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Trump's 'big beautiful bill' on tax cuts gets US House committee approval
The vote comes after days of internal fighting amongst the Republicans and has now set the stage for a floor vote in the full House on Thursday (local time).
Trump's One Big, Beautiful Bill
Trump's big beautiful bill is a 1,000-plus page legislation that calls for roughly $3.8 trillion in tax cuts, most of which would come by extending many of the tax cuts announced by Trump during his first presidency in 2017. To offset the lost revenue partially, Republicans have proposed phasing out or repealing the clean energy tax credits, passed during Joe Biden's presidency.
It includes a temporary boost in the standard deduction, a $1,000 increase for individuals, bringing it to $16,000 for individual filers, and a $2,000 benefit for joint filers, bringing it to $32,000. The report suggests that the deduction will help in reducing the amount of income that is subject to income tax.
The passing of this bill is crucial for Trump to further his agenda during the second term of his presidency, and would imply a big political victory for the US President. He further hopes to improve his approval rating, which currently stands at 47.3 per cent, the report added, citing polling data.
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