( This includes eliminating the Legal Services Corporation, the McGovern-Dole International Food for Education Program, the National Endowment for the Arts, and the National Endowment for the Humanities, among other programs) $3.4 trillion in cuts to nondefense discretionary spending.$3.3 trillion in cuts to Medicaid, CHIP and the Affordable Care Act exchange.The budget calls for nearly $12.5 trillion of deficit reduction over the next 10 years, paid for mainly through cuts to social safety net programs:

In June, the Republican Study Committee, a caucus of over 150 House Republicans, released its annual budget proposal outlining the party’s fiscal stance for spending, revenue and tackling the deficit over the coming decade. Howard Gleckman, a senior fellow at the Tax Policy Center, argues that extending these cuts may further fuel inflation because 'putting more money in people's pockets' will stimulate consumer spending. However, many economists have argued that the GOP tax plan goes against their promise to fight inflation and reduce the federal deficit. It is not clear whether extending the higher child tax credit and standard deduction would also be a policy agenda for Republicans. Adrian Smith, who is vying for the leadership roll on the powerful tax-writing Ways and Means committee should Republicans win the House, said in an interview on C-SPAN last month that if the GOP regains Congress, advancing legislation that would make the individual tax rate cuts permanent would be his first priority. Among the tax breaks set to revert to its pre-2017 levels are the individual income tax rate - which will return the top marginal rate to 39.6% from the current 37% - the increased child tax credit and the higher standard deduction, meaning most taxpayers can expect to see a tax hike unless these clauses are extended. There are a number of tax provisions set to expire in 2025 that were passed as part of the Republican's Tax Cuts and Jobs Act, the 2017 legislation which slashed the corporate tax rate, temporarily cut rates for individuals and limited deductions for state and local taxes, also known as SALT. If Republicans take control of Congress in this fall's election, protecting previously passed policies will be among the party's top priority, said Alex Brill, a senior fellow at the American Enterprise Institute for Public Policy Research, a conservative think tank based in Washington, D.C.

How will a Republican-controlled Congress impact my taxes?

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