Jim Zarroli

Jim Zarroli is a business reporter for NPR News, based at NPR's New York bureau.

He covers economics and business news including fiscal policy, the Federal Reserve, the job market and taxes

Over the years, he's reported on recessions and booms, crashes and rallies, and a long string of tax dodgers, insider traders and Ponzi schemers. He's been heavily involved in the coverage of the European debt crisis and the bank bailouts in the United States.

Prior to moving into his current role, Zarroli served as a New York-based general assignment reporter for NPR News. While in this position he covered the United Nations during the first Gulf War. Zarroli added to NPR's coverage of the aftermath of Hurricane Katrina, the London transit bombings and the September 11, 2001 attacks on the World Trade Center.

Before joining the NPR in 1996, Zarroli worked for the Pittsburgh Press and wrote for various print publications.

Zarroli graduated from Pennsylvania State University.

Republicans in Congress are on the verge of fulfilling their longtime dream of eliminating the federal estate tax, and they could do it in a way that is even more generous to heirs than previous repeal efforts.

Bills passed by the Senate and the House recently would reduce or scrap the taxes heirs now pay on estates larger than $5.5 million. And the bills would do so without repealing the so-called "stepped-up basis" provision.

Republicans say the tax-cutting overhaul being debated in Congress will jump-start the U.S. economy, leading to a lot more investment and hiring by companies.

But some economists say the tax plans — which would sharply cut corporate and business taxes and eliminate numerous deductions for individuals — come at precisely the wrong time. Lower taxes could also be undercut by Federal Reserve policymakers, who are gradually raising interest rates, they say.

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KELLY MCEVERS, HOST:

President Trump has said over and over again that the tax overhaul now being debated by Congress would actually hurt him and other wealthy people, not help them.

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Republicans lawmakers are considering a federal budget "trigger" that would raise taxes if proposed tax cuts don't deliver the economic growth they have promised.

But the proposal is generating a lot of pushback from critics, especially conservatives.

The so-called trigger mechanism would be a legislative provision to rescind corporate tax cuts by as much as $350 billion if revenue targets are not met, Bloomberg News reports.

Marilyn Mollenedo spent years working at a series of administrative jobs. So when her husband landed a well-paying position in San Francisco, she figured it would finally enable them to put aside more money for retirement.

Instead, her husband's salary, coupled with a generous pension from an earlier government position, thrust them into a costly new tax category, where they had to pay the alternative minimum tax.

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