House GOP bill proposes a number of new tax cuts. Here's how that could impact your money.

As a Republican-backed bill moves ahead in the House, proposed tax cuts under the measure include some new and surprising changes that could impact the wallets of millions of Americans. 

On Wednesday, the House Ways and Means Committee voted in favor of the bill, which would make Mr. Trump's 2017 tax cuts permanent while also adding a host of other reductions. 

The extension of the 2017 Tax Cuts and Jobs Act provisions would mean that most taxpayers wouldn't see much of a change because their tax brackets would remain at the same levels they've been at since the cuts took effect in 2018. Without an extension, more than 6 in 10 filers would face a tax increase in 2026, according to an analysis from the nonpartisan Tax Foundation.