• Trump's tax cuts debate is underway, and the House Ways and Means Committee on Friday night released preliminary text for its part of the legislation.
• One key priority is fully extending provisions from the Tax Cuts and Jobs Act, or TCJA, of 2017. Some tax breaks could be boosted further, according to the House Ways and Means text.
• Filers could also see campaign proposals, including no taxes on tips, tax-free overtime and tax-exempt Social Security benefits, worked into the package.
• The $10,000 limit on the deduction for state and local taxes, or SALT, could be a sticking point.

As negotiations ramp up for President Donald Trump's tax agenda, there are to watch, according to policy experts.   

The House Ways and Means Committee, which oversees taxes, of its portion of the bill on Friday evening. However, the bill could change significantly before the final vote. The full committee will this legislation on Tuesday.

With control of the White House and both chambers of Congress, Republican lawmakers can pass Trump's package without Democratic support via a process known as "," which bypasses the Senate filibuster with a simple majority vote.

But reconciliation involves multiple steps, and the proposals must fit within a limited . That could be tricky given competing priorities, experts say. 

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"The narrow [Republican] majority in the House is going to make that process very difficult" because a handful of votes can block the bill, said Alex Muresianu, senior policy analyst at the Tax Foundation.

Plus, some lawmakers want a "more fiscally responsible package," which could impact individual provisions, according to Shai Akabas, vice president of economic policy for the Bipartisan Policy Center.

As negotiations continue, here are some key tax proposals that could impact millions of Americans.

Extend Trump's 2017 tax cuts

One of Trump's goals is to fully extend the he enacted via the Tax Cuts and Jobs Act, or TCJA, in 2017.

This legislation brought sweeping changes for individuals and businesses, including , bigger standard deductions, a more generous , a higher  and a for pass-through businesses, among other provisions.   

Without TCJA extensions, more than 60% of taxpayers could see , according to the Tax Foundation.

The preliminary House Ways and Means text includes some temporary and permanent enhancements beyond the TCJA. These include boosts to the standard deduction, child tax credit, tax bracket inflation adjustments, the estate tax exemption and pass-through business deduction, among others.

Child tax credit expansion

Some lawmakers are also pushing for bigger tax breaks than what's currently offered via the TCJA provisions.

"The is one that we're watching very closely," Akabas said. "There's a lot of bipartisan agreement on preserving and hopefully expanding that."  

TCJA temporarily increased the maximum child tax credit to $2,000 from $1,000 per child under age 17, and boosted eligibility. These changes are scheduled to sunset after 2025.

The House in February 2024 to expand the child tax credit, which would have boosted access and refundability. The bill , but Republicans expressed interest in revisiting the issue.  

The early House Ways and Means text proposes expanding the maximum child tax credit to $2,500 per child for four years starting in 2025.

'SALT' deduction relief

Another TCJA provision — the $10,000 limit on the , known as "SALT" — was added to the 2017 legislation to help fund other tax breaks. That provision will also expire after 2025.

Before the change, filers who itemized tax breaks could claim an unlimited deduction for SALT. But the so-called reduced the benefit for some higher earners. 

Repealing the SALT cap has for certain lawmakers from high-tax states like California, New Jersey and New York. In a policy reversal, Trump has also for a more generous SALT deduction. 

"If you raise the cap, the people who benefit the most are going to be upper-middle-income," since lower earners typically don't itemize tax deductions, Howard Gleckman, senior fellow at the Urban-Brookings Tax Policy Center, .

The SALT deduction was absent from the preliminary House Ways and Means text. But are ongoing.

Trump's campaign ideas

On top of TCJA extensions, Trump has also recently for additional tax breaks he pitched on the campaign trail, including , tax-free and tax-exempt . These ideas were not yet included in the early House Ways and Means text.  

However, there are lingering questions about the specifics of these provisions, including possible guardrails to prevent abuse, experts say.

For example, you could see a questionable "reclassification of income" to qualify for no tax on tips or overtime pay, said Muresianu. "But there are ways you could mitigate the damage."