Trump's new tax bill explained
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The massive budget bill passed by the House includes new tax breaks for tipped workers and those who get overtime.
House Republicans are jubilant about muscling through President Donald Trump’s “big, beautiful” tax and immigration package by a single vote.
Donald Trump's self-described "big, beautiful" tax bill has officially passed the House of Representatives and is now headed to the Senate.
House and Senate leaders are broadly aligned on the tax bill and have been meeting regularly to avoid points of conflict. But Senate Republicans made clear the compromise, a product of frenzied last-minute negotiations, must be negotiated again after it passed the House by a single vote on Thursday.
The annual national registration fee would be $250 for electric vehicles and $150 for hybrids. The fee will rise over time based on inflation. Currently, by avoiding a gas tax, sales of those cars reduce the amount of money that funds interstate highways,
The fate of the state and local tax deduction, or SALT, is dividing lawmakers by geography as well as politics.
Nonpartisan research groups studying the proposal have estimated that it would add more than $2.5 trillion to the federal debt—currently at an all-time high of $36.8 trillion—over the next decade. Despite those projections,
The budget bill passed by the House includes a provision to quadruple the state and local tax deduction, a boon for some homeowners.