House Republicans release tax plan for Trump's 'big, beautiful bill'

House Republicans published a portion of President Donald Trump s tax agenda late on Friday evening bringing them one step closer to completing the commander-in-chief s big beautiful bill The regulation includes an increased child tax credit CTC a higher threshold for estate tax liability what Republicans have referred to as the death tax and several other measures It also lays the groundwork for making Trump s Tax Cuts and Jobs Act TCJA permanent Republican leaders had warned that failing to do so would lead to a tax increase of over for millions of Americans if TCJA were allowed to expire at the end of this year There is no information in the bill so far about state and local tax SALT deduction caps which have been a vital point of contention between blue state Republicans critical to keeping the House majority and GOP lawmakers from deeper red lower-tax states SCOOP REPUBLICANS DISCUSS DEFUNDING 'BIG ABORTION' LIKE PLANNED PARENTHOOD IN TRUMP AGENDA BILLAnother notable exclusion is a new millionaires tax bracket Trump had floated the idea of a small tax increase on the ultra-wealthy and a source familiar with his thinking informed Fox News Digital earlier this week that Trump was considering allowing a pre-TCJA tax hike on people making million per year or more Those measures and others are not necessarily excluded from the final bill however The rule is also expected to include new Trump tax pledges like eliminating taxes on tips overtime wages and Social Safety checks for retirees More elements are expected to be added in the coming days via amendments The full decree is expected to advance through the Solutions Means Committee the House s tax-writing panel on Tuesday afternoon Release of the rule 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 s desk by sometime between Memorial Day and the Fourth of July But SALT deduction caps and a millionaire s tax hike are two of the bulk volatile discussion points House Republicans as of now have a razor-thin three-vote margin meaning they can afford to have little dissent and still pass anything without Democratic endorsement They re hoping to do just that with virtually no Democrats right now on board with Trump s massive Republican protocol overhaul Republican lawmakers are working to pass their decree via the budget-reconciliation process which lowers the Senate s passage threshold from votes to lining up the House s own simple majority threshold Reconciliation allows the party in power to effectively skirt the minority and pass broad pieces of act provided they address taxes spending or the national debt Trump wants Republicans to use the maneuver to tackle his priorities on the edge immigration taxes defense force and raising the debt ceiling BROWN UNIVERSITY IN GOP CROSSHAIRS AFTER STUDENT'S DOGE-LIKE EMAIL KICKS OFF FRENZYBoth the House and Senate passed frameworks setting the stage for the bill earlier this year Now the relevant committees of jurisdiction on either side must craft plan 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 The bulk new portion distributed by the House Procedures Means Committee would increase the current maximum CTC from to It would also boost the maximum deduction for qualified business income a tax provision known as A from to That would largely affect small business owners whose entities are taxed under individual income tax rates On the estate tax which is levied on assets after person's death it raises the exemption level to million from the current level of roughly million Republicans have long criticized the estate tax 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 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 s economic agenda that puts working families ahead of Washington and will create jobs grow wages and commitment and help usher in a new golden age of prosperity House Procedures Means Chairman Jason Smith R-Mo explained in a message on Friday night Avenues and Means Republicans have spent two years preparing for this moment and we will deliver for the American people