If the House provision is enacted, the SALT cap would rise to $40,000, up from $30,000 in the previous plan, and phases out over $500,000.

US President Donald Trump’s signature tax bill passed the 435-member House of Representatives on Thursday morning by one vote. The sprawling, multitrillion-dollar package proposed by Republicans, which would (among many other things) slash funding for safety net programs in favor of extending tax cuts,

Speaker Mike Johnson delivered a major win for President Donald Trump early on Thursday morning, uniting a deeply divided House GOP to pass a bill that many of them were still pushing fiercely to change.

Others could see their monthly benefits reduced if the bill were to become law, according to the nonpartisan Congressional Budget Office.

In today’s edition … How Medicaid cuts could directly affect more than just House races ... Democrats’ plans for Trump’s crypto dinner … A remembrance of Gerry Connolly.

Investors of clean-power stocks are running for the exits after a massive tax and spending bill that would gut former President Joe Biden’s landmark climate law narrowly passed the House of Representatives.

Republican tax bill could cost $3.8 trillion over 10 years as its tax cuts surpass spending reductions, according to one analysis.

The Kentucky Republican, one of only two to vote against Trump’s 1,000-page bill, took the floor to offer his GOP colleagues a “dose of reality” about how the bill will saddle the U.S. with trillions in debt for decades to come.