House Republicans on Monday unveiled the heart of their long-awaited tax package, a 389-page plan for tax cuts and some tax increases that would be the most consequential tax bill to pass Congress in years.
The proposal would raise a number of taxes in order to finance some new breaks demanded by President Donald Trump and expand others like the Child Tax Credit, while also extending many more that are set to expire at the end of this year.
Lawmakers aim to combine it with another already released chunk of the plan, and formally take them up Tuesday in the tax-writing Ways and Means Committee. 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.
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