Erik Wasson

The bill text will represent a major breakthrough for the GOP as it seeks to continue to advance the centerpiece of Trump's economic agenda.

A $30,000 cap on the state and local tax deduction would be a compromise between current law and the more generous limit in the House's version of the bill.

The Section 899 "revenge tax" in President Trump's massive tax and spending bill may be delayed as it faces pushback from Wall Street and businesses.

Lawmakers are largely taking their cues from Trump and sticking by the $3 trillion bill at the center of the White House's economic agenda.

President Trump told Senate Republicans he is open to a state and local tax deduction cap lower than the $40,000 in the House-passed version of his tax bill.

Musk described the bill as a budget-busting "disgusting abomination." as Republican fiscal hawks stepped up criticism of the massive fiscal package.

Here's a rundown of the House bill's main provisions impacting people and businesses.

It would extend Trump's first-term tax cuts due to expire Dec. 31, along with new tax relief including raising the limit on deducting state and local taxes.

President Trump said his massive tax package is close to being finalized, but the White House has yet to win over a faction who want more spending cuts.

The revised version of President Donald Trump's economic package would move up work requirements to December 2026 from 2029.