Donald Trump signs EO to drug pricing
President Donald Trump has signed an executive order on drug pricing to match prices in other countries.
WASHINGTON – House Republicans have announced a drastic tax plan to be a central second term in President Donald Trump’s signature legislative achievements.
The proposal announced on May 12th will ensure that tax cuts and employment in 2017 will be permanently acted, increasing the standard deduction, and then increasing the child tax credit from 2028 to $2,000. The child tax credit is currently $2,000, but if not extended it will return to $1,000 at the end of the year.
In a statement posted to Truth Social, Trump said the proposed bill was “great” and sent a warning message to Republicans in Congress.
It will also temporarily create tips and overtime tax credits for 2028, and provide an additional $4,000 tax credit for seniors.
The state and local tax credit cap will be raised to $30,000 from the $10,000 cap created in 2017, resulting in a lower deduction for people making more than $400,000. That provision is likely to create fireworks among House Republicans. Several GOP members in high-tax states are pushing to raise the cap higher, with some people saying they already don’t support the bill.
Children are given $1,000 each for parents to open under the newly created “Money Account for Growth and Investment,” also known as the “MAGA” savings account.
A 5% tax is applied to foreign workers in the US, bringing home to families and exempt U.S. citizens from sending money abroad.
And that would increase the debt cap by $4 trillion. This is an important move to avoid a catastrophic economic collapse when the government reaches its current debt cap, as expected in August.
The proposal also includes several provisions that reflect recent Republican causes. It will raise taxes on private university funds, and higher tax rates for larger donations, such as those held by elite schools such as Harvard. Increase taxes on private foundations. Revoke the tax-free status of the Terrorist Support Organization. It sees this as an attempt to punish Palestinian nonprofits.
This covers several clean energy tax credits implemented under the democratic settlement bill passed under President Joe Biden, including eliminating the tax credits for electric vehicles, clean energy housing investment credits, and the tax credits for certain types of renewable energy production.
The House Ways and Means Committee will hold a meeting on May 13th to discuss a proposal already denounced by Democrats as a giveaway to the wealthiest Americans.
Major conservative allies have approved the proposal. David McIntosh, president of Club for Growth for Growth, said in a statement the bill was “an important step in fulfilling the promises made to voters in the last election.”
