Derrick Van Orden (R-Wis.) says Republicans aren’t actually cutting anyone’s federal health or food benefits in President Donald Trump’s sweeping tax bill — a plan that slashes $1 trillion from Medicaid and food assistance programs.

House Republicans stayed up all night to pass their multitrillion-dollar tax breaks package. Speaker Mike Johnson defied the skeptics within his ranks and muscled President Donald Trump’s priority bill to approval Thursday.

Overall, the Republican tax bill, known as the One Big Beautiful Bill Act, would add $2.3 trillion to the deficit over 10 years, according to the CBO.

It’s no surprise that Senate Republicans differ from their House counterparts. From the outset, GOP senators wanted to do the tax part of the legislation as its own bill instead of piling it all into one gigantic piece of legislation. Some senators are still talking about doing separate bills.

Yields on government debt have risen as Congress weighs Trump’s budget plan. Meanwhile, interest on the debt is approaching $1 trillion a year – on par with proposed Defense spending.

The House votes in favor of "big beautiful bill." If bill passes Senate, some will see tax cuts and millions could lose Medicaid coverage.

California Republicans were pleased that lower- and middle-income residents will be able to deduct more of their state and local taxes, or SALT. The deduction, now capped at $10,000, would rise to $40,000 for those with taxable incomes of less than $500,000.

That yield shows roughly how much in interest the U.S. government needs to pay investors to get them to lend it cash for 10 years. Washington needs that cash because it consistently spends more than it takes in through tax revenue. And when bond investors are more wary of lending to the U.S. government, yields for Treasurys rise.

Oklahoma legislators are debating an income tax cut amid budget uncertainties. Despite financial unknowns, including potential federal funding cuts, some lawmakers support a 0.25% income tax reduction. Senate and House leaders are negotiating the budget ...

The carried interest loophole refers to a provision in the U.S. tax code that allows investment fund managers, like private equity executives, to pay a lower tax rate than normal,