US EditionHouse Republicans are zeroing in on a sweeping tax package. Here's what it could mean for you
- In May 2025, House Republicans are pushing forward a comprehensive plan that includes tax relief and spending reductions, notably making permanent many of the individual income tax cuts introduced in the 2017 Tax Cuts and Jobs Act.
- This package responds to the pending expiration of individual tax breaks after 2024 and includes provisions originally promised by President Trump.
- Key measures include temporary tax relief from 2025 through 2028 for parents, senior citizens, tipped and hourly workers, auto loan interest deductions, and phased credits tied to income thresholds.
- The Joint Committee on Taxation forecasts that by 2027, average tax rates will decline to 11.4% for $60,000–$80,000 households from 13.1%, rise to 4.8% from 4% for under $15,000 earners, and fall to 28.3% for millionaires.
- The legislation could still change before final House and Senate votes, and contains provisions cutting Medicaid, food stamps, electric vehicle credits, and restructuring student loans, potentially harming some Americans' finances.
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House Republicans are zeroing in on a sweeping tax package. Here's what it could mean for you
Many taxpayers could see even more money in their pockets in coming years under a sweeping tax and spending cuts package that House Republicans hope to finalize before Memorial Day.
·Louisville, United States
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