House Passes Tax Cuts Bill

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tax cuts

CBS News

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Business

Business & Economics

House GOP bill proposes a number of new tax cuts. Here's how that could impact your money.

Summary

Nutrition label

85% Informative

The House Ways and Means Committee voted in favor of the bill, which would make Mr. Trump 's 2017 tax cuts permanent while also adding a host of other reductions.

Without an extension, more than 6 in 10 filers would face a tax increase in 2026 , according to an analysis from the nonpartisan Tax Foundation .

The proposed bill would provide taxpayers with an average $1,300 tax reduction.

The House bill would eliminate taxes on tips and allow consumers to deduct up to $10,000 for interest paid on vehicle loans.

The bill also eliminates taxes on eligible workers' overtime pay, but only for three years .

The tax break would last from the current 2025 tax year through 2028 .

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Informative language

Neutral language

Article tone

formal

Language

English