Changes to Trump’s major tax proposal include adjustments to tip taxation and SALT deductions.
Senate Approves Tax Break for Tipped Workers This week, the Senate announced a revision of a tax proposal known as “One Big Beautiful Bill,” put forth by President Donald Trump. There are mixed opinions about whether this is better for the average American compared to a similar bill passed by the House. The Senate’s version […]
Dispute arises over SALT deductions among House and Senate Republicans
On Monday, House Republicans from Blue States raised concerns after news of a significant increase in state and local tax deduction caps emerged from the Senate GOP tax officers regarding President Trump’s Mammoth Agenda bill. Senator Mike Lawler expressed his frustration on social media, suggesting that the Senate’s stance was a clear message that the […]
Wealthy Americans will leave New York and high-tax states despite increased SALT deductions, according to a Goldman report.
A recent analysis from Goldman Sachs suggests that even with a high limit on state and local tax (SALT) deductions, the trend of people moving to states like Florida and Texas is unlikely to change. This report, led by economist Jan Hatzius, indicates that over the last two decades, the U.S. has seen a significant […]
Johnson agrees on a provisional $40,000 limit for SALT deductions in Trump’s proposal
Republicans Reach Tentative Deals on SALT Cap A preliminary agreement has been reached between House Speaker Mike Johnson and a group of Republican lawmakers concerning the increase of state and local tax credits, commonly referred to as “SALT” caps. The proposed cap would rise to $40,000 for households earning less than $500,000 annually, up from […]
Lawmakers discuss Medicaid changes and limits on SALT deductions during lengthy and heated markup sessions for Trump’s major legislation.
Late Tuesday night, the markup hearing for Trump’s “Big, Beautiful Bill” continued into Wednesday, focusing on government spending cuts within massive legislation. Specifically, three House committees—Energy, Commerce, and Agriculture—discussed significant elements of the bill. They tackled topics like major Medicaid changes, reforms to the Supplementary Nutrition Assistance Program (SNAP), and the handling of state and […]
House Republicans in New York turn down suggested $30K limit on SALT deductions: ‘Offensive’
On Thursday, four House Republicans from New York expressed their frustration regarding a proposed $30,000 state and local tax (SALT) deduction. They characterized the offer from House Speaker Mike Johnson (R-La.) and the Lower Room Tax Policy Committee as “inhumane.” Mike Roller, Elise Stefanik, Andrew Garbarino, and Nick Lalota suggested that this proposal could undermine […]
Five Republicans from blue states prepared to block tax legislation due to state and local deductions.
A group of five Republicans from suburban districts is distinguishing itself from larger factions within the party that support increasing the controversial state and local tax (SALT) credit limits. These lawmakers are ready to collectively oppose a significant tax and spending reduction package central to President Trump’s agenda unless they receive the salary increase they’re […]
Massachusetts Gov. Healey’s tax-heavy budget targets candy, tobacco, and charitable deductions
Governor Maura Hirey (D) announced the $ 62 billion year in 2026. Budget proposalIt contains a large number of tax hike, including candy and cigarettes. Hierley's proposed budget introduced in January has increased the overall expenditure of the state by 7.4 % compared to the previous year. “The priority of Governor Healey is clear. Increased […]
NY, NJ Republicans pushing to at least double SALT deductions cap to $20K — but could go as high as $100K
Republican lawmakers in high-tax states New York and New Jersey are pushing to double the $10,000 cap on state and local tax (SALT) deductions for residents as part of President-elect Donald Trump's policies. It is possible that they will seek to raise that level by a factor of 10. A much-awaited tax package later this […]
Small businesses urge on tax deductions after GOP wins
Small business owners could face a major tax increase at the end of 2025, and are seeking tax relief from the newly elected Congress and government. As part of the Tax Cuts and Jobs Act (TCJA) of 2017, small business owners were allowed to deduct up to 20% of their income to cover costs. The […]