US House Republicans tax bill:

  • Would exempt workers from tips from income and tax with exceptions (through 2028
  • Includes exemption on workers overtime pay with exceptions
  • Enhanced deduction for senior citizens by $4000 with exceptions
  • Raising cap on state and local tax deduction (SALT deductions) to $30,000 from current $10,000 with exceptions
  • does not include millionaire tax bracket
  • Republican tax bill raises debt limit by $4 trillion
Source: Forex Live