House, Republicans and IRA tax credits
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The Republican-led House of Representatives has passed a sweeping budget package that would fulfill many of President Donald Trump's priorities. The Republican-led Senate next takes up the package, with significant changes likely.
The massive budget bill passed by the House includes new tax breaks for tipped workers and those who get overtime.
The fate of the state and local tax deduction, or SALT, is dividing lawmakers by geography as well as politics.
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 multitrillion-dollar GOP tax bill would have detrimental impacts on sustainability efforts in the U.S., according to experts.
House Republicans are pushing a plan to tax money transfers sent by foreigners residing in the U.S. to friends and
President Donald Trump’s “no tax on tips” pledge became a catchphrase for his 2024 campaign. Now it’s inching closer to reality.
Immigrants and wealthy universities, as well as foreign companies, would see higher taxes under the House-passed bill.
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.
Rep. Andrew Clyde, who owns a gun shop worth millions of dollars, said he “asked” for the tax breaks for gun silencers in Donald Trump’s tax bill.
Affordable Care Act premium subsidies are on track to expire by the end of 2025. Without them, marketplace health insurance will get pricier for many people.
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