Trump tax plan

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.

Key Senate Republicans are resisting the House's plan to gut clean energy tax credits, vowing to soften the blow for emerging technologies and nuclear power.