House Committee Advances Trump's Tax Bill

SOURCE www.foxnews.com
The House committee is advancing a significant portion of President Trump's tax bill, which includes eliminating taxes on tips and overtime pay, extending the Tax Cuts and Jobs Act, and targeting big colleges with higher excise taxes. Republicans claim the bill benefits working and middle-class families, while Democrats argue it favors the wealthy and adds to the national debt.

Key Points

  • Elimination of taxes on tips and overtime pay
  • Extension of the Tax Cuts and Jobs Act
  • Increase in the Child Tax Credit and deduction for qualified business income
  • Crackdown on big colleges with higher excise taxes

Pros

  • Elimination of taxes on tips and overtime pay
  • Extension of the Tax Cuts and Jobs Act
  • Increase in the Child Tax Credit and deduction for qualified business income
  • Focus on providing relief to low-income and working families

Cons

  • Criticism from Democrats for favoring the wealthy and adding to the national debt
  • Accusations of cutting critical programs for low-income Americans
  • Aggressive opposition from Democrats during the markup process