The carried interest loophole refers to a provision in the U.S. tax code that allows investment fund managers, like private equity executives, to pay a lower tax rate than normal,

WASHINGTON (AP) — House Republicans stayed up all night to pass their multitrillion-dollar tax breaks package, with Speaker Mike Johnson defying the skeptics and unifying his ranks to muscle President Donald Trump's priority bill to approval Thursday.

Some $500 billion in cuts to Medicare could be avoided if Congress instructs the White House budget office to disregard the reconciliation package’s debt impact.