Trump's "grand tax cut bill" announced: 10-year tax cuts 4 trillion did not mention millionaire tax proposals

The House Ways and Means Committee unveiled the tax bill ahead of a scheduled panel debate on Tuesday, marking a push by the Republican-controlled chamber for a full chamber vote on the legislation this month. The bill would cut taxes by more than $4 trillion over the next decade and cut spending by at least $1.50 trillion. The bill would raise the US debt ceiling by $4 trillion, less than the $5 trillion the Senate wants. The legislation, which Mr. Trump has called "a grand and remarkable bill", is a centrepiece of his agenda. The bill extends many of Mr. Trump's first-term tax cuts, which expire at the end of this year. It contains some of Mr. Trump's key campaign promises, but makes no mention of his proposal to tax millionaires by grade. According to the draft text, tipping and overtime income will be exempt from personal income tax until 2028. One of the thorniest issues, including a contentious standoff over raising the state and local tax deduction for couples filing jointly, remains unresolved. The draft bill would raise the cap on state and local tax deductions for couples filing jointly from $10,000 to $30,000, but set a threshold of $200,000 a year for individuals or twice the income of joint filers. However, some lawmakers from high-tax areas have advocated for larger tax breaks.