On Friday night, House Republicans released an initial draft of a roughly $4 trillion tax package aimed at extending and expanding key parts of President Trump’s 2017 tax cuts. The proposal seeks to preserve provisions like the larger standard deduction and lower individual income tax rates—both set to expire at the end of 2025—while introducing temporary increases through 2029. These include an extra $1,000 added to the standard deduction and an increase in the child tax credit from $2,000 to $2,500 for the next four years.

While the bill showcases Republicans’ commitment to boosting economic growth, it leaves out several contentious issues. For example, topics such as the $10,000 cap on state and local tax deductions, clean-energy tax credits, and Trump’s pledges to eliminate taxes on tips, overtime, and Social Security remain unaddressed. These are expected to be covered in future drafts before the bill is reviewed by the House Ways and Means Committee.

Democrats have criticized the bill for favoring the wealthy and for proposing to finance the tax cuts by reducing funding for social safety net programs like Medicaid. The bill’s late-night release has also drawn accusations of evading public scrutiny. Given the slim Republican majority in the House and divisions within the party over spending cuts, passing the legislation may prove difficult. Even if it clears the House, it faces likely revision in the Senate, and the temporary nature of the cuts suggests further tax debates in the years ahead.