Immigrants and wealthy universities, as well as foreign companies, would see higher taxes under the House-passed bill.

The "one big, beautiful bill" includes a new tax break for coastal elites. It's a deduction for up to $40,000 of state and local taxes.

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.

The Republican-led House of Representatives has passed a sweeping budget package that would fulfill many of President Donald Trump's priorities. The Republican-led Senate next takes up the package, with significant changes likely.

Yields on government debt have risen as Congress weighs Trump’s budget plan. Meanwhile, interest on the debt is approaching $1 trillion a year – on par with proposed Defense spending.

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.

Republican holdouts appear to have a deal with House GOP leadership to advance President Donald Trump's sweeping tax policy bill. The legislation will be tweaked to move up the implementation of Medicaid work requirements from 2029 to December of 2026;

Republicans made several eleventh-hour changes to their massive tax cut and immigration bill as they tried to win over GOP holdouts and pass the bill through the House. The revisions were unveiled late Wednesday evening,