midsized players, there are a host of operational and tax-related implications that need to be addressed.

Between the coming sunset of the Tax Cuts and Jobs Act, the presidential election and a host of other factors, this is shaping up to be a tough year for advising clients.

The OZ program allows investors to defer capital gains from sales of appreciated real estate, stocks, businesses, personal residences, collectibles and even crypto through 2026.

Vice president Kamala Harris said she would seek to end taxes on tipped income for service industry workers — matching a proposal Donald Trump has also made.

Republicans in the Senate stopped a $78 billion package of tax cuts benefiting businesses and low-income families, two constituencies the party needs to win big in November.

Senate Majority Leader Chuck Schumer, D-New York, announced plans to bring up a vote on the Tax Relief for American Families and Workers Act later this week.

The muni tax-exemption — estimated to cost the U.S. government roughly $40 billion each year — has been mentioned as a target for elimination.

An unlikely pair of senators is teaming up to propose legislation to eliminate tax breaks for corporate M&A activity.

A pair of lawmakers proposed a bill to end the abuse of grantor-retained annuity trusts to avoid taxes.