Before we dive into what’s heating up on Capitol Hill, let’s break down how this whole process even works. In the U.S., tax legislation starts in the House Ways and Means Committee—think of it as Congress’s money architect. They dr...
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Breaking Down the Partial Version of Trump Tax Bill
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Subscribe13 MAY 2025 / ECONOMY
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The US House Ways and Means Committee has released the first draft of President Trump's proposed 2025 tax bill. Major aspects suggest extending the 2017 Tax Cuts and Jobs Act, increasing the child tax credit, raising the estate tax exemption and expanding the scope of the Qualified Business Income deduction. However, the bill signals potential tariff increases and includes a controversial clause blocking state regulation of AI for a decade, as well as stricter immigration rules. The proposal currently has a budget deficit of $2.5 trillion, causing concern among fiscal conservatives. The draft is still in the early stages and could have wide-reaching effects on various groups, including small businesses, families, multinational enterprises, and tech companies.
Before we dive into what’s heating up on Capitol Hill, let’s break down how this whole process even works. In the U.S., tax legislation starts in the House Ways and Means Committee—think of it as Congress’s money architect. They dr...
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