Congressional Republicans are working on a multi-trillion-dollar bill to advance President Donald Trump's agenda, which could include a modest tax hike on wealthy Americans to fund tax relief for the working and middle class. The reconciliation process, which lowers the Senate's passage threshold, is underway with the House Ways & Means Committee playing a crucial role in crafting the tax portion of the bill. Rep. Nicole Malliotakis, a committee member, mentioned that while a corporate tax rate increase is unlikely, a small tax hike on the wealthy might be considered. The Republicans aim to extend the 2017 Tax Cuts and Jobs Act and implement new tax policies, such as eliminating duties on tips, overtime pay, and Social Security checks for retirees. However, there is opposition within the party, with some members advocating for spending cuts instead of revenue increases, and details of the proposal remain under discussion.

Republicans are advancing a bill to further Trump's agenda, potentially including a tax hike on the wealthy to fund tax relief for lower-income groups, as stated by Rep. Nicole Malliotakis.

The reconciliation process, beginning in the House, allows the controlling party to pass major policy changes with a reduced Senate vote threshold, involving multiple committees including the Ways & Means Committee for tax policy.

Malliotakis suggested a corporate tax rate increase is off the table, but open to a modest tax hike on millionaires, aligning with Trump's priorities to extend the 2017 Tax Cuts and introduce new tax measures.

Opposition exists within the GOP, with some members like Rep. Eric Burlison calling for spending cuts instead of new revenue streams, highlighting a divide on fiscal strategy.

Discussions include raising the top tax bracket by 1% or creating a new bracket for millionaires, but specific details remain undisclosed, with Chairman Jason Smith emphasizing a pro-growth, pro-family tax bill.

The House Ways & Means Committee, pivotal in the budget reconciliation process, is preparing to finalize the tax section with the expectation of publicizing the plan shortly.

The overall goal is to ensure Americans retain more of their earnings through strategic tax reforms, balancing between tax hikes on the wealthy and maintaining fiscal responsibility.