No millionaire tax hike in Trump’s ‘big, beautiful bill’

Republicans in the House of Representatives seem to have dropped plans to raise taxes for the new millionaire to pay the price of other priorities in the “Gempeeeen President’s Bill” of President Donald Trump.

The Roads and Means Committee, the Tax Writing Committee in the House of Representatives, issued approximately 400 pages of legislation on Monday, which paves the stage to expand the scope of tax cuts and jobs in Trump in 2017 permanently (TCJA), as well as a set of new Trump tax priorities.

This does not include any taxes on additional wages and additional work, both of which are accomplished through new tax discounts.

Trump promised to reduce taxes on social security for the elderly, the legislation temporarily increases the standard tax deduction that the elderly allowed to take, and effectively at the end of last year during the beginning of 2029.

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It will also lead to a $ 4 trillion debt limit – which specifically asked Trump from Republican legislators to deal with them before the United States runs out to pay its debts at one time this summer, which risks a failure to pay the national credit.

Noticeably absence from full legislation is a proposal that was put forward last week, which would have set a new tax segment for people who obtain $ 2.5 million annually or more, as he imposed taxes on them by 39.6 % – which was the highest tax rate before TCJA decreased to 37 %.

Conservative groups, such as Americans for prosperity and the Heritage Foundation, fought hard any idea of ​​increasing taxes on the wealthy.

He also publicly opposed it by a number of leading Republican personalities such as former Newt Gingrich and former president Mike Pines, along with the Pence Authority group, the progress of American freedom.

Several lawmakers of the Republican Party in the House of Representatives have told the Fox News Digital that they were unable to support the tax height of Millionaire.

Two people were familiar with the Fox News Digital on Monday that they did not expect to be included before the draft law was advanced through the committee on Tuesday.

But Republicans find other costs for legislation, including stripping tax exemption from “organizations that support terrorism” and the use of artificial intelligence programs (AI) to determine and reach improper medical care payments.

The draft law will significantly reduce tax exemptions for professional sports team owners, a measure known as firefighting, which allows these owners to remove part of the purchase price.

Representative Jason Smith, R-MO, leads the Roads and Means Committee. (Tom Williams)

Republicans are also targeting large colleges and universities, including the Libbie League, with higher taxes, which are federal duties driven on net profits for school investments.

This rate is currently 1.4 %. But the legislation will reach 21 % for the largest schools, such as Harvard University and Yale University – as Trump continues to fight the ivy association because of its financing.

The road and means committee is expected to present part of the legislation on Tuesday afternoon.

It is just one part of the so -called “big and beautiful bill” for Trump, which Republicans are working to pass through the budget settlement process.

By reducing the Senate threshold from 60 votes to 51 votes, it allows the party that controls Congress and the White House in full coordination of the minority and pass the comprehensive pieces – provided that they deal with national debts, taxes or spending.

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Trump wants Republicans to use him to pass his agenda on taxes, borders, immigration, energy and defense.

Meanwhile, the United States is currently more than $ 36 trillion of debt.

Republicans in the House of Representatives pledged to find between $ 1.5 trillion and $ 2 trillion from cost savings in other regions to compensate for the cost of the new Trump priorities and put the United States in a better financial path.

Tax legislation also increases the maximum permissible child tax (CTC) from $ 2000 to $ 2,500, and includes tax relief added to small business owners who provide their company under individual income tax.

It also includes a modest victory for the Republicans in the Blue State in increasing the maximum local tax deduction (SALT) from $ 10,000 to $ 30,000 for both individual employees and husbands. Married taxpayers get a ceiling of $ 15,000.

The gradual disposal of this maximum amount is made if a person’s income exceeds $ 400,000, and decrease to $ 10,000 once a person’s income reaches $ 500,000.

Salt discounts primarily aim to help people in high -cost areas, especially people in the outskirts of democracy strongholds such as New York and Los Angeles.

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Republicans who represent these areas said that the maximum discount of salt by $ 10,000 is very important for them in his position – and thus to keep the Republican Party the majority of the house.

SALT CAUCUS Republicans achieved $ 30,000 last week, which led to its bombing as insufficient. It is not clear if they will carry the final bill above it. Fox News told the digital that at least one member of their group, Representative Nicole Malikikis, RN.Y. , You may agree to the new threshold.

The Monday version comes after the Republicans revealed part of their tax plan during the weekend. Other details such as salt discount caps and potential new tax brackets are still under work.