US EditionHouse tax plan now costs $4T, budget forecasters say
- The Republican-controlled House passed a major tax package on May 22, 2025, extending and modifying tax provisions in Washington, D.C.
- The legislation builds on the 2017 Tax Cuts and Jobs Act by permanently extending its provisions amid expiring current rules.
- Key provisions include maintaining a $2,500 child tax credit through 2028, increasing the maximum deduction limit for state and local taxes to $40,000 for taxpayers earning under $500,000, and broadening allowable deductions for employees who receive tips.
- The legislation is projected to increase the national debt by about $3.8 trillion over the next decade and was narrowly approved in the House with a 215-214 vote.
- The bill now moves to the Senate where changes are likely, and tax practitioners face significant compliance challenges once it becomes law.
7 Articles
7 Articles
Changes to ‘Big, Beautiful Bill’ to Cost Extra $140B Over 10 Years, Tax Panel Estimates
Want some extra SALT with those budgetary fries? It will cost you. The congressional Joint Committee on Taxation has released its latest cost estimates on the latest House budget proposal, which includes a quadrupling of the cap on state and local tax (SALT) deductions on federal taxes. The projections suggest late compromises on issues such as the SALT cap will make the House of Representatives’ budget framework cost an extra $140 billion over …
House Tax Plan Now Costs $4 Trillion
“House Republicans’ tax package is now expected to cost nearly $4 trillion, thanks in part to a last-minute deal to further increase a cap on state and local tax deductions,” Politico reports.“The legislation approved last week by the House is now anticipated to cost $3.94 trillion over
ISSA Leg. & Reg. Update – House Passes ISSA Priorities
Welcome to the latest ISSA Legislative & Regulatory Update, a biweekly roundup of the public-policy issues currently impacting the full cleaning supply chain. This update touches on the U.S. House passing ISSA legislative priorities as part of a major tax bill; a free, member-exclusive June 5 ISSA webinar on Preparing for Immigration and Customs Enforcement ... The post ISSA Leg. & Reg. Update – House Passes ISSA Priorities appeared first on ISS…
Fiscal Sustainability - Clark Center Forum
This US survey examines (a) Long-run US fiscal sustainability will require some combination of slowing the growth of spending on Medicare, Medicaid and Social Security benefits and/or tax increases, including higher taxes on households with incomes below $400,000; (b) Issuing an additional $2.3 trillion of debt over the next 10 years, as is projected by the Congressional Budget Office if the House Reconciliation Bill is enacted, will substantial…
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