Overview

• The Ways and Means Committee released a 28-page draft of the tax bill, aiming to make the 2017 Tax Cuts and Jobs Act provisions permanent.
• The child tax credit would temporarily increase from $2,000 to $2,500 through 2028, with a return to $2,000 afterward.
• Proposals include raising the estate tax exemption to $15 million and boosting the pass-through business income deduction from 20% to 22%.
• The bill does not address contentious issues such as the $10,000 SALT deduction cap, Medicaid funding, or clean energy tax credits.
• Republicans plan to advance the legislation next week using the budget reconciliation process to bypass a Senate filibuster.