GOP, tax bill
Digest more
Rep. Derrick Van Orden (R-Wis.) said Democrats are "lying" about the sweeping GOP plan to cut $1 trillion from federal health and food programs.
The fate of the state and local tax deduction, or SALT, is dividing lawmakers by geography as well as politics.
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.
Households in the top 0.1% would reap more than $390,000 in tax savings, according to one analysis of the tax and spending bill that’s now headed to the Senate for a vote.
The "big, beautiful" and egotistically named "Trump Accounts" offer a flash of cash and loud branding — but not much else to really support parents.
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.
California Republicans were pleased that lower- and middle-income residents will be able to deduct more of their state and local taxes, or SALT. The deduction, now capped at $10,000, would rise to $40,000 for those with taxable incomes of less than $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.
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.
Senate Republicans are planning to have the last word. The legislation that passed the House early Thursday made a number of changes impacting clean energy tax credits under Democ