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For those following PTET workaround language closely, the House manager’s amendment has some clarifying language. Clearer now that the new limits on SALT cap workarounds apply to service businesses but not to other pass-throughs (manufacturers for example).

How a New $40,000 SALT Cap Would Affect Your Tax Bill A single high-earner might get a boost, but a modest-income married couple might not wsj.com/personal-finan… via The Wall Street Journal

“I don’t suspect we’ll tear the whole thing apart, but we’re probably going to repaint some of the interior walls,” said Sen. Mullin. “We’ve got to put our fingerprints on it.” Read Siobhan Hughes Richard Rubin Lindsay Wise on the Big Beautiful Bill. wsj.com/politics/polic…

Dynamic score for the GOP tax bill from JCT: It would increase real GDP growth by 0.03 percentage points on average over the next decade. That growth would generate $103B in tax revenues. Overall revenue losses: $3.7T jct.gov/publications/2…

1/ Rising 10-30 year yields without changed Fed expectations tells you this is about deficits and eroding reserve status of $. The term premium (the statistical junkyard for stuff we can't explain) has shot up to 90 bp, from negative. My column: wsj.com/economy/centra…

I’m deeply saddened by Charlie Rangel’s passing, but it’s somehow fitting that he died today. Charlie was a true American war hero. He always emphasized the need to remember his comrades who never made it home from the Korean War.

House Republicans’ plan to hike taxes on university endowments could drive the biggest shift to endowments’ investment strategies in a generation on.wsj.com/4dDtyhp

Real ones remember $787B as the original estimated cost of ARRA. So, basically, the GOP SALT cap pays for the Obama stimulus. 🤔

Our latest, on the international "revenge tax" that has investors and companies running to their tax advisers this week to figure out what the heck is in the GOP tax bill. wsj.com/politics/polic…

Hey 899 fans, is it "Super BEAT" or "super BEAT" or "SuperBEAT"?