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Tax & Spend

Trump’s Tax Bill Has Nasty Surprise in SALT Fine Print for Some Rich Americans

Donald Trump and Mike Johnson at the US Capitol in Washington on May 20.

Photographer: Ting Shen/Bloomberg

Takeaways by Bloomberg AI

House Republicans’ “big, beautiful bill” could bring hundreds of billions of dollars in tax cuts to wealthy business owners.

But a key subset of rich Americans were pointedly excluded from that potential bonanza. In fact, thousands of business owners are facing the prospect of billions of dollars of higher taxes. Their sin: Earning their money in the wrong industry.