Trump's Tax Agenda Advances with Expanded Child Tax Credit
House Republicans have released a portion of President Donald Trump’s tax agenda, signaling progress towards a ‘big, beautiful bill’.
The legislation, part of Trump’s broader economic policy, includes an increase in the child tax credit (CTC) from $2,000 to $2,500, a move aimed at providing relief to working families. Additionally, the bill proposes raising the estate tax exemption level to $15 million, a change that Republicans argue will alleviate the burden on family-owned businesses. The tax plan also seeks to make permanent the 2017 Tax Cuts and Jobs Act (TCJA), warning that its expiration could result in a significant tax increase for millions of Americans.
While the released portion of the bill does not address contentious issues such as state and local tax (SALT) deduction caps or a proposed millionaires’ tax bracket, these elements could still be included in the final legislation. House Republicans, facing a tight margin, are pushing to pass the bill through the budget-reconciliation process, which requires only a simple majority in both the House and Senate.
The Ways and Means Committee is set to advance the bill, with further amendments expected in the coming days. This legislative effort is part of Trump’s broader agenda to address taxes, spending, and the national debt, aiming to foster economic growth and support for working families.