SALT deduction

The Senate made adjustments to preserve the state and local tax deduction for pass-through entities such as accounting firms.

The $4.5 trillion tax cut bill prevailed in a crucial Senate test vote after hours of negotiations between Vice President JD Vance, GOP leaders and Republican holdouts.

Senate Republicans appear to be making progress in resolving differences with House Republicans in the state and local tax deduction and other matters.

The agreement involved raising the limit on the state and local tax deduction to $40,000 a year for five years.

The remarks give Republican negotiators additional breathing room as lawmakers remain at loggerheads over several issues in the massive economic package.

The administration expects Senate leaders to bring the massive legislation to the floor on Thursday.

Senate Republicans are coming around to the $40,000 cap on state and local tax deduction key House lawmakers demand in President Trump's massive tax package.

President Trump's tax-and-spending agenda is nearing a climactic vote in the Senate this week.

Republican leaders are pressing to begin voting on the tax bill in the Senate at the end of next week.

President Trump expressed optimism that lawmakers could reach a compromise on the state and local tax deduction, a sticking point in his "One Big Beautiful Bill."