Tax deductions

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.

The House Ways and Means Committee held a hearing to mark up the "one, big beautiful bill" extending expiring provisions of the TCJA and adding other tax breaks.

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

The debate over state and local tax deductions has been a thorny fight because it's a political priority for a small but vocal group of Republicans.

Democratic Rep. Gwen Moore introduced legislation to expand the Section 199A Qualified Business Income deduction for the smallest businesses.

The state and local tax issue has been one of the most contentious for the House GOP to resolve.

Lawmakers have separately discussed eliminating a tax deduction for pharmaceutical advertising.

Jason Smith said he will to strike a balance between those who want no limit on the state and local tax deduction and those who want no write-off at all.

A pair of bills would coordinate Pell Grants with the AOTC, and provide a tax deduction for overtime pay.

Key House Republicans discussed ways to direct an expanded state and local tax deduction to those making less than $400,000.