Shumita Basu

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.

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.

The nonpartisan Congressional Budget Office, meanwhile, estimates over 10 million people would lose health care coverage. And House Republicans still have a number of issues to iron out on state and local tax deductions, also known as SALT. Some Republicans want more Medicaid cuts and changes.

The nonpartisan Congressional Budget Office, meanwhile, estimates over 10 million people would lose health care coverage. And House Republicans still have a number of issues to iron out on state and local tax deductions, also known as SALT. Some Republicans want more Medicaid cuts and changes.

The nonpartisan Congressional Budget Office, meanwhile, estimates over 10 million people would lose health care coverage. And House Republicans still have a number of issues to iron out on state and local tax deductions, also known as SALT. Some Republicans want more Medicaid cuts and changes.

Others have questioned parts of the bill that would cut clean energy tax credits, raising concerns about impacts to manufacturing in their districts.

Others have questioned parts of the bill that would cut clean energy tax credits, raising concerns about impacts to manufacturing in their districts.

Others have questioned parts of the bill that would cut clean energy tax credits, raising concerns about impacts to manufacturing in their districts.