House Passes Trump Tax Cut Bill Reshaping Health Care Coverage

The House has passed President Trump's tax-cutting bill, which extends many provisions of the 2017 tax law, including maintaining current individual income tax rates and preserving the higher standard deduction with a temporary boost. The legislation also includes health care measures aimed at partially offsetting the tax cuts, with revised provisions to discourage Medicaid expansion and restrict immigrant health coverage, signaling compromises between moderate and conservative Republicans. The bill now moves to the Senate, where key areas such as the SALT deduction, Medicaid cuts, and green energy credits are expected to be amended, reflecting differing priorities among Republican senators, particularly those from red states. Meanwhile, experts highlight ongoing estate planning considerations due to the impending expiration of the 2017 Tax Cuts and Jobs Act's increased estate tax exemption at the end of 2025, suggesting strategies to optimize wealth transfer. Separately, concerns have been raised about the potential introduction of unrealized gains taxes, as seen in Australia, which could affect asset owners by taxing theoretical increases in asset value even without sales, sparking debate over fairness and economic impact. Overall, the tax legislation and related tax policy issues remain a contentious and evolving topic in Congress and beyond.