Trump's 'big, beautiful bill', included the extended tax credit for children

The Republicans of the House released part of President Donald Trump's tax agenda late Friday evening and took a step closer to them to complete the “large, beautiful draft law” of the commander -in -chief.

The legislation includes an increased tax credit for children's tax (CTC), a higher threshold for the estate tax debt – which Republicans have described as a “death tax” – and several other measures.

It also laid the basis for permanent taxes and jobs (2017 “Tax and Jobs Act of Trump 2017. The Republican leaders had warned that the failure would lead to a tax increase of over 20% for millions of Americans if TCJA was allowed to expire at the end of this year.

So far, there is no information about state and local tax (Salt) deductible caps, which were a significant point of view between the Republicans of the Blue State for the attitude of the house majority and the GOP legislator in front of deeper red, sub -taxable states.

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Another remarkable exclusion is the tax class of a new millionaire. Trump had experienced the idea of ​​a small tax increase in the Ultra-Reichen source, and a source familiar with his thinking said at the beginning of this week that Trump had approved a tax increase in front of TCJA 2.6% for people in the amount of $ 2.5 million per year or more.

However, these and other measures are not necessarily excluded from the final invoice.

Legislation is also expected that new commitments for Trump tax, such as the elimination of taxes to tips, overtime wages and social security controls for pensioners.

It is expected that further elements will be added by changes in the coming days. Complete legislation is expected to progress on Tuesday afternoon through the paths and middle committee, the tax writing committee of the house.

The publication of the legislation is a great sign of the progress for the GOP leaders of House, who were forced to end their initial planned period of Trump's desk between the memorial day and July 4th on Trump's desk.

But salt trapping caps and the tax increase of a millionaire are two of the most volatile discussion points.

House Republicans currently have a razor-thin three-vote lead, which can afford to have little contradiction and still exist without democratic support.

They hope to do exactly that, since practically no democrats are currently on board with Trump's massive republican political overhaul.

Republican legislators are working to adopt their legislation on the budget reconconiation process, which lowers the adoption of the Senate from 60 votes to 51 and connects the simple majority of the house.

Reconciliation enables the power that the power of the minority is effectively dried up and broad laws are adopted – provided they will tackle taxes, expenditure or public debt.

Trump wants the Republicans to use the maneuver to tackle his priorities at the border, immigration, taxes, defense, energy and increase the debt limit.

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Both the house and the Senate passed frameworks, which set the stage for the bill at the beginning of this year.

Now the relevant committees of responsibility on both sides have to create the guidelines according to this framework before all parts are built into a final draft law, which must pass both congress houses again before they are signed by Trump to the law.

The latest part of the House Ways & Means Committee would increase the current maximum CTC from USD $ 2,000.

It would also increase the maximum deduction for qualified business income, a tax results known as 199a, from 20% to 22%. This would largely affect small business owners whose companies are taxed under individual income tax rates.

In the case of estate tax that is collected after the death of an assets, it increases the level of liberation to $ 15 million from the current level of around $ 13.9 million.

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The Republicans have long criticized the estate tax as an unnecessary financial burden for mourners, in particular the bad companies in family -owned. Followers of the federal tax of the federal being point out that it affects a relatively small number of goods.

“Seven years ago, the Trump tax reductions triggered an economic boom and provided the working families the necessary relief. Professional, pro-family taxes are the heart of the economic agency of President Trump, who brings working families to Washington and creating jobs, expanding and investing jobs.

“The Republicans have prepared paths and funds for this moment for two years and we will deliver for the American people.”