US EditionCapitol Hill debates tax cuts bill with major changes
- In May 2025, lawmakers on Capitol Hill, particularly within the House Ways and Means Committee, engaged in discussions over a comprehensive tax legislation package featuring significant revisions.
- The bill aims to make permanent key 2017 Trump tax cuts set to expire this year while adding provisions like the MAGA account and increasing the SALT deduction.
- Key provisions feature $1,000 MAGA investment accounts managed by trustees for children born between 2025 and 2028, exemption of federal taxes on earnings from tips and overtime, the introduction of a Social Security deduction, and an increase of the SALT deduction limit to $30,000.
- A nonpartisan analysis suggests that by 2027, federal taxes could decrease by up to 15% for individuals earning between $15,000 and $100,000, but those making $15,000 to $30,000 may experience a 20% tax increase by 2031; additionally, the proposal is projected to add $3.7 trillion to the federal deficit over the next ten years.
- The bill faces Senate resistance amid concerns about deficit impacts, tax increases on the working poor, and provisions cutting energy credits and social programs, while Republican leaders aim for House passage by Memorial Day.
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56 Articles
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