House Tax Committee Nears Completion of Budget Bill
The House Ways and Means Committee is almost done deciding on the tax parts of a big budget bill. They are just waiting for other groups in the House to decide on how much they want to cut spending.
The committee has figured out most of the tax policies they want to include. However, they need to see how much other committees, like the ones for Energy and Commerce and Agriculture, decide to cut spending. These cuts will affect big programs like Medicaid and food stamps.
There is also a debate going on about increasing the state and local tax deduction. This is very important for Republicans from states where people pay a lot of taxes.
What Needs to Happen Next?
The Ways and Means Committee has a budget of $4.5 trillion for tax cuts, but this depends on other committees finding $2 trillion in spending cuts. If they don't find enough cuts, the money for tax cuts will also be less.
Some key decisions also need approval from the White House and President Donald Trump. The bill includes many different areas like border security, energy, and defense. Republicans hope that President Trump will help get the bill passed.
Waiting for Other Committees
The Energy and Commerce and Agriculture committees are still working out how much they will cut. The Agriculture committee is also behind on plans to change the Supplemental Nutrition Assistance Program (SNAP), which helps people buy food.
Republicans in the committee hope to vote on their parts of the bill by the week of May 5. But the Agriculture committee might need more time, possibly until the next week.
Concerns and Progress
Republicans are a bit worried that after they introduce the bill, President Trump might not support it. His support is very important for passing the bill.
Despite these concerns, senior Republicans said that the Ways and Means Committee, led by Rep. Jason Smith from Missouri, has made a lot of progress recently. This is a good sign as they try to finish the bill soon.
Overall, the House Republicans are working hard to finalize this large bill that will affect taxes, health programs, and more. They are coordinating with different committees and the White House to make sure everything goes smoothly.