Bipartisan support helps foundations avoid tax increase in new Trump legislation

In a revealing display of influence, philanthropic foundations secured bipartisan support to avoid a tax increase in President Trump’s latest legislation, underscoring a split within his administration’s coalition.

Bipartisan support helps foundations avoid tax increase in new Trump legislation

AP Business SummaryBrief at 8:23 p.m. EDT

Lawmakers have removed a controversial ‘revenge’ tax provision from President Trump’s significant bill following a request from the Treasury Department. This action highlights inter-agency collaboration and could influence the bill’s ultimate impact.

Senate Republicans make changes to tax and Medicaid provisions in ‘big, beautiful bill’

In a significant legislative move, Senate Republicans have released the largest portion of President Trump’s ambitious bill, introducing major changes to tax breaks and Medicaid provisions. The proposal aims to make key business tax breaks permanent and adjust how states calculate federal Medicaid contributions.