Trump's tax bill will affect your money
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7hon MSN
Wisconsin, slammed a sweeping bill backed by President Donald Trump that poses major consequences for taxes, Medicaid, food stamps and more – and warned there are enough GOP senators ready to block it.
If the House provision is enacted, the SALT cap would rise to $40,000, up from $30,000 in the previous plan, and phase out over $500,000.
Immigrants and wealthy universities, as well as foreign companies, would see higher taxes under the House-passed bill.
The fate of the state and local tax deduction, or SALT, is dividing lawmakers by geography as well as politics.
House Republicans secured $12 billion in their reconciliation bill for states that incurred costs over the border crisis during the Biden administration.
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Speaker of the House Mike Johnson, R-La., joined from left by House Majority Whip Tom Emmer, R-Minn., and House Majority Leader Steve Scalise, R-La. at the Capitol in Washington, April 8, 2025. The U.S. House of Representatives recently passed a tax and spending bill that proposes to usher in major changes to Medicaid. AP
Thursday morning's vote is already at the center of ads in swing districts, as Democrats and Republicans battle for control of the House in the midterm elections.
Brazilian Finance Minister Fernando Haddad said that the increase in the IOF tax on financial transactions "was debated at the president's (Luiz Inacio Lula da Silva) table, who summons the ministers he considers pertinent",
The provision, which has provoked outcry from Democrats, would restrict federal courts' ability to enforce some injunctions.