💨 Abstract

The article discusses a proposed bill by House Republicans, led by President Donald Trump, that includes significant tax cuts totaling at least $4.9 trillion. The bill, dubbed "THE ONE, BIG, BEAUTIFUL BILL," extends and enhances previous tax breaks, including the standard deduction, child tax credit, and estate tax exemption. It also proposes new tax exemptions for tipped wages, overtime pay, Social Security benefits, and auto loans.

Courtesy: wtop.com