Tax Policy - The State And Local Taxes (SALT) deduction cap is 4 times higher than last year [1] - Individuals may want to consider itemizing deductions instead of taking the standard deduction [1]

Tax Policy Changes - The report breaks down key provisions in the latest version of Trump's tax bill [1] - The tax bill includes changes to the SALT cap, business breaks, and Medicaid cuts [1]

Tax Bill & SALT Cap - The Senate tax bill proposes a $40,000 SALT cap for 5 years, after which it reverts to $10,000 [1][2] - The House language maintains a $40,000 threshold with a $500,000 income cap and 1% growth [4] - Failure to pass a tax bill could result in the largest tax hike in American history, impacting standard deductions and potentially affecting 7 million people due to the AMT [6][7] - Five members of the House Salt Caucus have agreed to the deal [9] Energy & Tax Credits - Elon Musk criticizes the bill, focusing on the IRA tax credits and potential harm to millions of jobs, particularly in the solar energy sector [9][10] - The House version of the bill aimed to phase out tax credits to mitigate the impact on existing green energy projects [12] - Billions of dollars have already been invested in green energy projects [13] Medicaid & FMAP - The Senate bill includes provisions related to Medicaid, with concerns raised about potential impacts on benefits for eligible recipients [9][15] - Discussions involve eligibility and citizenship verifications, work requirements, and potential changes to FMAP (Federal Medical Assistance Percentage) [15][16] - New York receives a 51% federal share on traditional Medicaid, while some red states receive 60-70% [16] New York City & Politics - A New York Republican Congressman shares his perspective on New York City politics, particularly regarding the choices voters will face in November [19] - He contrasts Eric Adams with Zoran Mandami, characterizing Mandami as a socialist whose policies would be detrimental to the city's economic health [22][23] - Concerns are raised about businesses and individuals leaving New York, potentially impacting the social safety net [24][25]

Congressional Debate - The report discusses the congressional debate over Trump's mega bill [1] Media Coverage - CNBC's Emily Wilkins is participating in a discussion on 'Money Movers' [1]