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Senate Finance unveils committee’s portion of GOP megabill [SALT held at $10k]
Poltico ^ | June 16 | By Brian Faler

Posted on 06/16/2025 3:33:41 PM PDT by RandFan

Senate Finance Chair Mike Crapo on Monday unveiled changes to how the GOP’s “big, beautiful bill” would execute a major tax revamp and Medicaid cuts — two of the thorniest policy fights in the sweeping legislation.

The release comes after closed-door negotiations between Crapo and his colleagues over how to revise the version of the megabill the House passed last month.

Crapo’s plan would create more limited tax breaks for tips and overtime demanded by President Donald Trump. It also holds the cap on the state and local tax deduction to the current $10,000, far less than the House’s $40,000, though the Senate number is widely considered a placeholder.

In the much-anticipated legislation, the Idaho Republican is also proposing to scale back a planned hike in a 1.4 percent tax on university endowment earnings. Under his plan, it would max out at 8 percent, compared to the 21 percent the House has proposed. He also wants a smaller increase in the Child Tax Credit than what his House colleagues have proposed, increasing it to $2,200 per child rather than $2,500, while making a trio of popular business breaks permanent.

Elsewhere in the plan, Crapo would create a more generous $2,000 deduction for couples who give to charity but don’t itemize their deductions. They’d get $300 under the House plan.

(Excerpt) Read more at politico.com ...


TOPICS: Business/Economy; Chit/Chat; Conspiracy
KEYWORDS:
What do we make of this ....
1 posted on 06/16/2025 3:33:41 PM PDT by RandFan
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To: RandFan

I approve of the SALT limit. This should encourage taxpayers in those high tax states to vote appropriately.


2 posted on 06/16/2025 3:36:49 PM PDT by griswold3 (Truth Beauty and Goodness)
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To: griswold3

I do too. But it will not pass the house again.


3 posted on 06/16/2025 3:55:36 PM PDT by napscoordinator (DeSantis is a beast! Florida is the freest state in the country! )
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To: napscoordinator

Ditto - not gonna pass the House


4 posted on 06/16/2025 4:03:39 PM PDT by 11th_VA
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To: RandFan

An improvement.


5 posted on 06/16/2025 4:18:12 PM PDT by bray (It's not racist to be racist against races the DNC hates.)
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To: All

The House seats that depend on that SALT deduction are up next year. Not so many Senate seats are.

The enthusiasm and hype and rage all combine to create what pretty much no one anticipates -—

The odds are not bad that what is going to happen is a CR reaching to late September, but with an immediate debt ceiling raise, that also only reaches to late September.

That is what happens if there are not enough votes. Pretty good odds of this.


6 posted on 06/16/2025 4:40:02 PM PDT by Owen
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To: RandFan

The Senate can f- itself. Almost none of these changes are good. And it will be DOA without the SALT increase.


7 posted on 06/16/2025 4:43:04 PM PDT by KingofZion
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To: RandFan

Smells like rino/uni-party plan to me


8 posted on 06/16/2025 4:49:54 PM PDT by thinden (Buckle Up!)
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To: 11th_VA

They’re not going to ruin this. Especially at a time when Iran is about to fall and the majority of Americans are on a high. Split the difference and it’s a win. Shows compromise amongst the party at a time when the Democrats are, well democrats.

This deal gets done and the Republicans can gain in the midterms.thats going to scare the piss out of the federal district judges and other sycophants of the Democrat party. The media will lose their collective s4it!

My suggestion is Johnson and Johnson go down to West Palm for the weekend. Play some golf with Trump, have some good food and make a deal you can take back to your peeps for approval.

And save America.


9 posted on 06/16/2025 5:12:57 PM PDT by EQAndyBuzz (TDS much?)
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To: griswold3

Those taxpayers should have tarred and feathered them long ago


10 posted on 06/16/2025 5:15:51 PM PDT by montag813
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To: RandFan

Pass the higher SALT or lose the House. It’s that simple.


11 posted on 06/16/2025 5:16:38 PM PDT by montag813
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To: griswold3

>>I approve of the SALT limit.

But, ideally, that limit should be $0. High tax states should not be shielded from the consequences of their votes.


12 posted on 06/16/2025 6:23:26 PM PDT by vikingd00d (chown -R us ~you/base)
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To: vikingd00d

This.


13 posted on 06/16/2025 7:24:58 PM PDT by Magnum44 (...against all enemies, foreign and domestic... )
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To: griswold3

I agree. It’s STATE and LOCAL taxes. Deal with it at those levels. Don’t expect the rest of the country to pay for your bad choices.


14 posted on 06/16/2025 9:03:48 PM PDT by mouske
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