US EditionCapitol Hill debates tax cuts bill with major changes
- Lawmakers on Capitol Hill debated a comprehensive tax cuts bill in May 2025 that includes major changes like investment accounts for babies and no taxes on tips and overtime.
- The bill aims to reconcile the budget, extends 2017 tax cuts permanently, and faces Senate resistance amid concerns about its impact on families and rural healthcare.
- Key elements of the bill include establishing an investment fund providing $1,000 for children born between 2025 and 2028, raising the SALT deduction limit from $10,000 to $30,000, and introducing new deductions related to Social Security.
- An independent congressional tax analysis estimates that the bill could increase the federal deficit by $3.7 trillion over ten years; while taxpayers earning between $15,000 and $100,000 might receive tax reductions, some individuals in the $15,000 to $30,000 income range could experience tax increases by 2031.
- The bill's outcome remains uncertain as advocates call it historic legislation, critics warn of harm to families and healthcare, and leaders aim to pass it in the House by Memorial Day 2025.
58 Articles
58 Articles
Wisconsin state Sen. Pfaff on no “no tax on tips” and state budget
WIZMnews.com Wisconsin state Sen. Brad Pfaff was in the WIZM studio this week. We talked about the budget process, the missing “no tax on tips” bill, other priorities he’d like to get done, and a few things UW-La Crosse. La Crosse Talk airs weekdays at 6-8 a.m. Listen on the WIZM app, online here, or on 92.3 FM / 1410 AM / 106.7 FM (north of Onalaska). Find all the podcasts here or subscribe to La Crosse Talk wherever you get your podcasts. We…
romesentinel.com
$3.8 trillion bill codifying Trump tax cuts passes House committee
(The Center Square) – After 17 hours of debate, lawmakers on the House Ways and Means Committee voted along party lines to advance Republicans’ $3.8 trillion tax cut bill, a significant step forward in codifying President Donald Trump’s campaign priorities…
Lawmakers debate details of Republicans' $3.8 trillion tax policy plans
(The Center Square) – Republican lawmakers on the House Ways and Means Committee are holding the line on their massive tax policy bill, which would permanently extend key portions of the expiring 2017 Tax Cuts and Jobs Act, raise the…
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