After weeks of work, House Republicans passed their $4 trillion tax and spending bill Thursday morning. The centerpiece of the fiscal legislation, the One Big Beautiful Bill Act, is extending and making permanent a tranche of tax provisions from the 2017 Tax Cuts and Jobs Act that are set to expire at the end of

President Trump’s top legislative priority was a victory for him and for Speaker Mike Johnson, who kept the president’s trust throughout tricky negotiations.

If the House provision is enacted, the SALT cap would rise to $40,000, up from $30,000 in the previous plan, and phases out over $500,000.