Republicans Release Sweeping Tax Plan, Key Component of Trump’s Agenda

The tax bill includes Trump’s campaign promises such as no tax on tips and overtime. It also increases the state and local tax deduction cap to $30,000.

The U.S Capitol building in Washington on May 5, 2025. Madalina Vasiliu/The Epoch Times

The House Ways and Means Committee, which manages taxes, released the full 389-page text of the long-awaited multi-trillion-dollar Republican tax plan on May 12.

The legislation, which President Donald Trump called “the one big beautiful bill,” proposes lowering taxes by more than $4 trillion and cutting spending by $1.5 trillion over a decade. It would also raise the federal government’s borrowing limit to $4 trillion.