Trump has said all along that he wants to make his 2017 tax cuts permanent, and that’s what they’re striving toward:

The legislation includes an increased child tax credit (CTC), a higher threshold for estate tax liability – what Republicans have referred to as the “death tax” – and several other measures.

It also lays the groundwork for making Trump’s 2017 Tax Cuts and Jobs Act (TCJA) permanent. Republican leaders had warned that failing to do so would lead to a tax increase of over 20% for millions of Americans, if TCJA were allowed to expire at the end of this year.

Not revealed: information about state and local tax (SALT) deductions and whether to maintain, modify, or repeal them. Also not mentioned is a potential “millionaire’s tax”:

Another notable exclusion is a new millionaires’ tax bracket. Trump had floated the idea of a small tax increase on the ultra-wealthy, and a source familiar with his thinking told Fox News Digital earlier this week that Trump was considering allowing a pre-TCJA 2.6% tax hike on people making $2.5 million per year or more.

Those measures and others are not necessarily excluded from the final bill, however.

The legislation is also expected to include new Trump tax pledges like eliminating taxes on tips, overtime wages and Social Security checks for retirees.

.@SecScottBessent’s timely debt limit letter underscores the urgency for Congress to enact the agenda of @POTUS.

Republicans are working around the clock to deliver The One, Big, Beautiful Bill that reduces spending, secures the border, protects Medicaid, unleashes American… pic.twitter.com/9rBmEV5zmQ

— Speaker Mike Johnson (@SpeakerJohnson) May 10, 2025

Republicans are working around the clock to deliver The One, Big, Beautiful Bill that reduces spending, secures the border, protects Medicaid, unleashes American energy dominance, cuts taxes, and addresses the debt limit to give certainty to markets BEFORE this deadline.

Also on Friday, as Speaker Johnson noted, Treasury Secretary Scott Bessent warned congressional leaders that they need to address the federal debt limit before it’s too late:

Treasury Secretary Scott Bessent told Congressional leaders Friday that the federal government could be unable to pay its bills as soon as August if Congress doesn’t act, urging lawmakers to address the debt limit by mid July.

In a letter to House Speaker Mike Johnson, Bessent said after reviewing April tax filings, “there is reasonable probability that the federal government’s cash and extraordinary measure will be exhausted in August,” noting that Congress is scheduled to be in recess. 

“Therefore, I respectfully urge Congress to increase or suspend the debt limit by mid-July, before its scheduled break, to protect the full faith and credit of the United States,” Bessent said.

There will doubtless be many more twists and turns on these long, complicated negotiations, and RedState will keep you up-to-date.

ONE, BIG BEAUTIFUL BILL!🇺🇸 https://t.co/xO0NsCTbab

— Rep. Jason Smith (@RepJasonSmith) May 10, 2025

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