Tax Strategies

Here's a rundown of the House bill's main provisions impacting people and businesses.

The reconciliation process allows tax and spending legislation to pass with a simple majority in the Senate, but the bill still needs to survive the Byrd Rule.

This year's uncertainty in Washington is resulting in an unclear tax landscape, especially with deductions from real estate holdings and capital expenditures.

The $40,000 SALT limit will phase out for annual incomes greater than $500,000, and the income phaseout threshold would grow 1% a year over a decade.

In a private meeting, Trump singled out the lawmakers from New York, New Jersey and California who have rejected the $30,000 deduction limit.

The U.S. Government Accountability Office created a list of questions for policymakers' oversight of the energy tax expenditures in the 2022 Inflation Reduction Act.

The American Institute of CPAs is asking accountants to call on congressional representatives to stop "unfair targeting" of pass-throughs like CPA firms.

Rep. Nicole Malliotakis said there's an "opportunity" to grow the $30,000 state and local tax deduction cap offered by House GOP leaders in negotiations.

Rep. Jason Smith said lawmakers from high-tax states should support the $30,000 limit his committee put on the state and local tax deduction.

Wealthy Americans and business investors are among the big winners while targets of Trump's ire such as immigrants and elite universities were hammered.