The lawmakers are racing for a July 4 deadline to have the whole package sent to Trump’s desk in time to also avoid a dangerous debt default. The Treasury Secretary has said federal tax revenues are running short and Congress needs to raise the spending limit to keep paying the bills.

In addition to raising the endowment tax rate for the richest schools to as much as 21%, the bill hits schools with heavy foreign student enrollment.

Three key panels are addressing some of the thorniest issues poised to make or break the Republicans' massive bill for Trump's agenda.

The reconciliation text being considered by the House Ways and Means Committee includes $15 million for the IRS to study how to give Americans free ways to file their taxes that would replace both the Free File and Direct File programs.

WASHINGTON (AP) — House Republicans proposed sweeping tax breaks Monday in President Donald Trump’s big priority bill, tallying at least $4.9 trillion in costs so far, partly paid for with cuts to Medicaid and green energy programs used by millions of Americans.

Key Senate Republicans are resisting the House’s plan to gut clean energy tax credits, vowing to soften the blow for emerging technologies.

The current version of the proposal calls for the state and local tax deduction cap to be hiked to $30,000, which a group of blue-state Republicans have said is a nonstarter.

A proposal by Republicans in Congress would allow President Donald Trump's administration to remove the tax-exempt status of nonprofits that it says support terrorism.

The Congressional Budget Office estimates the cuts will lead to 8.6 million people losing coverage over the next decade.