House Republicans have revealed the tax portion of the “Big, Beautiful Bill”, as promised.
Much of the bill is an extension of the Tax Cuts and Jobs Act of 2017.
The bill proposes to make the TCJA tax rate cuts permanent.
It also extends and enhances the 199A deduction.
The bill also includes President Trump’s promise to reduce the tax on overtime, retirement income, and tips. These are all capped and subject to phase-out.
The SALT cap still stands, although the $10,000 cap is raised to $15,000 for individuals and $30,000 for married filing jointly (MFJ).
The bill is scheduled for markup today. It remains to be seen what changes will be made in the House before it moves to the Senate.
Stay tuned for more updates and a deeper dive into the bill’s contents.
