House Republicans’ “big, beautiful bill” could bring hundreds of billions of dollars in tax cuts to wealthy business owners.  But a key subset of rich Americans were pointedly excluded from that potential bonanza.

Highlights of the bill include a bigger SALT deduction, cuts to Medicaid, and tax breaks on tipped wages. Here’s how it may impact you.

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.

As reported on May 16, 2025, the SALT cap proposal contained in the legislation that was pending in the U.S. House of Representatives (“House”)

The SALT deduction cap should be $0. People should not be able to deduct their state and local tax burdens from their federal taxable income.

The Joint Committee on Taxation, Congress’s in-house tax scorekeeper, released the much-anticipated score for the tax portion of the reconciliation bill.

House lawmakers debated the contours of President Donald Trump’s tax cuts throughout the night as they race to meet a self-imposed deadline to approve the legislation by Thursday.

The state and local tax deduction is up for consideration again on Capitol Hill. What does it mean for you and your property taxes?

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