WASHINGTON (Reuters) – Part of the text of the U.S. House Committee on Taxes released Friday night is a tax agenda proposed by Donald Trump, which will make his 2017 tax deduction permanent and leave controversial questions ahead of Tuesday's planned vote.
The House Roads and Means Committee's 28-page proposal will increase the child tax credit from $1,000 to $2,500 to $2,028, and then to $2,000, adding that it requires recipients to have a social security number and reduce certain taxes for multinational and non-corporate businesses.
However, it doesn't address more intense issues, such as how to deal with the $10,000 deduction for current state and local taxes, which is important for states with high taxes like New York, California, and New Jersey.
It also did not address the fate of Medicaid, which covers about 35 million people Trump won in last year's presidential election and the clean energy tax credit, benefiting some Republican states.
“It took two years for Republicans to prepare for the American people and we will serve the American people,” said Jason Smith, chairman of the Ways and Mane committee in Missouri.
U.S. Congressional Republicans are paying for what Trump calls the “big and beautiful bill” — a trillion-dollar tax and immigration reform agenda that hangs in the balance in the fate of Medicaid healthcare programs and the nation’s debt ceiling.
The party was torn between hard remittance papers looking to cut taxes to meet the goal of spending cuts over the next decade and has moderated the massive cuts in Medicaid healthcare programs.
The ways and means are scheduled to meet Tuesday afternoon to debate and advance legislation.
(Reported by Valerie Volcovici in Washington, DC)
