#TrumpTaxCuts

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➡️House Republicans are racing to finalize President Trump’s sweeping tax reform bill by Memorial Day, though significant hurdles remain. Treasury Secretary Scott Bessent has resumed "Big Six" meetings with top congressional leaders to align their approaches. Central to the plan is making Trump's 2017 tax cuts permanent, introducing new incentives for manufacturers, tipped wages, and auto loans, while adding over $100 billion for defense and immigration enforcement.

↪️However, sharp divides between House and Senate Republicans persist. While the Senate, led by John Thune and Mike Crapo, supports using a “current policy baseline” to offset costs, House conservatives demand $2 trillion in spending cuts to justify the $4.6 trillion in tax relief. Contentious debates around restoring the state and local tax (SALT) deduction and trimming Medicaid and green energy programs complicate matters further.

↪️Ways and Means Chair Jason Smith is under pressure to deliver a draft soon but acknowledges the plan’s cost could limit tax cut extensions to eight or nine years. Meanwhile, Republicans are eyeing controversial offsets, including reducing executive compensation deductions and clawing back green energy credits. Leaders aim to pass the bill by July 4, but internal disagreements could push final votes into June.

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