Core Viewpoint - US Treasury Secretary Becerra and House Speaker Johnson are optimistic about reaching a compromise on the state and local tax (SALT) deduction issue, which is crucial for advancing Trump's tax and spending bill [1] Group 1: SALT Deduction Compromise - Becerra mentioned progress was made during a meeting with a group of "SALT Republicans," indicating they are close to an agreement [1] - The House bill proposes raising the deduction cap from the current $10,000 to $40,000, while the Senate draft maintains the cap at $10,000 [1] - Some House members from New York, New Jersey, and California have threatened to block the bill without a sufficient compromise [1] Group 2: Legislative Outlook - Johnson expressed confidence that a "mutually acceptable solution" for the SALT deduction will be reached [1] - He predicted that the remaining differences in the bill could be resolved by Friday [1]

Core Points - The Senate Republicans have unveiled a revised tax and healthcare provision of Trump's multi-trillion dollar economic plan, aiming for passage before July 4 [1] - The new version increases the debt ceiling by $5 trillion, up from the $4 trillion proposed by the House, while largely adhering to the House framework [1] - The absence of an agreement on the State and Local Tax (SALT) deduction is notable, with the current $10,000 SALT deduction cap retained as a transitional measure [1] Tax Policy Implications - The legislation largely extends Trump's 2017 tax cuts for families and small businesses, which are set to expire at the end of 2025 [1] - New tax relief measures are included, such as the elimination of taxes on tips and overtime, as promised by the President during the campaign [1]