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Major Tax and Spending Bill Clears Senate

Major Tax and Spending Bill Clears Senate

The Senate just passed President Trump’s major tax and spending package, which extends the 2017 tax cuts and adds new tax breaks for workers earning tips and overtime pay.

The bill raises the state and local tax deduction limit to $40,000 for five years and includes significant cuts to Medicaid that would affect nearly 12 million Americans.

It also ends tax credits for electric vehicles and clean energy projects earlier than planned, while providing $50 billion for rural hospitals and major funding for defense and immigration enforcement.

Eight more from the desk

Other dispatches from the bullion wire.

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