Republican lawmakers have released more details on their long-awaited reconciliation tax bill, which features proposed cuts to Medicaid and clean energy projects, and lower taxes for high income Americans. Titled "THE ONE, BIG, BEAUTIFUL BILL" in a nod to President Donald Trump, the measures set out by the House Ways and Means Committee on Monday reflect some of Trump's campaign promises such as lower taxes on tips and overtime.
A preliminary analysis from the Urban Institute's Tax Policy Center finds it would cut taxes by about $2,800 in 2026 on average, compared to what households would pay if the 2017 tax breaks expired. Nearly 70% of the cuts would go to those making $217,000 or more. That said, it is still in flux and the numbers will likely change over the next few weeks.
