California Republicans were pleased that lower- and middle-income residents will be able to deduct more of their state and local taxes, or SALT. The deduction, now capped at $10,000, would rise to $40,000 for those with taxable incomes of less than $500,000.

Yields on government debt have risen as Congress weighs Trump’s budget plan. Meanwhile, interest on the debt is approaching $1 trillion a year – on par with proposed Defense spending.

Oklahoma legislators are debating an income tax cut amid budget uncertainties. Despite financial unknowns, including potential federal funding cuts, some lawmakers support a 0.25% income tax reduction. Senate and House leaders are negotiating the budget ...

Since taking office, Mr. Trump has raced to enact his economic vision, aiming to pair generous tax cuts with sweeping deregulation that he says will expand America’s economy. He has fashioned his steep, worldwide tariffs as a political cudgel that will raise money, encourage more domestic manufacturing and improve U.S. trade relationships.

Despite a brief market scare, the richest 10 Americans got $365 billion richer over the past year, according to a new analysis from Oxfam.

The poorest fifth of Americans would receive 1 percent of the House reconciliation bill's net tax cuts in 2026 while the richest fifth of Americans would receive two-thirds of the tax cuts. The richest 5 percent alone would receive a little less than half of the net tax cuts that year.

Immigrants and wealthy universities, as well as foreign companies, would see higher taxes under the House-passed bill.

The "one big, beautiful bill" includes a new tax break for coastal elites. It's a deduction for up to $40,000 of state and local taxes.