Trump's Big Tax Bill Clears The House
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Derrick Van Orden (R-Wis.) says Republicans aren’t actually cutting anyone’s federal health or food benefits in President Donald Trump’s sweeping tax bill — a plan that slashes $1 trillion from Medicaid and food assistance programs.
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.
The House votes in favor of "big beautiful bill." If bill passes Senate, some will see tax cuts and millions could lose Medicaid coverage.
There are certain elected officials who appear to have a certain orange hue about them," one Democrat scoffed at a tanning provision originally in the bill.
A sizable tax break could be coming for tipped income, but the economic knock-on effects could be damaging.
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Under the bill, employees would be eligible for an annual income tax deduction of $25,000 for some types of cash tips.
The spending bill passed by the U.S. House increases a tax the richest private universities pay on their endowment investment gains, a move proponents say reins in "woke" schools but that critics say will wind up hurting the poorest students the most.
Chances of a close brush with a US payment default are growing as the Senate plans for time-consuming revisions to President Donald Trump’s sprawling, multi-trillion-dollar tax and spending package.