The U.S. House of Representatives narrowly passed a GOP-backed federal tax bill on Thursday, May 22, that increased the cap on the deduction on state and local taxes to $40,000, extended tax cuts approved during the first Trump administration and made changes expected to reduce Medicaid funding by $740 billion.
Republicans are touting the bill as a cost-saving win, while Democrats criticize it for the potential harm it could cause millions of Americans.
