Republican Tax Bill
A legislative draft of the second Republican tax bill is expected after July 4. It’s expected to focus on making permanent or extending the individual tax cuts enacted by the Tax Cuts and Jobs Act, which are set to expire by 2025. Areas under consideration include lower individual income tax rates, the expanded child tax credit and the increased standard deduction. It may also tackle retirement and education provisions. A legislative outline is expected by August, with votes in the fall depending on when U.S. House of Representative leaders want to schedule them.