Tax and Immigration Bill

Details of House Republicans' tax and immigration bill began to emerge yesterday, lifting the hood on a sweeping package meant to enshrine several priorities of the Trump administration. The mega-bill—involving 11 separate committees—would provide an estimated $5T in tax cuts while targeting around $1.5T in savings.

The bulk of cost savings ($625B) is estimated to come from changes to Medicaid, which provides healthcare assistance to more than 70 million people (largely low-income households). Separately, the bill raises limits on the state and local tax, or SALT, deduction—but not as much as requested by a number of House Republicans, a key sticking point. Other key components include funding to extend a US-Mexico border wall, a $500 increase in the child tax credit, as much as a 21% tax on university endowments, a $4T debt ceiling increase, and more.

The package faces full floor votes in both the House and Senate—and must overcome opposition from a number of GOP members.