Explainer: What’s In the GOP Tax Bill?

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FEATURING MATT GARDNER - Channelling Donald Trump’s childish diction, the Republican-controlled House Ways and Means Committee has named the GOP’s tax and immigration legislation, “THE ONE, BIG, BEAUTIFUL BILL.” 

The bill would permanently codify changes made to the tax system under Trump’s 2017 tax law. It would additionally cut taxes on offshored corporate profits and numerous forms of income, including tips and Social Security benefits, and would cut billions from the Medicaid program to pay for those tax cuts. The bill also aims to undo President Joe Biden’s student loan forgiveness and climate progress, among many other things. But Trump has called on Republicans to raise taxes on the wealthiest Americans.

The whole thing sounds a complicated mess, but not to fear, Matt Gardner, Senior Fellow at the Institute on Taxation and Economic Policy helps make sense of this so-called “BIG, BEAUTIFUL BILL.”