House Republicans release tax plan for Trump's 'big, beautiful bill'
The bill includes an expanded child tax credit and a boost for small business owners
By Elizabeth Elkind Fox News
Published May 10, 2025 9:42am EDT
House Republicans released 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 legislation 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 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.
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 between blue state Republicans critical to keeping the House majority, and GOP lawmakers from deeper red, lower-tax states.
Another 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 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.
Those measures and others are not necessarily excluded from the final bill, however.
The legislation is also expected to include new Trump tax pledges like eliminating taxes on tips, overtime wages and Social Security checks for retirees.
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https://www.foxnews.com/politics/house-republicans-release-tax-plan-trumps-big-beautiful-bill
