Trump, tax and bill
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U.S. President Donald Trump's sweeping tax-cut bill, which had been stalled for days by Republican infighting over spending cuts, won approval from a key congressional committee on Sunday in a rare victory for Trump and House Speaker Mike Johnson.
The approval on May 18 advances the measure toward possible passage in the House of Representatives later this week.
The greatest benefits would go to high-income households, while low-income families would see a much more modest boost, analyses show.
The Texas Republican let President Donald Trump's bill clear a key committee vote Sunday but says he wants more cuts to Medicaid and clean energy subsidies.
The bill includes more than $140 billion in spending on the Trump administration's plan to crack down on illegal immigration. That includes $50 billion for completing the wall on the southern border, $45 billion for detention centers, $8 billion to hire more immigration officers, and $14 billion for deportations.
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House GOP leaders worked through the weekend to win over a quartet of fiscal conservatives who voted last week to block Trump’s Big Beautiful Bill.
Chairman Jason Smith (R-MO) released text of the Committee’s tax title for the FY 2025 budget reconciliation bill—the amendment in the nature of a substitute (AINS). Following the release of the text,
Republican tax bill could cost $3.8 trillion over 10 years as its tax cuts surpass spending reductions, according to one analysis.