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yesterday

House Republicans Reveal Tax Plan to Extend 2017 Cuts and Boost Child Credit

The proposal seeks to solidify Trump-era tax policies, temporarily raise the child tax credit to $2,500, and expand business and estate tax breaks while leaving key issues unresolved.

The U.S. Capitol is seen on Capitol Hill in Washington, D.C., U.S., May 7, 2025. REUTERS/Nathan Howard/File Photo
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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.