GOP, Dems to square off over Trump's sweeping tax plan in high-stakes meeting today

The House committee tasked with penning the U.S. taxation codification is gathering connected Tuesday day to beforehand 1 of the astir important portions of President Donald Trump's "big, beauteous bill."

A sweeping portion of authorities unveiled by the House Ways & Means Committee connected Monday would travel done connected Trump's run promises to destruct taxes connected tips and overtime pay, arsenic good arsenic permanently extending the president's 2017 Tax Cuts and Jobs Act (TCJA), among different provisions.

House Speaker Mike Johnson, R-La., has said helium wants House Republicans to walk their mentation of Trump's measure by Memorial Day oregon "shortly thereafter," arsenic helium told Fox News Digital successful an interrogation precocious past month.

House and Senate Republicans are moving connected Trump's docket via the fund reconciliation process, which allows the enactment successful powerfulness to sideline the number by lowering the Senate's threshold for transition to a elemental majority, provided the authorities astatine manus deals with spending, taxes oregon the nationalist debt.

ANTI-ABORTION PROVIDER MEASURE IN TRUMP'S 'BIG, BEAUTIFUL BILL' COULD SPARK HOUSE GOP REBELLION

The House committee tasked with penning the U.S. taxation codification is gathering connected Tuesday day to beforehand 1 of the astir important portions of President Donald Trump's "big, beauteous bill." (Fox News/Getty Images)

Ways & Means Committee lawmakers are expected to conscionable for astatine slightest respective hours connected Tuesday to people up statement connected the bill. 

It could spell adjacent longer, however. A Ways & Means Committee markup gathering successful 2021, erstwhile Democrats were trying to walk Build Back Better, lasted implicit 35 hours implicit 4 days owed to Republicans dragging the process retired successful absorption to then-President Joe Biden's progressive taxation policies.

Democrats are expected to enactment up an assertive combat connected Tuesday arsenic well, having already accused Trump of trying to chopped taxes for the affluent portion gutting captious programs for low-income Americans.

Rep. Mike Thompson, D-Calif., a subordinate of the committee, posted connected X connected Monday, "Going implicit line-by enactment past infinitesimal 389-page amendment to the Republican taxation measure successful our committee today. They person provisions that interaction everyone: the richest radical get immense taxation cuts, moving radical suffer their healthcare and aboriginal generations get the measure due to the fact that it adds $5 trillion to the nationalist debt!"

However, Republicans person insisted their taxation bill champions the moving and mediate classes, pointing to Trump's elimination of tips connected taxation and overtime wage arsenic grounds points.

A information released by the House Ways & Means Committee implicit the play would summation the existent maximum Child Tax Credit from $2,000 to $2,500. Trump's TCJA had doubled the maximum from $1,000 to $2,000 successful 2017.

Rep. Jason Smith, R-Mo., leaves a gathering of the House Republican Conference successful the U.S. Capitol connected Feb. 14, 2024. (Tom Williams)

It would besides boost the maximum deduction for qualified concern income, a taxation proviso known arsenic 199A, from 20% to 22%. That would mostly impact tiny concern owners whose entities are taxed nether idiosyncratic income taxation rates.

Trump's committedness to destruct taxes connected Social Security for retirees is tackled via giving seniors a higher modular deduction.

"It puts the interests of low-income, moving families up of the affluent by expanding taxation alleviation to those who request it the astir – including the President’s priorities of nary taxation connected tips and overtime wage and further alleviation for America’s seniors," House Ways & Means Committee Chairman Jason Smith, R-Mo., said successful a statement.

The authorities besides cracks down connected large colleges and universities, including Ivy Leagues similar Harvard University, which are locked successful a conflict implicit escaped code with the White House. It is targeting those larger schools with higher excise taxes, which are national duties paid connected nett net of the schools' investments.

That complaint is presently 1.4%, but the authorities would bring it to arsenic precocious arsenic 21% for the largest schools, similar Harvard and Yale University.

HOUSE REPUBLICANS RELEASE TAX PLAN FOR TRUMP'S 'BIG, BEAUTIFUL BILL'

The astir 400-page authorities indispensable walk the Ways & Means Committee connected Tuesday earlier being added backmost to a larger legislative framework, which volition see akin bills from 10 different House committees dealing with policies nether their jurisdiction.

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The House Energy & Commerce Committee, for instance, is besides gathering connected Tuesday day to beforehand its information of the bill. The broad-ranging committee has jurisdiction implicit Medicaid, Medicare, vigor accumulation and telecommunications.

The House Agriculture Committee, which oversees federal nutrient programs similar the Supplemental Nutrition Assistance Program, is gathering Tuesday evening to beforehand its portion.

The afloat House and Senate indispensable walk identical versions of the last measure earlier it gets to Trump's table for a signature.

Fox News' Tyler Olson contributed to this report.