Trump Tax Bill Narrowly Passes House, Heads to Senate

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00:00Well, a big round of applause for House Speaker Mike Johnson as they passed this reconciliation

00:04package. The math changed on us a little bit because two Republicans were not there to vote,

00:08but it passed 215 to 214. One member voted present, that was Andy Harris, the chair of

00:14the House Freedom Caucus, who was raising those concerns about what this bill will do when it

00:18comes to adding to the deficit. Now, we did see some of those holdout members that we were sort

00:23of expecting to be on the fence here, including Chip Roy, ultimately vote in favor of this package.

00:28Now, what it does, of course, just to quickly recap, it will extend those 2017 tax cuts also

00:34include some of those provisions we were watching, like temporarily eliminating no taxes on tips and

00:39overtime pay. When it came to those key agreements that needed to be included in this in order for

00:44a deal to be reached, it's going to lift the salt cap from $10,000 to $40,000 and also speed up Medicaid

00:49work requirements to go into place by December of 2026, not to mention eliminate some of those

00:56clean tax credits under the IRA by 2028. Of course, as you've been covering, a lot of this

01:01is going to change once it gets over to the Senate, but this is considered to be a pretty big victory

01:06for House Speaker Mike Johnson this morning. Absolutely a victory for Speaker Johnson. He

01:10promised this vote, he landed the plane, but Tyler, what's on the chopping block in the upper chamber?

01:15Right. Well, definitely changes when it comes to Medicaid. We know that this is something

01:19that senators have already been pretty vocal about, that they're going to roll back,

01:23likely some of that timeline when it comes to implementing the work requirements, not to

01:28mention they also have some issues with how the tax provisions currently stand. They want to see

01:32them made permanent, not to mention also, of course, increasing the debt ceiling. Now the House plan,

01:37as it is passed, it would increase it by $4 trillion. The Senate wants to see that number boosted up to

01:43$5 trillion. Also the IRA tax credits being rolled back. Many senators have already voiced concerns about

01:48what this will mean for the private sector and companies that have already been banking on using them,

01:53not to mention some of those states that are trying to transition their economies when it comes to

01:57clean energy. And then lastly, Anne-Marie, keep your eye on what's going to happen to SALT because

02:01Senate Majority Leader John Thune historically hasn't been in favor of lifting that cap.