House GOP proposes raising current Child Tax Credit by $500 in budget reconciliation bill

House Republicans released a snapshot of the tax portion of their budget reconciliation bill on Friday night, which includes temporarily increasing the Child Tax Credit by $500 as well as increasing the standard deduction by $2,000 to $32,000 for couples filing jointly. 

The proposal currently lacks a top income tax rate cut but it extends the 2017 Trump tax rates for other tax brackets.

President Trump signaled this week that he would support not cutting taxes for the top income bracket.

The portion released on Friday does not address tax promises Trump made on the campaign trail in 2024 such as eliminating taxes on tips or overtime pay.

Politico reported that the House GOP is also proposing tax cuts for owners of unincorporated businesses as well as multinational corporations.