Summary
Congress is deciding on a 940-page bill that includes tax cuts and new spending plans. The bill, supported by Republicans, aims to make certain tax cuts permanent and add new benefits, but Democrats oppose it.
Key Facts
- The bill is 940 pages long and includes tax cuts and spending plans.
- It aims to make current tax rates and brackets permanent.
- It includes $3.8 trillion in tax cuts.
- New tax breaks in the bill would mean no taxes on tips, overtime pay, or some car loans.
- The bill proposes a $6,000 deduction for certain older adults earning up to $75,000 a year.
- The child tax credit would increase from $2,000 to $2,200.
- Republicans are working to pass the bill by the Fourth of July.
- Democrats are united in their opposition to the bill.
