Trump tax plan

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

The reconciliation process allows tax and spending legislation to pass with a simple majority in the Senate, but the bill still needs to survive the Byrd Rule.

The bill would end clean electricity tax credits for sources like wind and solar starting in 2029 and require projects to begin construction within 60 days.

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.

Accountants are helping worried companies deal with the possible fallout from drastic tariff and tax changes.

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.

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.

The bill would levy a 5% tax on remittances for noncitizens and foreign nationals, on top of a roughly 5% to 10% fee already charged on the payments.

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,

Hard-line conservatives bucked President Donald Trump and blocked the massive tax bill over cost concerns.

The far-reaching tax reconciliation bill from Republicans on the House Ways and Means Committee would add significant new provisions to the Tax Code.

The move would constitute "a complete death" for energy projects that rely on global supply chains for solar cells, magnets, batteries and other materials.

Rep. Nicole Malliotakis said there's an "opportunity" to grow the $30,000 state and local tax deduction cap offered by House GOP leaders in negotiations.

The cost of the draft plan for sweeping tax cuts weighed in at $3.8 trillion over the next 10 years in one official estimate. The reality is likely much higher.

Rep. Jason Smith said lawmakers from high-tax states should support the $30,000 limit his committee put on the state and local tax deduction.

The American Institute of CPAs is concerned about a provision in the tax reconciliation bill limiting deductibility of state and local taxes paid by firms.

Wealthy Americans and business investors are among the big winners while targets of Trump's ire such as immigrants and elite universities were hammered.