GOP leaders hope to move it through the entire House by Memorial Day, and forward it on to the Senate for approval. Republicans aim to get it to Trump’s desk by their Fourth of July recess.
House Republicans on Monday unveiled their long-awaited tax package, a 389-page bill that includes trillions in tax cuts — but also targeted tax hikes to offset some of the cost.
Colleges would see a special tax on their endowment-investment earnings rise, corporations would find it harder to deduct the pay of highly compensated executives and green-energy subsidies championed by Democrats would be pared, under the plan. After weeks of debate, Republicans opted against raising the top rate on the highest earners, but they are proposing to limit the value of their itemized deductions.
Undocumented immigrants would have a harder time claiming tax breaks, private foundations and other nonprofits would face higher levies and professional sports franchises would see an important deduction crimped. Remittances by individuals to relatives and others in foreign countries would be subject to a new 5 percent tax, and there would be additional rules for people claiming the Earned Income Tax Credit, a wage subsidy for low-income workers.
https://www.politico.com/news/2025/05/12/house-gop-sweeping-tax-legislation-00342253
