On the evening of Feb. 25, the U.S. House of Representatives approved a budget resolution that includes $4.5 trillion in tax cuts and $2 trillion in federal spending cuts over 10 years. Approving the resolution was the first step for Republicans to pass a wide-ranging bill using reconciliation, which requires a simple majority vote. If passed, the bill would extend most tax provisions set to expire at the end of 2025. The Senate must now approve the House resolution. In addition to extending tax cuts, Republicans have pledged to end taxes on tips, Social Security benefits and overtime, and raise the state and local tax deduction limit.
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