Shumita Basu

And I should say first, we are in the middle of this process. Large portions of the package are still unresolved, and it'll likely go through significant changes as it winds its way through the House and eventually the Senate. But as of this week, we have a better sense of what Republicans want.

And I should say first, we are in the middle of this process. Large portions of the package are still unresolved, and it'll likely go through significant changes as it winds its way through the House and eventually the Senate. But as of this week, we have a better sense of what Republicans want.

And I should say first, we are in the middle of this process. Large portions of the package are still unresolved, and it'll likely go through significant changes as it winds its way through the House and eventually the Senate. But as of this week, we have a better sense of what Republicans want.

Some of their goals have been outlined, and three committees approved critical pieces of the legislation. Richard Rubin, a U.S. tax policy reporter for The Wall Street Journal, spoke with us about what's in it so far.

Some of their goals have been outlined, and three committees approved critical pieces of the legislation. Richard Rubin, a U.S. tax policy reporter for The Wall Street Journal, spoke with us about what's in it so far.

Some of their goals have been outlined, and three committees approved critical pieces of the legislation. Richard Rubin, a U.S. tax policy reporter for The Wall Street Journal, spoke with us about what's in it so far.

There are a few temporary tax breaks in this bill that Trump campaigned on, like extending and increasing the 2017 child tax credit by $500 through 2028, also eliminating taxes on tips and overtime pay through 2028. As for how it might impact taxpayers across different income brackets, the biggest savings would go to the wealthiest.

There are a few temporary tax breaks in this bill that Trump campaigned on, like extending and increasing the 2017 child tax credit by $500 through 2028, also eliminating taxes on tips and overtime pay through 2028. As for how it might impact taxpayers across different income brackets, the biggest savings would go to the wealthiest.

There are a few temporary tax breaks in this bill that Trump campaigned on, like extending and increasing the 2017 child tax credit by $500 through 2028, also eliminating taxes on tips and overtime pay through 2028. As for how it might impact taxpayers across different income brackets, the biggest savings would go to the wealthiest.

The Trump administration proposed raising the income tax for higher earners by 2.6 percentage points, but that doesn't appear in this bill. By one estimate, if this bill advances, the top 1% would save nearly $65,000 in taxes in 2027, and they would gain the ability to pass more wealth on to their heirs through a larger estate tax exemption.

The Trump administration proposed raising the income tax for higher earners by 2.6 percentage points, but that doesn't appear in this bill. By one estimate, if this bill advances, the top 1% would save nearly $65,000 in taxes in 2027, and they would gain the ability to pass more wealth on to their heirs through a larger estate tax exemption.

The Trump administration proposed raising the income tax for higher earners by 2.6 percentage points, but that doesn't appear in this bill. By one estimate, if this bill advances, the top 1% would save nearly $65,000 in taxes in 2027, and they would gain the ability to pass more wealth on to their heirs through a larger estate tax exemption.

For middle-income taxpayers, the bill would provide an average tax reduction of $1,300, according to the House Ways and Means Committee. And for people with low incomes who aren't paying income taxes now, Rubin reports that this bill offers relatively little.

For middle-income taxpayers, the bill would provide an average tax reduction of $1,300, according to the House Ways and Means Committee. And for people with low incomes who aren't paying income taxes now, Rubin reports that this bill offers relatively little.

For middle-income taxpayers, the bill would provide an average tax reduction of $1,300, according to the House Ways and Means Committee. And for people with low incomes who aren't paying income taxes now, Rubin reports that this bill offers relatively little.

And according to one recent analysis by the nonpartisan Congressional Joint Committee on Taxation, the lowest income households would see an average tax increase in some years. That's in part because they would lose tax credits that help pay for health insurance.

And according to one recent analysis by the nonpartisan Congressional Joint Committee on Taxation, the lowest income households would see an average tax increase in some years. That's in part because they would lose tax credits that help pay for health insurance.

And according to one recent analysis by the nonpartisan Congressional Joint Committee on Taxation, the lowest income households would see an average tax increase in some years. That's in part because they would lose tax credits that help pay for health insurance.

Overall, this bill calls for a reduction in spending of more than $900 billion, much of which would come from Medicaid and food stamps, both of which benefit low-income Americans. Rubin says it's unclear how the Medicaid cuts might be applied.

Overall, this bill calls for a reduction in spending of more than $900 billion, much of which would come from Medicaid and food stamps, both of which benefit low-income Americans. Rubin says it's unclear how the Medicaid cuts might be applied.