US EditionHow Senate Republicans Want to Change the Tax Breaks in Trump ...
- Senate and House Republicans are negotiating tax cuts for a large tax and spending bill, with the House passing its version on May 22, 2025.
- Differences include the Senate's permanent extension of 2017 tax cuts and a $10,000 SALT cap, while the House favors temporary measures and a $40,000 cap for certain households.
- Both bills grant deductions for seniors aged 65 and older, with the Senate offering a $6,000 deduction phased out faster and the House a $4,000 deduction phased out slower.
- The House bill allows health savings accounts to cover gym memberships and imposes $250 fees on electric vehicle owners, provisions excluded from the Senate bill.
- Final reconciliation will determine the bill's content, affecting Medicaid, tax credits, and clean energy incentives, with President Trump aiming to sign it by July 4, 2025.
29 Articles
29 Articles
Bessent Predicts Republicans Reach SALT Truce Within 48 Hours
Treasury Secretary Scott Bessent said House and Senate Republicans can cut a deal on the state and local tax deduction within the next two days, resolving one of the key issues that has stymied President Donald Trump’s economic legislation.
What Is the SALT Deduction, and How Does It Benefit You?
The 2017 Tax Cuts and Jobs Act (TCJA) changed the state and local tax (SALT) deduction. It put a lower cap on the deduction. But the One Big Beautiful Bill Act, which the U.S. House of Representatives recently passed and is now before the Senate, is set to raise that cap. But what exactly is the SALT deduction, and how does a lower or higher cap affect American taxpayers? What Is SALT Deduction? The SALT deduction allows taxpayers who itemize ta…
How Trump’s big bill will directly impact your wallet — from paying your taxes and healthcare to raising a child and owning a home
As the Senate debates the tax bill, here’s what’s at stake for your family and workplace. Article Attribution | Read More at Article Source The post How Trump’s big bill will directly impact your wallet — from paying your taxes and healthcare to raising a child and owning a home appeared first on RocketNews.
How Senate Republicans Want to Change the Tax Breaks in Trump’s Big Bill
House and Senate Republicans are taking slightly different approaches when it comes to the tax cuts that lawmakers are looking to include in their massive tax and spending cuts bill. Republicans in the two chambers don’t agree on the size of a deduction for state and local taxes. And they are at odds on such […]
The tax changes in the US Senate are a mixed bag - Hawaii Tribune-Herald
As is its right and duty, the U.S. Senate now has messed with the Trump administration’s “big, beautiful,” tax-and-spending bill that just squeaked through the House. Here’s our hot take on some of the Senate’s work in progress, as viewed not in terms of what is ideal but in the context of what the House already passed.
Coverage Details
Bias Distribution
- 67% of the sources are Center
To view factuality data please Upgrade to Premium
