CNBC’s Emily Wilkins joins 'Money Movers' to discuss the latest parts unveiled of the currently negotiated Trump tax package from the U.S. House.

Washington

House Republicans in the United States have released key parts of their new tax legislation as part of an ongoing funding bill. The initial details of the so-called "skinny" tax package indicate plans to extend and enhance a variety of deductions, affecting millions of Americans and small business owners. Notable provisions include raising the deduction for small business income from 20 percent to 22 percent and increasing the estate tax exemption on gifts up to $15 million.

The proposal would also increase the standard deduction by $1,000 for single filers and $2,000 for joint filers, with these enhancements remaining in place until at least 2028. The child tax credit would also be increased to $250,000. Adjustments to the state and local tax (SALT) deduction cap are under consideration, with current negotiations suggesting a possible cap of $30,000 for individuals earning less than $400,000.

Several aspects of the bill remain unsettled, including the fate of key business tax credits and green energy provisions. Revenue-raising measures have yet to be finalized, which will be essential since the Joint Committee on Taxation estimates the partial bill could add $4.9 trillion to the deficit over the next decade. The House had previously set a $4.5 trillion maximum for tax-related spending, increasing the need for additional revenue sources.



'Skinny' tax package revealed

Besides trade talks, a new funding bill, of course, is front and center in Washington and the included tax policy, a key piece of that legislation. Our Emily Wilkins is in D.C. this morning with more on a pivotal week again for this bill. It's going to be incredibly critical, Carl. House Republicans, they've released at least part of their tax bill over the weekend ahead of a first vote from a House committee that could happen as soon as tomorrow. But the price tag from this part alone shows how tough it's going to be to prevent this bill from adding trillions to the deficit. So the so-called skinny bills provision, what we know so far, it is going to benefit millions of Americans by extending enhancing numerous deductions. Small business owners who record their income on their personal taxes could see their deductions jump up to 22 percent, up from the current 20 percent. And the estate tax would be exempt from gifts up to 15 million, another increase there. The bill would also give most taxpayers larger deductions, including Trump's second term in office. The bill would increase the standard deduction for another thousand dollars for single filers and two thousand dollars for joint filers, at least until 2028. It would also boost the child tax credit to two hundred and fifty thousand dollars. We are still waiting on a number of major details. However, a lot of the contentious stuff is still being worked out today. That includes how much to raise that state and local cap, includes tax credits and deductions that are key for businesses and the fate of green energy tax credits. Now, while none of those are final, at least two sources involved in negotiations just told me that the salt cap is likely to be thirty thousand dollars for those making less than four hundred thousand dollars. Another thing that we're still waiting for, the revenue raisers, and they are going to be needed because this partial bill is estimated to add four point nine trillion dollars to the deficit over the next decade, according to the nonpartisan Joint Committee on Taxation. Remember, the House agreed only to spend a maximum of four point five trillion on the tax portion, which means they're going to have to have enough revenue raisers to cover the additional there, as well as all the things that Trump wants, all the things that business wants and all these things like a raise in the salt cap. Guys, Emily, thank you so much for breaking that all down for us. Emily Wilkins there.

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