Reported about 13 hours ago
President Trump's ambitious tax bill, aiming for a House vote before Memorial Day, has faced setbacks as Republican leaders negotiate significant changes, particularly regarding state and local tax (SALT) deductions. Key features include extending tax cuts from the 2017 Tax Cuts and Jobs Act, introducing 'MAGA accounts' for children's savings, raising the debt ceiling by $4 trillion, and new provisions for businesses. However, the proposal, estimated to cost over $3.8 trillion, is contentious and could lead to further negotiations, especially concerning SALT caps that threaten support from certain Republican factions.
Source: YAHOO