The legislation includes an increased child tax credit (CTC), and a higher threshold for estate tax liability – the death tax.
It also lays the groundwork for making Trump’s 2017 Tax Cuts and Jobs Act (TCJA) permanent. Otherwise, Americans have a 20% increase next year.
The SALT deduction is still up in the air. I’m in New York, and personally, I don’t want it. Why should New Yorkers get it?
Another notable exclusion is a new millionaire’s 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. Trump should ditch that. It will be abused down the road and become a Maduro-like wealth tax.
The legislation is also expected to include new Trump tax pledges like eliminating taxes on tips, overtime wages and Social Security checks for retirees.
Steve Scalise said that it unleashes energy and secures the border.
President Trump said it will include 100% expensing retroactive to January 20… So, expensing one year, you take a deduction so you can build your factories right now, essentially almost tax free… We’re going to make that expensing for a four-year period at a full 100%.”
It would also boost the maximum deduction for qualified business income, a tax provision known as 199A, from 20% to 22%. That would largely affect small business owners whose entities are taxed under individual income tax rates.
The SALT deduction caps and a millionaire’s tax hike are two of the most volatile discussion points.
Also, they are not yet making spending cuts. That seems problematic.
.@SenRonJohnson explains to @ClayTravis and @BuckSexton why he thinks the "big, beautiful bill" doesn't meaningfully cut spending. pic.twitter.com/nUVY1y19JS
— The Clay Travis & Buck Sexton Show (@clayandbuck) May 8, 2025
.@SecScottBessent’s timely debt limit letter un-derscores the urgency for Congress to enact the agenda of @POTUS.
Republicans are working around the clock to deliver The One, Big, Beautiful Bill that reduces spending, secures the border, protects Medicaid, unleashes American… pic.twitter.com/9rBmEV5zmQ
President Trump is relying on the economy taking off, but when he leaves office, what happens then?
— Speaker Mike Johnson (@SpeakerJohnson) May 10, 2025
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