House Republicans released the text of their highly anticipated tax bill, a significant step forward in Trump's "big, beautiful bill."

Trump posted on social media that hiking taxes on anyone, even the rich, could stir a political backlash, reviving the “Read my lips: No new taxes” warnings of the Bush-era that helped topple a president. The post came days after he floated the idea of higher taxes on those single filers earning $2.5 million and above.

A small band of GOP members representing districts in blue states wants to raise the limit on federal tax deductions for state and local taxes.