Erik Wasson

The $40,000 SALT limit will phase out for annual incomes greater than $500,000, and the income phaseout threshold would grow 1% a year over a decade.

Conservative hardliners threatened to block Republicans' massive tax and spending package, jeopardizing passage of President Trump's economic legislation.

In a private meeting, Trump singled out the lawmakers from New York, New Jersey and California who have rejected the $30,000 deduction limit.

The vote in the House Budget Committee paves the way for passage of the legislation as soon as Thursday,

President Trump's economic package took a major step toward becoming law when a House committee approved trillions in new tax cuts on a party-line vote.

Campaign pledges like no taxes on tips and overtime pay, plus new tax breaks for car buyers and seniors, are the centerpiece of a multitrillion-dollar package.

GOP leaders proposed a $30,000 cap on the federal income tax deduction for state and local taxes.

House Republicans' release of the tax provisions in their massive fiscal bill provides a crucial initial reading of what party leaders think could pass.

The House tax committee aims to make official several of President Trump's campaign tax pledges, and to avoid a millionaire tax.

The committee also proposes limiting states' ability to pay their share of Medicaid by placing a moratorium on new or increased taxes on medical providers.