Legislation
Breaking news and analysis on the latest legislation and activities affecting financial services from Capitol Hill.
Stop Taxing Expats on Foreign Income, Groups Say as Senate Weighs Tax Bill
By Melanie WaddellAmericans living abroad should be taxed only on U.S.-sourced income, advocacy groups argue.
May 22, 2025
House Passes Trump Tax BillThe bill now heads to the Senate, where groups of Republicans are pressing for extensive changes.
May 21, 2025
White House Says Failure to Pass Tax Bill Would Be ‘Ultimate Betrayal’Lawmakers struck a deal on the SALT cap, but some ultraconservatives are still on the fence.
May 21, 2025
New Bill Eliminates Cap on Social Security Payroll TaxesThe Medicare & Social Security Fair Share Act also increases the net investment income tax on income above $400,000.
May 21, 2025
Johnson Says Agreement Reached on Raising SALT Cap to $40,000The agreement suggests a resolution to one of the final issues holding up President Donald Trump’s economic bill.
May 21, 2025
Senate Passes No Tax on Tips ActThe bill, which passed 100-0, would exempt up to $25,000 in tips from federal income tax.
May 20, 2025
Trump Loses Patience With SALT Demands as Tax Bill Faces SnagSeveral SALT advocates plan to keep blocking Trump’s bill if the deduction isn't raised above $30,000.
May 20, 2025
Trump Pushes SALT Republicans to Abandon Further Cap HikeHe also spoke with hard-liners seeking deeper Medicaid cuts. But both groups appear to be holding firm.