House Republicans' Tax Agenda and President Trump's Priorities

SOURCE www.foxnews.com
House Republicans released part of President Trump's tax agenda, including an increased child tax credit and making the 2017 Tax Cuts and Jobs Act permanent. The bill excludes information on state and local tax deductions and a new millionaires' tax bracket. It aims to eliminate taxes on tips, overtime wages, and Social Security checks for retirees. The legislation is expected to advance through the Ways & Means Committee, with more elements to be added in the coming days via amendments.

Key Points

  • House Republicans aim to pass legislation via the budget-reconciliation process
  • The bill raises the child tax credit and exemption level for the estate tax
  • It faces challenges regarding SALT deduction caps and a millionaire's tax hike

Pros

  • Increased child tax credit
  • Making the 2017 Tax Cuts and Jobs Act permanent
  • Eliminating taxes on tips, overtime wages, and Social Security checks for retirees

Cons

  • Exclusion of information on state and local tax deductions
  • Lack of a new millionaires' tax bracket