#TrumpTaxCuts
As of April 2025, President Donald Trump is advocating for a substantial tax reform package aimed at making the 2017 Tax Cuts and Jobs Act permanent. The proposed plan includes eliminating federal taxes on tips, Social Security benefits, and overtime pay, as well as introducing new deductions for manufacturers and auto loans. However, the initiative faces significant challenges due to internal Republican disagreements over funding mechanisms and concerns about increasing the national debt, which could rise by up to $5.8 trillion over the next decade if the cuts are not offset. House Republicans are striving to finalize the bill by Memorial Day, but intra-party divisions, especially regarding Medicaid cuts and the state and local tax (SALT) deduction cap, complicate the process.
