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President Donald Trump, Elon Musk and the ruling Republican party promised us all $1 trillion a year in free budget savings by cutting out the "waste, fraud and abuse" that were supposedly rampant across the federal bureaucracy.
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The far-reaching legislation would transfer the responsibilities of the Public Company Accounting Oversight Board to the Securities and Exchange Commission.
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It would extend Trump's first-term tax cuts due to expire Dec. 31, along with new tax relief including raising the limit on deducting state and local taxes.
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Stocks rebound on Thursday as yields back off recent highs: Live updates CNBCStock Market Today: Dow, Nasdaq Rise; Tax Bill Fuels Fresh Bond Jitters, Bitcoin Extends Rally — Live Updates WSJStocks swing to a flat close as bond yields spike on U.S. debt worries FortuneU.S. Treasury yield spike has investors rethinking the rest of the world CNBC
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Happy ‘Bitcoin Pizza Day.' If you're not exactly sure what that is or why it matters, here's a delicious guide.
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Treasury yields slip, US stocks rise with tech; investors assess US tax bill ReutersStock Market Today: Dow, Nasdaq Rise; Tax Bill Fuels Fresh Bond Jitters, Bitcoin Extends Rally — Live Updates WSJThe bond market is shaking Wall Street again, this time because of worries about tax cuts AP NewsU.S. Treasury yield spike has investors rethinking the rest of the world CNBC
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The bill would end clean electricity tax credits for sources like wind and solar starting in 2029 and require projects to begin construction within 60 days.
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The reconciliation process allows tax and spending legislation to pass with a simple majority in the Senate, but the bill still needs to survive the Byrd Rule.
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Republicans brought the president's tax cuts one step closer to reality, but Wall Street remains on edge about the fiscal costs.
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The budget bill approved by the House promises to benefit many food workers, but some details are still unclear.
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Divided House GOP tries to push Trump's big tax bill over finish line The Washington PostTrump Administration Live Updates: House Passes Bill to Deliver President's Domestic Agenda The New York TimesWhy Warren Davidson voted against the House GOP megabill PoliticoHouse passes Trump's sweeping tax-cut bill, sends it to Senate The GuardianHouse passes Trump's deficit-swelling tax bill, with big Medicaid changes USA Today
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The proposal has widespread support from the public, lawmakers in both parties and employers who believe such a law will bring relief to the working class. But many critics say that it would come with an enormous cost to the government while doing little to help the workers who need it most.
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