President Trump’s “one, big, beautiful bill” is still “on path” to pass next week, said House Speaker Mike Johnson on Thursday. Earlier this week, a draft text of the bill was released, shedding key details of the anticipated legislation.
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What to Expect from Trump’s “One, Big, Beautiful Bill”
The draft has several propositions, such as raising the U.S.’ debt limit by $4 trillion and ending federal EV tax credits ahead of schedule. It also proposes increasing state and local tax deductions for couples to $30,000 from $10,000, although high-earners will be capped on their deduction amount. Hospitality workers are also set to benefit with a tax break on tips through 2028.
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