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House Republicans rolled out the first pieces of a roughly $4 trillion tax cut they hope to pass, including measures that would last just for President Trump’s term.
May 9, 2025
House Republicans on Friday night rolled out the first pieces of a roughly $4 trillion tax cut they hope to pass in the coming weeks, sketching out plans that would keep key planks of President Trump’s 2017 tax cut in place while offering even more generous tax breaks for just the next few years.
In legislation released late in the day, Republicans made clear that they intended to lock into place the larger standard deduction, lower individual income tax rates and other measures they passed in 2017. Those provisions are set to expire at the end of this year, and Republicans have dedicated much of their energy on Capitol Hill to extending them.
But they also signaled that they wanted to take some of the 2017 tax cuts even further, drafting a series of temporary expansions for Mr. Trump’s second term. The bill proposes adding $1,000 to the size of the standard deduction for individuals — set at $15,000 this year — each year until 2029, with a larger increase for married Americans. The child tax credit would see a similar temporary boost, to $2,500 from $2,000, for just the next four years.
What House Republicans put out on Friday amounts to a first partial draft of the legislation. It does not address a host of important issues, including the $10,000 cap on state and local tax deductions, Mr. Trump’s campaign pledges to exempt some forms of income from taxes, clean-energy tax credits and more. Raising the tax rate on income above $2.5 million, an idea Mr. Trump toyed with in recent days, is also not in the bill released Friday.
House Republicans are expected to address those thornier topics in more detail in the coming days, likely on Monday, before they bring the bill for consideration in the Ways and Means Committee. Many of the tax cuts released on Friday will most likely attract broad support from Republicans. Those include increasing a deduction available to many business owners, as well as raising the threshold for paying the estate tax.
Representative Jason Smith, the Missouri Republican who is the chairman of the Ways and Means Committee, said in a statement that the bill “will create jobs, grow wages and investment, and help usher in a new golden age of prosperity.”
