House Republicans are preparing to adopt a plan that puts a $4.5 trillion limit on the size of the tax cut, but even that will not be enough for some of President Trump’s promises.

Tax cuts have long been a Republican priority, and part of recent state budgets that became law. For the 2024 tax year, the individual income tax rate is 4.5%, with the 2025 rate dropping to 4.25%. The rate will drop to 3.99% in 2026. The corporate income tax rate is 2.5%, and Republican lawmakers would like to reduce it until it is eliminated.

The Senate is moving ahead with its own narrower plan focusing on border security.