The House proposal would enact Trump's major campaign promises while dramatically changing Medicaid, food benefits, income taxes and border security.

The House of Representatives, under Republican leadership, has passed the 'One Big Beautiful Bill Act,' a sweeping legislation that extends tax cuts primarily benefiting higher earners.

As Congress deliberates these proposals, the potential impact on taxpayers, businesses, and the broader economy remains a subject of intense debate.

The bill would make key portions of the TCJA permanent and create a new "senior bonus" deduction, among its many provisions. An AICPA statement said it is “deeply troubled” by the plan to curtail use of passthroughs to avoid SALT cap.

Republicans also used the manager's amendment to remove a federal requirement that firearm suppressors must be registered.

Speaker of the House Mike Johnson, R-La., joined from left by House Majority Whip Tom Emmer, R-Minn., and House Majority Leader Steve Scalise, R-La. at the Capitol in Washington, April 8, 2025. The U.S. House of Representatives recently passed a tax and spending bill that proposes to usher in major changes to Medicaid. AP