A federal agency is stripping away 99% of the appraised value on a legal tax deduction Congress created 60 years ago, using desk reviews and non-experts against landowners who spent seven figures documenting their claims.
'It should be enhanced'
Taxpayers who purchased a new vehicle in 2025 may qualify for a new deduction on their taxes — even if they're not itemizing. But not everyone is eligible.
Owners spent nearly $1.5 billion last year on racehorses, a big increase over 2024. A new tax provision allows them to immediately deduct the full cost of the purchase.
President Trump promised economic relief for Black businesses and workers, but so far, analysts say his second-term policies have put them under greater strain. The big picture: The combination of federal layoffs, tariff-related cost pressures and a weakening labor market have hurt many Black-owned small businesses. The Black unemployment rate has climbed to its highest level since 2021 during Trump's second term. - "Whether it is beauty stores that rely on international supply chains or transportation firms that source globally for parts and equipment, these Black-owned businesses are facing higher costs that require them to make decisions about either raising prices, cutting staff, or a combination of both," the Center on Budget…