White House Spox Karoline Leavitt announced President Trump's tax cut agenda to the media today and it's pretty impressive.
No tax on tips
No tax on senior social security
No tax on overtime pay
Renew Trump’s 2017 Middle Class tax cuts
Adjust SALT cap
Eliminate all special tax breaks for billionaire sports team owners.
Close carried interest tax deduction loophole
Tax cuts for American Made products
“This will be the LARGEST tax cuts in history for middle class working Americans,” Leavitt promised.
Now the hard part: Getting Congress to make it happen. The tax cuts will be passed through the reconciliation process and it's still to be determined whether it will be two bills or “one big, beautiful bill” as Trump likes to say. Also yet to be determined is whether the bill(s) will initiate in the senate or in the house.
A major challenge will come from the House Freedom Caucus Republicans who want to see spending cuts coincide with the tax cuts. Chairman of the House Ways and Means Committee Jason Smith will be the point person on the House side. Trump coming out publicly today with his tax cut demands puts further pressure on lawmakers to get this thing rolling.
Expect to see at least one reconciliation bill with tax cuts within the first hundred days of the administration.
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