A side-by-side of the U.S. Capitol and President Donald Trump. (Getty Images/AP Images)
It would also raise the debt limit by $4 trillion – something Trump specifically asked Republican lawmakers to deal with before the U.S. runs out of cash to pay its debts sometime this summer, risking a national credit default.
Notably absent from the sweeping piece of legislation is a proposal floated last week that would have established a new tax bracket for people making $2.5 million per year or more, taxing them at 39.6% – which was the top tax rate before TCJA lowered it to 37%.
Conservative groups like Americans for Prosperity and the Heritage Foundation fiercely fought any notion of a tax increase on the wealthy.
It was also publicly opposed by a number of leading Republican figures like former Speaker Newt Gingrich and ex-Vice President Mike Pence, along with Pence's interest group, Advancing American Freedom.
Several House GOP lawmakers told Fox News Digital last week they could not support a millionaire's tax hike.
But Republicans find other cost-savings in the legislation, including stripping tax-exempt status from "terrorist-supporting organizations" and using artificial intelligence (AI) software to identify and root out improper Medicare payments.
The bill would also dramatically reduce tax breaks for professional sports team owners, a measure known as amortization, which allows those owners to write off a portion of their purchase price.
This story is breaking and will be updated…
Elizabeth Elkind is a politics reporter for Fox News Digital leading coverage of the House of Representatives. Previous digital bylines seen at Daily Mail and CBS News.
Follow on Twitter at @liz_elkind and send tips to elizabeth.elkind@fox.com
https://www.foxnews.com/politics/no-millionaire-tax-hike-trumps-big-beautiful-bill