{"id":41151,"date":"2025-05-10T14:16:49","date_gmt":"2025-05-10T14:16:49","guid":{"rendered":"https:\/\/news2shorts.com\/index.php\/2025\/05\/10\/house-republicans-release-tax-plan-for-trumps-big-beautiful-bill\/"},"modified":"2025-05-10T14:16:49","modified_gmt":"2025-05-10T14:16:49","slug":"house-republicans-release-tax-plan-for-trumps-big-beautiful-bill","status":"publish","type":"post","link":"https:\/\/news2shorts.com\/index.php\/2025\/05\/10\/house-republicans-release-tax-plan-for-trumps-big-beautiful-bill\/","title":{"rendered":"House Republicans release tax plan for Trump’s ‘big, beautiful bill’"},"content":{"rendered":"

House Republicans released a portion of President Donald Trump\u2019s<\/a> tax agenda late on Friday evening, bringing them one step closer to completing the commander-in-chief\u2019s “big, beautiful bill.”<\/p>\n

The legislation includes an increased child tax credit (CTC), a higher threshold for estate tax liability \u2013 what Republicans have referred to as the “death tax” \u2013 and several other measures.<\/p>\n

It also lays the groundwork for making Trump\u2019s 2017 Tax Cuts and Jobs Act (TCJA) permanent. Republican leaders had warned that failing to do so would lead to a tax increase of over 20% for millions of Americans, if TCJA were allowed to expire at the end of this year.<\/p>\n

There is no information in the bill so far about state and local tax (SALT) deduction caps, which have been a significant point of contention<\/a> between blue state Republicans critical to keeping the House majority, and GOP lawmakers from deeper red, lower-tax states.<\/p>\n

SCOOP: REPUBLICANS DISCUSS DEFUNDING ‘BIG ABORTION’ LIKE PLANNED PARENTHOOD IN TRUMP AGENDA BILL<\/u><\/strong><\/a><\/p>\n

Another notable exclusion is a new millionaires\u2019 tax bracket<\/a>. Trump had floated the idea of a small tax increase on the ultra-wealthy, and a source familiar with his thinking told Fox News Digital earlier this week that Trump was considering allowing a pre-TCJA 2.6% tax hike on people making $2.5 million per year or more.<\/p>\n

Those measures and others are not necessarily excluded from the final bill, however.\u00a0<\/p>\n

The legislation is also expected to include new Trump tax pledges like eliminating taxes on tips, overtime wages and Social Security checks for retirees.<\/p>\n

More elements are expected to be added in the coming days via amendments. The full legislation is expected to advance through the Ways & Means Committee, the House\u2019s tax-writing panel, on Tuesday afternoon.<\/p>\n

Release of the legislation is a major sign of progress for House GOP leaders, who had been forced to punt their initial planned deadline of having a bill on Trump\u2019s desk by sometime between Memorial Day and the Fourth of July.<\/p>\n

But SALT deduction caps and a millionaire\u2019s tax hike are two of the most volatile discussion points.<\/p>\n

House Republicans currently have a razor-thin three-vote margin, meaning they can afford to have little dissent and still pass anything without Democratic support.<\/p>\n

They\u2019re hoping to do just that, with virtually no Democrats currently on board with Trump\u2019s massive Republican policy overhaul.<\/p>\n

Republican lawmakers are working to pass their legislation via the budget-reconciliation process, which lowers the Senate\u2019s passage threshold from 60 votes to 51, lining up the House\u2019s own simple majority threshold.<\/p>\n

Reconciliation allows the party in power to effectively skirt the minority and pass broad pieces of legislation \u2013 provided they address taxes, spending or the national debt.<\/p>\n

Trump wants Republicans to use the maneuver to tackle his priorities on the border, immigration, taxes, defense, energy, and raising the debt ceiling.<\/p>\n

BROWN UNIVERSITY IN GOP CROSSHAIRS AFTER STUDENT’S DOGE-LIKE EMAIL KICKS OFF FRENZY<\/u><\/strong><\/a><\/p>\n

Both the House and Senate passed frameworks setting the stage for the bill earlier this year.<\/p>\n

Now, the relevant committees of jurisdiction on either side must craft policy in line with that framework, before all the parts are fitted into a final bill that must again pass both houses of Congress before being signed into law by Trump.<\/p>\n

The most recent portion released by the House Ways & Means Committee would increase the current maximum CTC from $2,000 to $2,500.<\/p>\n

It would also boost the maximum deduction for qualified business income, a tax provision known as 199A, from 20% to 22%. That would largely affect small business owners whose entities are taxed under individual income tax rates.<\/p>\n

On the estate tax, which is levied on assets after person’s death, it raises the exemption level to $15 million from the current level of roughly $13.9 million.<\/p>\n

Republicans have long criticized the estate tax<\/a> as a needless financial burden on grieving families, particularly hitting small family-owned businesses. Supporters of the federal estate tax point out that it affects a relatively small number of estates.\u00a0<\/p>\n

“Seven years ago, the Trump tax cuts sparked an economic boom and provided needed relief to working families. Pro-family, pro-worker tax provisions are the heart of President Trump\u2019s economic agenda that puts working families ahead of Washington and will create jobs, grow wages and investment and help usher in a new golden age of prosperity,” House Ways & Means Chairman Jason Smith, R-Mo., said in a statement on Friday night.<\/p>\n

“Ways and Means Republicans have spent two years preparing for this moment, and we will deliver for the American people.”<\/p>\n","protected":false},"excerpt":{"rendered":"

House Republicans released a portion of President Donald Trump\u2019s tax agenda late on Friday evening, bringing them one step closer to completing the commander-in-chief\u2019s “big, beautiful bill.” The legislation includes an increased child tax credit (CTC), a higher threshold for estate tax liability \u2013 what Republicans have referred to as the “death tax” \u2013 and … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-41151","post","type-post","status-publish","format-standard","hentry","category-blog"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/posts\/41151","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/comments?post=41151"}],"version-history":[{"count":0,"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/posts\/41151\/revisions"}],"wp:attachment":[{"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/media?parent=41151"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/categories?post=41151"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/tags?post=41151"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}