Richard Rubin

So in dollar terms, some of the biggest ones are going to be the state and local deduction cap.

People living in high tax states, New York, New Jersey, California, who either couldn't itemize their deductions before, didn't make sense to, or they were itemizing but had that cap of $10,000 but can now deduct up to $40,000.

That $30,000 additional deduction, if you just add that to what your normal refund might be,

is going to be about a 24% tax rate, seven grand or something.

Right?

So this is potentially significant additional dollars.

This time they're saying, no, no, no, like, let's just look at the actual profit experience.

And so that's called a periodic adjustment.

The IRS really hasn't done it before.

And they're trying it right now.

Still a very important signal.

It's interesting that the IRS is doing this even while it's been quite friendly to tech companies, including Meta in the Trump administration.

And it's a sign of the IRS in some ways just doing things the way they had been doing it, not even really shifting to a more business friendly approach.

The House bill has these Medicaid cuts and you've got senators like Josh Hawley and Susan Collins on the Republican side who want to soften those a little bit. The House bill phases out the clean energy tax credits very quickly and there are senators like Tom Tillis of North Carolina who want to slow that down a little bit.

The House bill has these Medicaid cuts and you've got senators like Josh Hawley and Susan Collins on the Republican side who want to soften those a little bit. The House bill phases out the clean energy tax credits very quickly and there are senators like Tom Tillis of North Carolina who want to slow that down a little bit.

But there is a chance that that CBO estimate could rise after the bill passes through the Senate. That's one of the real questions. Does the Senate feel constrained by the House agreement to keep that deficit number at 2.4-ish trillion? The Senate could make that deficit number bigger and just say, okay, fine, we'll just have fewer spending cuts or more tax cuts and it's fine.

But there is a chance that that CBO estimate could rise after the bill passes through the Senate. That's one of the real questions. Does the Senate feel constrained by the House agreement to keep that deficit number at 2.4-ish trillion? The Senate could make that deficit number bigger and just say, okay, fine, we'll just have fewer spending cuts or more tax cuts and it's fine.

Das führt zu dem Risiko, in der Haustür zu verlieren und sogar in der Senate zu verlieren, weil es keine konservativen Mitglieder mehr gibt, die sich um die Defizite interessieren.

Das führt zu dem Risiko, in der Haustür zu verlieren und sogar in der Senate zu verlieren, weil es keine konservativen Mitglieder mehr gibt, die sich um die Defizite interessieren.

Sie können auch Wege finden, um die Kosten zu beheben, sowohl echte, wie auch andere Spendenkosten, oder Taxingröße, oder indem sie sagen, oh, es wird den ökonomischen Wachstum erhöhen, und wir nehmen also an, dass ein Gewinn von dem kommt. Sie haben also eine Reihe von Chancen, wie sie den Bill ändern und dann darüber sprechen, wie sie den Bill ändern. That was WSJ Reporter Richard Rubin.