tax cuts, House Republicans
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The massive budget bill passed by the House includes new tax breaks for tipped workers and those who get overtime.
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.
We highlighted the substantive changes made by House Republicans to secure the support of several holdout members.
Millions of low-income Americans, including families with children, could lose their food stamp benefits under House Republicans’ newly passed tax and spending cuts package, according to a Congressional Budget Office analysis released Thursday.
Many Americans who make less than $51,000 a year would see their after-tax income fall if the legislation is passed as is.
The measure, passed by the House, would roll back incentives for people to buy electric vehicles and for automakers to make them in the U.S.
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