Senate Considers Trump's Tax Bill

This is a news story, published by Global News, that relates primarily to SALT news.

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Trump tax breaks

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tax breaks

Global News

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US Politics

Senators prep for a weekend of work to meet Trump’s deadline for passing his tax and spending cuts - National | Globalnews.ca

Summary

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65% Informative

The 940 -page bill was released shortly before midnight Friday .

Republicans are using their majorities in Congress to push aside Democratic opposition, but they have run into a series of political and policy setbacks.

Not all GOP lawmakers are on board with proposals to reduce spending on Medicaid , food stamps and other programs as a way to help cover the cost of extending some $3.8 trillion in tax breaks.

The Senate included a compromise over the so-called SALT provision, a deduction for state and local taxes.

The current SALT cap is $ 10,000 a year.

The final draft includes a $ 40,000 cap, but for five years instead of 10 .

Many Republicans say that is still too generous.

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formal

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English

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