Lawmakers on Capitol Hill are debating a new tax cuts bill that includes no federal taxes on tips and overtime and a new deduction for Social Security, and it aligns with President Donald Trump's campaign promise to lower taxes for many Americans.The House Ways and Means Committee advanced the bill, proposing more than $5 trillion in tax cuts, making permanent the tax cuts from Trump's first term that were set to expire this year. Temporary breaks through 2028 include a bigger standard deduction, an expanded child tax credit and a new Social Security deduction for lower-income seniors. According to the nonpartisan Joint Committee on Taxation, individuals earning between $15,000 and $100,000 could see a 15% reduction in federal taxes by 2027. However, those earning between $15,000 and $30,000 might face a 20% increase in federal taxes by 2031, though the report does not explain why.Rep. Pete Aguilar, D-Calif., said, "After campaigning on helping working-class Americans get ahead, their budget once again rewards billionaires and wealthy corporations and makes it harder for families to make ends meet."House Speaker Rep. Mike Johnson, R-La., said, "This will be one of the most consequential pieces of legislation ever passed by the United States Congress. It is large, it is comprehensive and it deals with reconciling the budget in a way that will be fiscally responsible."Republicans are also cutting green energy credits and making changes to social programs like Medicaid, but these measures do not cover the full cost of the tax cuts. The Joint Committee on Taxation estimates the plan would add $3.7 trillion to the deficit over the next decade.The bill is expected to undergo further changes in the coming weeks. Lawmakers from New York are leading an effort to boost the state and local tax deduction, which the bill would already increase from $10,000 to $30,000 for families making less than $400,000 per year. Johnson aims to pass the measure in the House by Memorial Day.But the bill is already facing some resistance in the Senate. Sen. Josh Hawley said he is worried about some of the changes."I'm worried about rural hospitals in the state of Missouri. I'm worried that they're going to increase taxes effectively on people who are trying to get access to health care. They propose to make people start paying co-pays who are working poor people," Hawley said.Additionally, the bill includes a provision for a "Money Account for Growth and Advancement," or MAGA account, which would provide $1,000 for citizens born from 2025 through 2028. Families could contribute up to $5,000 annually to these accounts, with additional contributions from charities allowed under Treasury Department rules. A trustee, typically a parent, would manage the investments, which could include mutual funds.