House panel unveils tax portion of Trump agenda bill
Share this @internewscast.com


The House Ways and Means Committee, which has jurisdiction over taxes, on Friday evening released partial text for its portion of President Trump’s “big beautiful bill” and scheduled a meeting to debate and advance the legislation for Tuesday at 2 p.m.

The proposal had been highly anticipated, but the text released Friday appears to leave out some of the most contentious issues that have divided Republicans and threatened to sink the bill.

Not in the bill are provisions on the state and local tax (SALT) deduction cap, which is perhaps the most controversial of the tax laws under consideration. The SALT cap is a popular deduction in many higher-tax blue states, and has emerged as one of the biggest sticking points in negotiations.

A block of suburban blue-state Republicans has threatened to spike the entire reconciliation package if they don’t get the raise they want.

A more in-depth version of the bill is expected before the Tuesday meeting.

“It’s not unusual for a revised version to be introduced as an amendment in the nature of a substitute,” a committee spokesperson said.

Also missing are many, if not all, of the individual tax breaks proposed by Trump while on the campaign trail. These include getting rid of taxes on tips and overtime, canceling taxes on Social Security, adding a tax break for auto loan interest payments, and starting a credit for family caregivers.

The bill does not appear to raise the individual income tax rate for top earners but makes permanent Trump’s 2017 tax cuts.

The bill increases the child tax credit from $1,000 to $2,500 through 2028 and to $2,000 in subsequent years, and requires Social Security numbers for claiming it.

The bill increases the pass-through deduction for qualified business income to 22 percent from 20 percent, which was a top priority for many business and business lobbies. It also boosts the estate and gift tax exemption to $15,000,000 and indexes it for inflation.

The bill also has a section on “limiting Medicare coverage for certain individuals” and sets out a list of requirements for accessing federal health benefits.

Ways and Means Committee chair Jason Smith (R-Mo.) said in a Friday statement that his committee has “spent two years preparing for this moment.”

“Pro-family, pro-worker tax provisions are the heart of President Trump’s economic agenda,” he said.

Top Ways and Means Democrat Richard Neal (Mass.) blasted Republicans for the after-hours release of the legislative text.

“Releasing this bill under the cover of darkness, omitting major provisions, the only marker that this is Republican marquee legislation are the tax cuts for billionaires,” he said.

Committee-Print-Title-XI-Committee-on-Ways-and-Means-2Download

Updated at 10:36 p.m.

Share this @internewscast.com
You May Also Like

President Trump to Advocate for Budget Bill on Capitol Hill

WASHINGTON (NEXSTAR) – President Donald Trump is embarking on an uncommon visit…

UC Santa Barbara Student Disappears Following Weekend Getaway in Big Bear

Loved ones are spreading the word, trying to find a beloved UC…

Habba Reveals Criminal Accusation Against Representative McIver

Alina Habba, the interim U.S. attorney for the District of New Jersey,…

Ex-South Dakota Deputy Sheriff Faces Rape Charges Following Stand-off

SIOUX FALLS S.D. (KELO) — A former deputy sheriff was arrested for…

Parents of Released Israeli-American Hostage Find Joy in the Little Things During His Recovery

TEL AVIV – After spending 19 months as a captive in Gaza,…

Drug Overdose Fatalities Decrease by Almost 27% in the Past Year

SAVANNAH, Ga. () – In 2024, overdose deaths saw a significant decline,…

Supreme Court Permits Trump to Revoke Temporary Legal Status from Venezuelans Amidst Jackson’s Dissent

The Supreme Court in an emergency order on Monday allowed the Trump administration to…

Elizabeth Warren Cautions Against Stablecoin Bill Before Floor Vote

Sen. Elizabeth Warren (D-Mass.) is urging her colleagues to vote down updated…

Authorities launch investigation after truck driver discovered impaled on metal rod

EDMOND, Okla. (KFOR) Police in Oklahoma are investigating after a 30-year-old semitruck…

CDC: Drug Overdose Deaths in Virginia Drop by 38.5%

RICHMOND, Va. (WRIC) — Newly released data shows drug overdose deaths are…

Train Accident Claims Lives of 3 Family Members on Ohio Bridge During Fishing Trip

FREMONT, Ohio (AP) — Authorities reported that two women and a 5-year-old…

Local Transport Employees Discuss Effects of Trump Tariffs

SAVANNAH, Ga. () – While numerous consumers are experiencing the effects of…