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WSJ Opinion: Potomac Watch

What's in the House GOP's ‘Big Beautiful’ Tax Bill?

WSJ Opinion: Potomac Watch

The Wall Street Journal

Society & Culture, News

42.7K Ratings

🗓️ 13 May 2025

⏱️ 23 minutes

🧾️ Download transcript

Summary

House Republicans outline their plan to extend the expiring 2017 tax cuts and prevent a $4.5 trillion tax increase, but the bill also includes a long list of political giveaways, including President Trump's promised tax exemption for tips and overtime, a tripling of the SALT deduction, and a $1,000 taxpayer contribution to "MAGA accounts" for babies. Is this the new GOP consensus? Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Americans love using their credit cards, the most secure and hassle-free way to pay.

0:04.0

But DC politicians want to change that with the Durban Marshall Credit Card Bill.

0:08.0

This bill lets corporate megastores pick how your credit card is processed,

0:13.0

allowing them to use untested payment networks that jeopardize your data security and rewards.

0:18.0

Corporate megastores will make more money and you pay the price.

0:22.1

Tell Congress to guard your card because Americans lose when politicians choose. Learn more at

0:28.1

guard your card.com.

0:32.7

From the opinion pages of the Wall Street Journal, this is Potomac Watch.

0:39.0

House Republicans unveil more details of their big, beautiful reconciliation bill,

0:45.1

including their plans for the tax code and the Medicaid health insurance program.

0:49.2

But has Speaker Mike Johnson managed to bridge the GOP divisions enough to get this over the line.

0:55.0

And what of this is good policy and what can the Senate ditch?

0:58.0

Welcome, I'm Kyle Peterson with the Wall Street Journal.

1:01.0

We're joined today by my colleagues editorial board member Kate Batchelder O'Dell and columnist Alicia Finley.

1:08.0

Three big House committees are set today to mark up their portions

1:12.5

of the big reconciliation bill that the narrow GOP majority wants to use to pass its priorities

1:18.8

and President Trump's agenda. They include the Ways and Means Committee, which has jurisdiction

1:24.1

over America's mess of a tax code, and on Monday, that committee dropped the

1:28.9

details of its proposal. As a reminder, big portions of the 2017 tax cut signed by President

1:35.1

Trump are set to phase out at the end of this year, including the lower rates on individual

1:40.4

income tax earners. And so a big part of what is motivating Republicans is that if this

1:45.5

Congress takes no action, that amounts to a tax increase over the next decade of about

...

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