What House and Senate Republicans Can’t Agree on in Trump’s Tax Bill

Congress is fighting over this tax deduction. Here’s how it affects Californians

In summary The House wants to raise the SALT deduction cap, which would help wealthy Californians pay less in federal taxes. The Senate wants to keep it where it is. A provision in the Republicans’ tax and spending bill will help determine a limit on what high-income Californians can deduct on their taxes, but Congress disagrees on how much.  After the passage of the 2017 tax bill during President Donald Trump’s first term, California taxpayers …

What House and Senate Republicans can’t agree on in Trump’s tax bill

Congress is moving toward passing the centerpiece of President Donald Trump’s tax and spending agenda - but that doesn’t mean all Republicans agree on some of its most crucial components.

Trump's 'revenge tax' has foreign investors worried

The Trump administration is backing a provision in the Republican reconciliation bill that would allow the Treasury Department to implement a so-called “revenge tax” on certain foreign investors. The provision, called Section 899, in the bill first gained steam among Republicans in 2023 as a response to former President Joe Biden‘s endorsement of a 15% global minimum corporate tax rate. It was added to the House’s tax legislation before its pass…

Senate careens towards Friday tax vote

The ScoopSenate Republicans are steaming toward a Friday initial vote on their big tax cuts bill, despite having a metric ton of work to do to finish the package. It’s not totally inconceivable that negotiations continue past the vote to proceed to the bill and into the final amendment of the vote-a-rama — what’s called a “wraparound amendment” representing the final deal. There’s plenty of outstanding business: Republicans are still wrangling o…

Senate Republicans Rig the Rules to Make Their Tax Bill Look Responsible. It’s Not.

To hide most of the costs of their proposed tax cuts, Senate Republicans are relying on a budget gimmick known as the current policy baseline. This gimmick assumes that Congress has already made enormous temporary tax cuts permanent and has taken responsibility for the costs when in fact they never did so This weekend, the official revenue estimate for the Senate tax bill from the Joint Committee on Taxation (JCT) showed this gimmick in action. …

How Trump’s tax bill aims to reshape charitable deductions

Congress is looking to revive charitable giving—especially among everyday donors—but the House and Senate have different approaches, The Wall Street Journal writes.  Both chambers are negotiating versions of a tax bill that would bring back the charitable deduction for people who take the standard deduction, a benefit lost after the 2017 tax law overhaul. The Senate’s version is more generous—offering a permanent deduction of up to $2,000 for jo…