Trump, tax and One Big Beautiful Bill
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Congressional Republicans are looking to take a second bite of the apple with a ‘big, beautiful bill’ 2.0 in the fall, but fiscal hawks are skeptical that a second bill would provide the steep cuts they are looking for.
The One Big Beautiful Bill Act is temporarily quadrupling the state and local tax deduction to at least $40,000, up from $10,000, for the next five years. Now it’s up to taxpayers to see if they can take advantage of this extra write-off, which is popularly referred to as the SALT deduction.
Many filers won’t be able to take full advantage of expanded deductions in the recently passed tax law.
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Energy bills could be big but not beautiful in GOP-led areasWith the One Big Beautiful Bill Act now law, there could be a spike in consumer energy bills in states represented by Republicans.
If you’re banking on tax-free overtime to boost your paycheck, you’re out of luck. Trump’s “big beautiful bill” doesn’t change what you’re paid; it changes what you’re taxed. That happens at tax time, not on payday. Employers will keep withholding taxes as usual, and it’s up to you to apply the deduction — if you qualify — when you file.
President Donald Trump's tax and spending bill revives and expands homeowner tax breaks — while making the current mortgage interest deduction cap permanent.
Medicaid is the state's largest health insurer, covering a quarter of Michigan residents. Reform supporters say the changes will eliminate loopholes.
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Tesla's website currently displays a banner warning customers that the EV tax credit will come to an end in September.