ALL THE MONEY NEWS YOU NEED TO KNOW | | | | Daniel de Visé | Personal Finance Reporter
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Good morning! It's Daniel de Visé with your Daily Money. |
Today, it's all about taxes. |
Yesterday, the U.S. Senate unexpectedly passed a bill to create a new tax deduction on tips worth up to $25,000. |
The bill, introduced by Sen. Ted Cruz, R-Texas, passed with unanimous consent – a rare occurrence for substantive legislation. Here's what it would take for the measure to become law. |
Trump tax bill: How big? How beautiful? |
Meanwhile, President Trump's "big, beautiful" tax bill is making its way through Congress, but how big and beautiful is it for you? |
In a big win for Trump, the bill won approval from a key congressional committee on May 18 to advance toward possible passage in the House of Representatives later this week. The legislation is still far from a done deal. Here are some of its provisions. |
Does Trump's tax bill take aim at blue states? |
Back to the "big, beautiful bill": One of its key sticking points hits Americans directly where they live, especially if they live in high-tax states. |
The state and local tax deduction, often abbreviated as SALT, was a political flashpoint in the passage of the 2017 Tax Cuts and Jobs Act and is shaping up to be so again in 2025. |
SALT refers to the ability to deduct taxes paid to state and local governments from an individual's federal tax bill. The 2017 legislation capped that amount at $10,000, an amount that many taxpayers in higher-tax states easily exceed. Democrats say that's no coincidence. |
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Each weekday, The Daily Money delivers the best consumer and financial news from USA TODAY, breaking down complex events, providing the TLDR version, and explaining how everything from Fed rate changes to bankruptcies impacts you. |
Daniel de Visé covers personal finance for USA Today. | | The unexpected voice vote comes as congressional Republicans work to pass legislation that would include a similar provision. | | Trump's One Big Beautiful Bill, including a bigger child tax credit, is moving through Congress. See what may be in it for you and how to plan for it | | | | The state and local tax deduction is up for consideration again on Capitol Hill. What does it mean for you and your property taxes? | | | | The same group that has organized economic consumer blackouts is boycotting Walmart again. Find out why. | | | | Walmart is the latest U.S. retailer to warn of impending price increases due to the cost of Trump's tariffs, drawing ire from the Republican leader. | | | | Coinbase refused to pay their ransom demand of $20 million and is instead offering a $20 million reward for information about the hackers. | | | | The investigation found more than 150 overcharging errors at 26 stores across 14 states. | | | | The bill attempts to combine several priorities in Trump's legislative agenda with a clear emphasis on tax cuts. | | | | A coming wave of "horizontal" wealth transfers will send more than $50 trillion to older American women, according to a recent report. | | | | Our app gives you award-winning coverage, crosswords, audio storytelling, eNewspaper and more. | | | | | Sign up for the news you want | Exclusive newsletters are part of your subscription, don't miss out! We're always working to add benefits for subscribers like you. | | | | | |
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