Trump tax plan

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.