Trump's Big Tax Bill Clears The House
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While House Republicans’ major tax-cut bill contains hundreds of pages of policy changes, it also leaves out some key tax provisions that have been discussed over the past several months. The House voted early Thursday to pass the $4 trillion budget reconciliation bill,
The multitrillion-dollar GOP tax bill would have detrimental impacts on sustainability efforts in the U.S., according to experts.
Thursday morning's vote is already at the center of ads in swing districts, as Democrats and Republicans battle for control of the House in the midterm elections.
U.S. Rep. Elise Stefanik said she was the “deciding vote” on a megabill that quadrupled the maximum state and local tax deduction.
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.
Immigrants and wealthy universities, as well as foreign companies, would see higher taxes under the House-passed bill.
Republicans said their policy bill promised "economic freedom," but energy advocates said it would halt Arizona's clean energy progress.
Millions of low-income Americans, including families with children, could lose their food stamp benefits under House Republicans’ newly passed tax and spending cuts package, according to a Congressional Budget Office analysis released Thursday.