By LISA MASCARO and KEVIN FREKING
WASHINGTON (AP) — House Republicans proposed sweeping tax breaks Monday in President Donald Trump’s big priority bill, tallying at least $4.9 trillion in costs so far, partly paid for with cuts to Medicaid, food stamps and green energy programs used by millions of Americans.
The House Ways and Means Committee named its package ‘ ‘THE ONE, BIG, BEAUTIFUL BILL’’ in all capital letters, a nod to Trump himself. It seeks to extend the tax breaks approved during Trump’s first term — and boost the standard deduction, child tax credit and estate tax exemption — while adding new tax breaks on tipped wages, overtime pay, Social Security benefits and auto loans that Trump promised during his campaign for the White House.
There’s also a tripling of the state and local tax deduction, called SALT, from $10,000 up to $30,000 for couples, which certain high-tax state GOP lawmakers from New York and California already rejected as too meager. Private universities would be hit with hefty a new tax on their endowments, as much as 21%, as the Trump administration goes after the Ivy League and other campuses. And one unusual provision would terminate the tax-exempt status of groups the State Department says support “terrorists,” which civil society advocates warn is a way to potentially punish those at odds with the Trump administration.
