Trump announces' grand tax cut bill ': plans to cut 4 trillion yuan in taxes over ten years without mentioning millionaire tax proposal

According to Golden Finance, the U.S. House Ways and Means Committee released a tax bill ahead of its scheduled panel debate on Tuesday, signaling that the Republican controlled House is pushing for a full house vote on the legislation this month. The bill plans to cut taxes by over $4 trillion and reduce spending by at least $1.5 trillion over the next decade. The bill would raise the US debt ceiling by $4 trillion, less than the $5 trillion expected by the Senate. This legislative proposal, which Trump referred to as a "grand and outstanding bill," is a core initiative of his governing agenda. This bill continues many of the tax cuts implemented during Trump's first term, which will expire at the end of this year. It includes some key campaign promises from Trump, but does not mention his proposal to tax millionaires by rank. According to the draft text, personal income tax on tips and overtime income will be waived before 2028. One of the most challenging issues, including the controversial deadlock surrounding increasing state and local tax deductions, remains unresolved. The draft proposes to increase the upper limit of state and local tax deductions for joint declaration by spouses from $10000 to $30000, but set a threshold of $200000 for individual annual income or double the income of joint declarants. However, some lawmakers from high tax areas advocate for greater tax reductions.