House passes Trump's 'big beautiful' tax bill
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The "one big, beautiful bill" includes a new tax break for coastal elites. It's a deduction for up to $40,000 of state and local taxes.
New York's political leaders are trading barbs over a provision in President Donald Trump's "big, beautiful" budget bill that increases the SALT deduction, with Republicans praising the move as a tax cut and Democrats blasting them for not lifting the tax exemption.
Taxpayers in states like New York could save more under the new $40,000 SALT deduction cap. Here's how it would work.
Here is a look at who benefited and who lost out, or at least didn’t achieve big wins, from the Republican reconciliation legislation.
The state and local tax deduction – often abbreviated as SALT – was a political flashpoint in the passage of the 2017 Tax Cuts and Jobs Act and is shaping up to be so again in 2025.
House lawmakers debated the contours of President Donald Trump’s tax cuts throughout the night as they race to meet a self-imposed deadline to approve the legislation by Thursday.