Trump, House and tax bill
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26mon MSN
With last-minute concessions and stark warnings from Trump, the Republican holdouts largely dropped their opposition to salvage the “One Big Beautiful Bill” that's central to the GOP agenda. The House launched debate before midnight and by dawn the vote was called, 215-214, with Democrats staunchly opposed. It next goes to the Senate.
The new version of the Trump tax bill would raise the state and local tax deduction cap to $40,000, in an effort win over a group of holdouts from New York, New Jersey and California. The higher limit would begin this year. The amount allowed would gradually phase down for taxpayers with annual incomes greater than $500,000.
Illinois Republican Congressman Darin LaHood is vowing that President Trump’s tax bill will not kick any Illinoisans off Medicaid or food stamp programs, and that it'll just root out waste, fraud and abuse.
Moody's downgrade of the U.S. sovereign credit rating has elicited mixed responses among Republicans in Congress, with some questioning the motive behind the change and others depicting it as a warning that lawmakers should heed as they wrestle with a sweeping tax and budget bill.
For every group demanding one policy, another equally powerful bloc insists on the opposite. The coalitions encompass the divergent ideological, political and regional interests in the G.O.P.
Issues over tax relief for blue state Republicans are coming to a head as the GOP crafts President Trump's "big, beautiful bill."