Trump’s ‘Big, Beautiful’ Tax Plan: House GOP Pushes Child Credits, Estate Tax Relief

House Republicans unveiled a slice of President Donald Trump’s ambitious tax agenda, dubbed the "big, beautiful bill," late Friday, marking a pivotal step toward cementing his economic vision. The proposal, packed with pro-family and pro-business measures, aims to extend the 2017 Tax Cuts and Jobs Act (TCJA) permanently, staving off a potential 20% tax hike for millions if it expires this year.

Key highlights include boosting the Child Tax Credit (CTC) from $2,000 to $2,500, raising the estate tax exemption to $15 million from $13.9 million, and increasing the qualified business income deduction for small businesses to 22%. These moves, Republicans argue, will ease burdens on families and entrepreneurs, especially those hit by the so-called "death tax."

Yet, the plan sidesteps thorny issues like state and local tax (SALT) deduction caps, a sore point for blue-state Republicans, and a proposed millionaires’ tax hike Trump once floated. New pledges, like scrapping taxes on tips, overtime wages, and Social Security checks, are expected to join the mix via amendments as the bill heads to the House Ways & Means Committee Tuesday.

With a razor-thin three-vote majority, House GOP leaders face a tightrope walk to pass this without Democratic support, leaning on the budget-reconciliation process to bypass Senate filibusters. Trump’s broader priorities—border security, immigration, energy, and defense—also hang in the balance, tied to this legislative push.

Challenges loom. Internal GOP rifts over SALT and wealthy tax brackets could derail unity, while Democrats remain firmly opposed. Still, House Ways & Means Chairman Jason Smith hailed the plan as a "pro-family, pro-worker" blueprint for a "new golden age of prosperity."