The fate of the state and local tax deduction, or SALT, is dividing lawmakers by geography as well as politics.

Congress is likely to pass a tax cut on tipped wages this year. What we know about President Donald Trump's "one, big, beautiful, bill."

If passed by the Senate, the new expanded SALT cap would benefit millions of big earners in high-tax states, including New York, New Jersey, Pennsylvania, Maryland, Oregon and California.

Under the bill, employees would be eligible for an annual income tax deduction of $25,000 for some types of cash tips.

The Dow closed lower by 817 points, or 1.91%. The broader S&P 500 slid 1.61% and the tech-heavy Nasdaq Composite fell 1.41%. The three major indexes each posted their worst day in one month.

The spending bill passed by the U.S. House increases a tax the richest private universities pay on their endowment investment gains, a move proponents say reins in "woke" schools but that critics say will wind up hurting the poorest students the most.

Chances of a close brush with a US payment default are growing as the Senate plans for time-consuming revisions to President Donald Trump’s sprawling, multi-trillion-dollar tax and spending package.

The cost for a 30-year fixed-rate mortgage crept up to levels not seen since February, reflecting bond market fears over Trump’s plan to pay for tax cuts with an estimated $3.8 trillion in new debt. “Trump and Republicans are directly responsible for the spike in the 30-year Treasury bond yield and mortgage rates,