


Republican taxwriters have released the text of the slate of tax proposals that they want to go into the massive fiscal bill that would enact much of President Donald Trump‘s agenda.
The legislative text released Monday includes extending and making permanent various expiring provisions from the 2017 Tax Cuts and Jobs Act, as well as other Trump priorities, such as eliminating taxes on tips, ending taxes on overtime, and increasing the cap on state and local tax deductions.
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House leadership released the 389-page document on Monday afternoon, a day before the House Ways and Means Committee is set to hold its markup on the tax provisions. During that process, the various tax proposals will be debated and amendments to the legislation offered.
The document is the most substantial chunk of legislative text yet for the legislation that Republicans hope to pass through the reconciliation process, which involves several committees and markups. Reconciliation is a legislative process that allows bills to bypass the filibuster and pass with only a simple majority in the Senate.
While some of the tax proposals in the “one big beautiful bill” are uncontroversial and will likely garner universal Republican support, others could end up being changed to satisfy certain members who might threaten to withhold support for the overall legislation.
For instance, negotiations over the cap for state and local tax deductions are still ongoing.
The Ways and Means Committee spoke with members of the so-called SALT Caucus group of Republicans from high-tax states on Monday, although House Speaker Mike Johnson (R-LA) said no solution had been reached.
The specific text that was released on Monday increases the $10,000 cap to $30,000 for married couples but sets an income limit of $400,000. While the proposal would triple the SALT cap, some SALT lawmakers have indicated that $30,000 is too low.
Reps. Mike Lawler (R-NY), Elise Stefanik (R-NY), Andrew Garbarino (R-NY), and Nick LaLota (R-NY) released a statement last week saying they opposed a $30,000 cap.
LaLota said after the text of the legislation was released that he is still a “hell no” on the $30,000 proposal.
In the meeting on Monday morning, some of those lawmakers reportedly pitched a $62,000 cap for single filers and a $124,000 cap for married couples filing jointly, showing that there is still a large gap between Republican leadership and the SALT Republicans.
It is also notable what is not in the legislation. The bill doesn’t include a new millionaire tax bracket. Trump had reportedly been mulling the idea of letting the top individual rate revert back from 37% to 39.6% for taxpayers earning over $2.5 million.
TAX ON MAJOR UNIVERSITY ENDOWMENTS RAISED TO 21% IN HOUSE GOP BILL
Additionally, the legislation, which has been months in the making, would raise the debt limit by $4 trillion, giving breathing room to the Treasury Department.
The Ways and Means Committee markup of the legislation is scheduled to begin on Tuesday afternoon at 2:30 p.m.