Key Components of the Republican Bill
The Republican’s “Big, Beautiful Bill” is focused around an estimated $5 trillion in tax cuts, phasing out of Biden-era programs, and plans to make good on Trump campaign promises. While the bill could look drastically different in its final form, we’ve compiled a high-level overview of some key points.
Renewal and Extension of Key Tax Cuts and Jobs Act Business and Individual Provisions
Much of the bill centers on making business and individual provisions from the Tax Cuts and Jobs Act (TCJA) permanent. Some of those business provisions include:
Individual provisions include:
New Programs and Provisions
The bill also contains programs and provisions to make good on Trump campaign promises that include:
Similar to the renewal of TCJA provisions, these new programs and provisions could be altered or eliminated as the bill moves through Congress. In addition, the bill could face internal opposition from Republicans and is almost certain to be met with resistance from Democrats. Potential hurdles range from conservatives unhappy with the extent of Medicaid spending cuts and concerns about the federal deficit and funding the bill, to those worried that the bill jeopardizes access to health coverage and food assistance. It’s also worth noting that once the bill goes to the Senate, it could look different. Changes could be made, and the bill could be broken down into smaller bills.
Galleros Robinson will keep you posted as things progress.
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The information presented here should not be construed as legal, tax, accounting, or valuation advice. No one should act on such information without appropriate professional advice and after a thorough examination of the particular situation.