GOP, Trump and tax bill
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The massive budget bill passed by the House includes new tax breaks for tipped workers and those who get overtime.
Thursday morning's vote is already at the center of ads in swing districts, as Democrats and Republicans battle for control of the House in the midterm elections.
The fate of the state and local tax deduction, or SALT, is dividing lawmakers by geography as well as politics.
The Republican-led House of Representatives has passed a sweeping budget package that would fulfill many of President Donald Trump's priorities. The Republican-led Senate next takes up the package, with significant changes likely.
If the House provision is enacted, the SALT cap would rise to $40,000, up from $30,000 in the previous plan, and phase out over $500,000.
Immigrants and wealthy universities, as well as foreign companies, would see higher taxes under the House-passed bill.
Yields on government debt have risen as Congress weighs Trump’s budget plan. Meanwhile, interest on the debt is approaching $1 trillion a year – on par with proposed Defense spending.
House Republicans narrowly passed the multitrillion-dollar bill advancing Trump’s domestic agenda, and Senate Republicans are preparing for the battles ahead when they consider the measure next month.