House Republicans have seemingly dropped plans for a new millionaire’s tax hike to pay for other priorities in President Donald Trump’s “big, beautiful bill.”
The Ways & Means Committee, the House’s tax-writing panel, released nearly 400 pages of legislation on Monday, setting the stage for permanently extending Trump’s 2017 Tax Cuts and Jobs Act (TCJA), as well as a host of other new Trump tax priorities.
That includes no taxes on tipped and overtime wages, both of which are accomplished via new tax deductions.
For Trump’s promise to cut taxes on seniors’ Social Security, the legislation temporarily increases the standard tax deduction that seniors are allowed to take, affecting the end of last year through the beginning of 2029.
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