House Republicans Unveil Trump Tax Cut Extension, Plan Funding Through Public Land Sales

House Republicans have unveiled a partial framework of a $4 trillion tax cut plan aimed at extending and expanding key elements of President Trump's 2017 Tax Cuts and Jobs Act, which is set to expire at the end of the year. The plan includes raising the standard deduction annually until 2029, increasing the child tax credit temporarily, and raising the estate tax exemption to $15 million, while notably excluding contentious provisions like changes to the state and local tax (SALT) deduction cap and a proposed millionaire's tax bracket. The SALT deduction cap remains a major point of contention, with blue-state Republicans pushing for a significant increase and others rejecting those proposals, threatening the broader reconciliation bill. To help offset the revenue loss from the tax cuts, House Republicans also proposed selling over 11,000 acres of federal public lands in Utah and Nevada, a move that has sparked strong opposition from environmental groups and some Republicans who consider public lands a national heritage. The legislation is expected to face debate in upcoming hearings, with House Speaker Mike Johnson aiming to pass the package by Memorial Day despite internal GOP divisions.