President Trump’s new domestic policy law includes tax cuts angled toward the highest-income Americans and spending cuts that will fall mainly on lower-income residents, economists say.

The U.S. Senate has officially passed President Donald Trump’s controversial DOGE tax cut and spending Ksh1.2 trillion rescissions package, sending it back to the House for final approval just ahead of a critical Friday deadline.

Portugal's minority government will present a bill that would gradually cut the corporate tax rate to 17% by 2028 from 20% now, aiming to improve business competitiveness and boost investment, Prime Minister Luis Montenegro said on Thursday.

Democrats are poised to contest the Republican talking points about the "big, beautiful bill" at every turn, emphasizing the cuts to Medicaid.

The law, which reduced taxes for most earners, did not take full effect until Americans filed their taxes in 2019. The delay prompted Steven T. Mnuchin, then the Treasury secretary, to cajole companies into lowering the amount of taxes they withheld from paychecks so Americans would feel the benefits of Mr. Trump’s signature law sooner.

Nonpartisan analysts say the wealthiest Americans would see the biggest benefits from the bill, while lower-income people would effectively see their incomes drop.

Former Vice President Mike Pence wrote to Speaker Mike Johnson (R-La.) on Monday to commend him for getting a massive reconciliation package that included an extension of the 2017 tax cuts across the finish line.

Grinnell College would have been the only Iowa school affected by a tax increase on colleges with large endowments in President Donald Trump's budget.

Japan’s opposition parties played down concerns over plans to cut taxes that have contributed to recent rises in bond yields ahead of Sunday’s upper house election.

In states without policies to drive renewable energy, power prices could surge as federal tax incentives for clean energy disappear, according to Energy Innovation, a think tank.