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The Senate bill experienced the same fate as the House version, dying in the Senate Finance Committee, after receiving 17 additional co-sponsors. On April 26, 2023, U.S. Reps. Buchanan and Chu introduced H.R. 2871 (118th Congress), entitled "Performing Artist Tax Parity Act of 2023."
The Senate bill initially would have eliminated the state and local property tax deduction, but in the later Act, this was later changed back to a $10,000 mirroring the House version. The House plan allowed parents to put aside money for an unborn child's college education. The Senate bill did not include this provision.
The Republican chair of the House’s tax writing committee called on Congress to quickly extend President-elect Trump’s 2017 tax cuts as Senate GOP leaders plan to move first on border funding.
The Senate's bill, which leaves the issue of Trump's desired extension of his 2017 tax cuts to a later date, will serve as a backup in case House Republicans cannot come to an agreement on how to ...
As the party lacked a 60-vote super-majority in the Senate, they sought to implement both policies through separate reconciliation bills, with the healthcare bill passed using the reconciliation process for fiscal year 2017 and the tax cut bill passed using the reconciliation process for fiscal year 2018. [33]
Three years ago, the American Rescue Plan Act exempted unemployment compensation up to $10,200 from federal tax. Specifics in the bill changed as it moved between the House and Senate, and changed ...
The Tax Cuts and Jobs Act of 2017, signed into law by President Donald Trump, capped the total SALT deduction at $10,000 for the tax years 2018 through 2025. [24] The bill also increased the standard deduction, which significantly reduced the number of taxpayers who claim the SALT deduction. [25]
This bill — if enacted — would serve as a stopgap of sorts ahead of a tax debate in 2025, which will center around an array of provisions in the 2017 Trump tax cuts that are set to expire on ...