In addition to raising the endowment tax rate for the richest schools to as much as 21%, the bill hits schools with heavy foreign student enrollment.

WASHINGTON – House Republicans defended a bill that would enact sweeping tax cuts, raise the debt ceiling, and add restrictions to benefit programs during a heated marathon day of committee hearings on Capitol Hill.

Three key panels are addressing some of the thorniest issues poised to make or break the Republicans' massive bill for Trump's agenda.

TPC found that, on average, all income groups would benefit from the tax proposals. But more than two-thirds of the tax cuts would go to those making $217,000 or more.

WASHINGTON (AP) — A proposal by Republicans in Congress would allow President Donald Trump’s administration to remove the tax-exempt status of nonprofits that it says support terrorism, creating what some nonprofits say is an arbitrary standard to financially punish charities that advocate for issues that don’t align with his agenda.

The current version of the proposal calls for the state and local tax deduction cap to be hiked to $30,000, which a group of blue-state Republicans have said is a nonstarter.

The Congressional Budget Office estimates the cuts will lead to 8.6 million people losing coverage over the next decade.

House Republicans are struggling to resolve key issues with President Donald Trump’s multi-trillion dollar tax package after weekend talks, including a change in the deduction cap for state and local taxes and a potential hike in the rate for high earners.