Treasury Department identifies 68 positions potentially exempt from tip deduction taxes
Tax Cuts on Tips Announced by Treasury On Labor Day, the Treasury revealed that nearly 70 job categories across eight sectors might see benefits from President Donald Trump’s tax cuts on wages. This includes various industries like food and beverage, entertainment, hospitality, personal services, and more. Workers in these fields could potentially stop paying taxes […]
How Roth conversions might reduce Trump’s $40,000 ‘SALT’ deduction for high earners
Trump to Sign “One Big Beautiful Bill Act” on July 4, 2025 US President Donald Trump is set to sign the Sweep Expenses and Tax Act, informally referred to as the “One Big Beautiful Bill Act,” at the White House in Washington, DC, on July 4, 2025. Conversions of Roth Personal Retirement Accounts have gained […]
The SALT income tax deduction limit was raised to $40,000 in Trump’s legislation. Is it worth claiming?
Changes in the SALT Tax Deduction Limit For the last seven years, taxpayers have faced a cap of $10,000 on the deduction for state and local taxes, a significant drop from the previous limit of $40,000. This cap was introduced by Congress during the first Trump administration as part of a substantial tax reform package. […]
Trump’s ‘one big beautiful’ bill surpasses the $40,000 limit on the ‘SALT’ deduction. Here’s who gains.
House Republicans Approve Trump’s Tax Bill with SALT Changes House Speaker Mike Johnson (R-LA) was seen talking with Rep. Andy Ogles (R-TN) after a procedural vote on the extensive tax bill in Washington, D.C., on July 2, 2025. Recently, House Republicans passed what President Trump refers to as his “one big beautiful” bill, which notably […]
SALT deduction will help ‘none of the 90% of US taxpayers,’ according to economists.
Debate Over Trump’s Tax Bill and SALT Deduction Rep. Mike Lawler from New York recently voiced his concerns about Republican pushback against President Donald Trump’s latest tax proposal during a segment on “Varney & Co.” One major point of contention is the state and local tax (SALT) credit included in the large tax and expenditure […]
Tension rises over SALT deduction among Republican leaders in the House and Senate
Republicans in states controlled by Democrats are raising concerns in the Senate regarding President Trump’s proposed budget. GOP lawmakers from New York and California want to keep the current limits on state and local tax (SALT) deductions, which they see as a way to save taxpayers money. These Republican representatives have made the existing $10,000 […]
Why your Social Security check might be smaller this month because of Trump’s new deduction
Some individuals receiving Social Security might feel the pinch this week as payments are deposited into their accounts. It appears that certain beneficiaries of federal student loans could see their monthly payments affected due to ongoing efforts in the education sector aimed at collecting overdue payments. Last month, the Treasury started issuing notices that put […]
Reinstating Country Club Dues Tax Deduction Is Stronger Justification Than SALT
Tax Policy Shifts and SALT Deductions The Tax Cuts and Employment Act (TCJA) has led to a permanent decrease in corporate tax rates, effectively putting an end to corporate inversions as an ongoing issue. However, the cuts in personal income tax rates are set to expire at the end of 2025. A lawsuit has now […]
Trump’s tax cuts remain in place as SALT deduction limit increased in narrow 215-214 vote
Senate Split on House’s “Big and Beautiful Bill” The reaction in the Senate to the House’s “big and beautiful bill” has been distinctly divided. Democrats are raising alarms about potential long-term damage to the working class, while Republicans assert that the legislation will be beneficial for many. There are strong feelings on both sides. According […]
House Republican tax bill approves a $40,000 limit on the ‘SALT’ deduction. Here are the beneficiaries.
House Proposes Changes to SALT Deductions Jason Smith (R-MO), who is the chairman of the House Ways and Means Committee, is set to hold a press conference on May 13, 2025, just before a markup hearing at the Longworth House Building on Capitol Hill in Washington, DC. On Thursday morning, House lawmakers approved modifications to […]