The Republican's Republican tax plan begins. What can be seen

The debate about the taxal bill of Republicans of the Republicans is in progress – and experts see that the priorities of President Donald Trump make the final cut.

The House Ways and Means Committee, which is responsible for taxes, published the full text of his part of the law on Monday afternoon and began debating provisions on Tuesday.

The GOP legislators included several Trump campaign priorities, including tax cutting, without tax on tips and tax-free overtime. Instead of reducing taxes on social security, the plan contains an additional deduction of $ 4,000 for older Americans.

The early legislation did not contain a higher tax rate for some of the richest Americans or plans to end the so -called “participating gap”, which are both ideas that Trump supports.

However, the final law could change considerably before the committee has coordinated.

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According to estimates of the joint taxation committee, the early version of the GOP tax bill would cost around 3.7 trillion dollars over 10 years. This is below the border of the Republicans of 4.5 trillion dollars, which could leave space for other priorities in the negotiations on Tuesday, which are increased or increased on Tuesday.

“It is really important that additional tax cuts are paid”, which will affect the individual provisions, said Shai Akabas, Vice President of Economic Policy for the cross -party policy center.

If the debate heats up, you will find two important areas you should watch.

With a slim republican majority of the Republicans, the border to the deduction for state and local taxes, known as Salt, was an essential topic in the negotiations of the tax package.

The current upper limit of 10,000 US dollars will expire after 2025 without measures of the congress, which will come into force in 2017 on the law on tax cuts and jobs.

The house text published on Monday would increase the salt trigger limit for most taxpayers to $ 30,000. This would expire as soon as the adapted gross revenues are exceeded over $ 400,000.

Some legislators have already promoted a higher salt trigger cap, which could still be possible with the wobbling room in the budget, explain experts.

Republican legislators also want to expand the tax credit for children, a change that was passed in February 2024 about a cross -party house bill.

TCJA temporarily increased the maximum tax credit for children to $ 2,000 from $ 1,000 per child under the age of 17 and increased the authorization. These changes are planned after 2025 sunset.

The preliminary House -Gop text stipulates that the creditworthiness will be increased to $ 2,500 per child by 2028 as long as both parents have a social security number. The reimbursement share of $ 1,400, which is available without taxes, is indexed for inflation.

However, the proposal “does not do anything for the 17 million children who are currently not receiving the full tax credit of 2,000 US dollars because the income of their families is too low,” said Chuck Marr, Vice President for the Center for Household and Political Priorities.