On May 14, 2025, Republicans on the U.S. House Ways and Means Committee approved a package of tax proposals aligned with President Trump’s campaign promises. The proposal includes policies impacting both businesses and individuals, including:

• Extensions of key provisions from the 2017 Tax Cuts and Jobs Act (TCJA), which are set to expire at the end of the 2025 tax year
• Subject to income limits, the proposal includes tax breaks such as deductions to offset taxes on tips and overtime income, as well as additional deductions for senior citizen
• An increase in the State and Local Tax (SALT) deduction
• A return to 100% bonus depreciation
• An increase in the Qualified Business Income (QBI) deduction

The measure now moves to the full House for consideration. Republicans are aiming for House passage by Memorial Day and Senate approval by July 4.

Please note: As the proposal advances, it will be subject to changes during the budget reconciliation process. The Rubin Report and DDK News will continue to monitor developments and provide you with detailed updates. Stay tuned for additional information as the situation evolves.

If you have any questions about how these proposals could affect your personal or business tax situation, please contact your DDK partner.