Trump's 'big, beautiful bill' to include expanded child tax credit | Fox News

Key Proposals

The released portion of the Republican tax plan includes an increased child tax credit (CTC) from $2,000 to $2,500, a higher estate tax threshold, and provisions to make the 2017 Tax Cuts and Jobs Act (TCJA) permanent.

It also aims to eliminate taxes on tips, overtime wages, and Social Security checks for retirees.

Points of Contention

Notable exclusions from the current bill include resolutions on SALT deduction caps and a new millionaires' tax bracket, both causing internal divisions within the Republican party.

• SALT deduction caps are a point of contention between blue-state and red-state Republicans.
• A potential millionaires' tax, previously considered by Trump, is absent from the current bill.

Legislative Process

The bill is expected to advance through the House Ways & Means Committee and be passed via the budget reconciliation process, requiring 51 votes in the Senate.

Both the House and Senate have passed frameworks for the bill; committees will now craft policy before a final bill is presented for approval and presidential signature.

Republican Support and Economic Claims

House Republicans have a narrow three-vote majority, necessitating internal unity to pass the legislation without Democratic support.

Chairman Jason Smith claims that the plan will create jobs, increase wages and investment, and usher in a new era of prosperity.