The House Ways and Means Committee, which manages taxes, released the full 389-page text of the long-awaited multi-trillion-dollar Republican tax plan on May 12.
The legislation, which President Donald Trump called “the one big beautiful bill,” proposes lowering taxes by more than $4 trillion and cutting spending by $1.5 trillion over a decade. It would also raise the federal government’s borrowing limit to $4 trillion.
“Ways and Means Republicans have spent two years preparing for this moment, and we will deliver for the American people,” committee chair Jason Smith (R-Mo.) said in a statement. “Pro-family, pro-worker tax provisions are the heart of President Trump’s economic agenda.”…