Wealthy taxpayers get new breaks under House bill — along with a hidden tax hike

Wealthy taxpayers get new breaks under House bill — along with a hidden tax hike


House Ways and Means Committee Chairman Jason Smith (R-MO) holds a news conference before a markup hearing in the Longworth House Building on Capitol Hill on May 13, 2025 in Washington, DC.

Chip Somodevilla | Getty Images News | Getty Images

A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.

High earners would get a series of tax cuts in the latest House reconciliation plans, yet many could also be subject to a little-noticed tax hike that could limit their charitable giving and other deductions, according to tax experts.



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