(Substack)—House Republicans unveiled a segment of President Donald Trump’s tax agenda on Friday evening, advancing efforts to finalize the president’s “big, beautiful bill.”
The proposal features an enhanced child tax credit (CTC), a raised estate tax exemption threshold—often called the “death tax” by Republicans—and other provisions.
It also sets the stage for permanently extending Trump’s 2017 Tax Cuts and Jobs Act (TCJA). GOP leaders cautioned that letting TCJA lapse by year-end would trigger a tax hike exceeding 20% for millions of Americans.
The bill currently omits details on state and local tax (SALT) deduction caps, a divisive issue between blue-state Republicans, key to maintaining the House majority, and GOP members from red, lower-tax states.
Also absent is a proposed millionaires’ tax bracket. Trump had suggested a modest tax increase for the ultra-wealthy, with a source telling Fox News Digital that he was considering a pre-TCJA 2.6% tax hike for those earning $2.5 million or more annually.
These elements could still be incorporated into the final legislation.
The bill is expected to include new Trump tax commitments, such as…
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