A House Committee, tasked with writing US tax laws, held a meeting Tuesday afternoon to advance one of the most important parts of President Donald Trump’s “big, beautiful bill.”
The sweeping law of the law, revealed Monday by House Ways and the instrumental committee, follows Trump’s campaign promise to not only permanently extend the President’s 2017 Tax Cuts and Employment Act (TCJA), among other provisions, but also eliminate tips and overtime pay taxes.
House Speaker Mike Johnson (R-La.) wants House Republicans to pass a Trump bill or a version of “soon after” as he told Fox News Digital later last month.
Republicans in the House and Senate are working on Trump’s agenda through the budget settlement process. This allows powerful parties to put minorities aside by lowering the threshold for passing to the Senate majority, subject to transactions in expenditure, tax, or government bond laws.
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A House Committee, tasked with writing US tax laws, held a meeting Tuesday afternoon to advance one of the most important parts of President Donald Trump’s “big, beautiful bill.” (Fox News/Getty Images)
Lawmakers on the Methods and Means Committee are expected to meet for at least several hours on Tuesday to mark up discussions on the bill.
However, it could be longer. The 2021 Methods and Means Committee markup meeting, which Democrats were trying to pass better in 2021, lasted for 35 hours over four days as they dragged the process out against then-President Joe Biden’s progressive tax policy.
Democrats are expected to launch an offensive fight as well on Tuesday, accusing Trump of trying to cut taxes for the wealthy and accusing him of thwarting key programs for low-income Americans.
Committee member Rep. Mike Thompson posted it on X on Monday.
However, Republicans argue for the tax bill champions, workers and middle class, pointing to Trump’s exclusion of tips on tax and overtime benefits as evidence points.
Some announced over the weekend by the House Ways & Means Committee will increase the current maximum child tax credit from $2,000 to $2,500. Trump’s TCJA doubled its maximum in 2017 from $1,000 to $2,000.
Rep. Jason Smith, R-Mo. will leave the House Republican Congress meeting at the US Capitol on February 14th, 2024 (Tom Williams)
It also promotes the maximum deduction of tax allowances known as 199A from 20% to 22%. It has a significant impact on small business owners who are taxed under the individual income tax rate.
Trump’s promise to eliminate taxes on social security for retirees is addressed by giving seniors a higher standard deduction.
“It brings the benefits of low-income working families to the benefits of wealthy families by expanding tax relief to those who need it the most. This is a tip for American seniors and a tax-free president’s priorities on overtime wages, “House & Means Committee Chairman Jason Smith, R-Mo.” said in a statement.
The law cracks down on larger universities and universities, such as the Ivy League, like Harvard, which are trapped in the battle for free speech with the White House. This targets these large schools with higher sales taxes, a federal obligation to be paid on the net profits of school investments.
That rate is currently at 1.4%, but the law will bring it to 21% at the largest schools such as Harvard and Yale University.
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The nearly 400-page law will add to the larger legislative framework before it passes the Ways & Means Committee on Tuesday.
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The House Energy & Commerce Committee, for example, also held a meeting Tuesday afternoon to advance some of the bill. The broad committee is responsible for Medicaid, Medicare, energy production and communications.
The House Agriculture Committee, which oversees federal food programs, such as the Supplementary Nutrition Assistance Program, will meet Tuesday evening to move forward with the portion.
The Full House and the Senate must pass the same version of the final bill before they can reach Trump’s desk for signing.
Tyler Olson of Fox News contributed to this report.
Elizabeth Elkind is the main reporter of Fox News Digital’s reporting in the House of Representatives. Previous digital bylines seen on Daily Mail and CBS News.
Follow me on Twitter at @liz_elkind and send tips to Elizabeth.elkind@fox.com
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