House Republicans revealed the sweeping tax provisions for President Donald Trump’s big bill Monday, tallying at least $4.9 trillion in costs so far, partly paid for with reductions to Medicaid and other programs used by millions of Americans. The House Ways and Means Committee named its package ‘ ‘THE ONE, BIG, BEAUTIFUL BILL’’ in all capital letters, a nod to Trump himself. It seeks to extend the tax breaks approved during Trump’s first term — and boost the standard deduction, child tax credit and estate tax exemption — while adding new tax breaks on tipped wages, overtime pay, Social Security benefits and auto loans that Trump promised during his campaign for the White House. There’s also a tripling of the state and local tax deduction, called SALT, from $10,000 up to $30,000 for couples, which certain high-tax state GOP lawmakers from New York and California already rejected as too meager. Private universities would be hit with hefty new tax on their endowments, as much as 21%, as the Trump administration goes after the Ivy League and other campuses. Overall the package is touching off the biggest political debate over taxes, spending and the nation’s priorities in nearly a decade, echoing the GOP’s failed campaign to repeal and replace the Affordable Care Act, or Obamacare, in 2017. And the costs are only preliminary, and expected to soar. “Republicans need to UNIFY,” Trump posted on social media before departing for a trip abroad to the Middle East. Trump said when he returns to Washington, “we will work together on any and all outstanding issues, but there shouldn’t be many — The Bill is GREAT. We have no alternative, WE MUST WIN!” But one key Republican, Sen. Josh Hawley of Missouri, implored his party not to touch Medicaid, arguing that cutting health care to pay for tax breaks is both “morally wrong and politically suicidal.” “If Republicans want to be a working-class party — if we want to be a majority party — we must ignore calls to cut Medicaid and start delivering on America’s promise for America’s working people,” Hawley wrote in The New York Times. Round-the-clock work ahead As Republicans race toward House Speaker Mike Johnson’s Memorial Day deadline to pass Trump’s big bill of tax breaks and spending cuts, they are preparing to flood the zone with round-the-clock public hearings starting Tuesday and stitch the various sections together in what will become a massive package. The politics ahead are uncertain. The bipartisan Joint Committee on Taxation said Monday that tax breaks would reduce revenue by $4.9 trillion over the decade — and that was before Trump’s new tax breaks were included. Texas Rep. Chip Roy, a member of the conservative House Freedom Caucus, warned the price tag could climb to $20 trillion, piling onto the deficits and debt. “I sure hope House & Senate leadership are coming up with a backup plan,” Roy posted on social media, “…. because I’m not here to rack up an additional $20 trillion in debt over 10 years.” House Republicans have been huddling behind closed doors, working out final provisions in the 389-page bill. The legislation proposes to increase the child tax credit from $2,000 to $2,500 for four years and adds new requirements focused on preventing undocumented immigrants from benefiting from the credit […]