#TrumpTaxCuts

Congressional Republicans are working to extend the 2017 Trump-era tax cuts, set to expire in 2025, with the goal of making them permanent. The proposal includes tax breaks for individuals earning under $200,000, funded in part through new tariffs and $1.5–$2 trillion in spending cuts, potentially impacting programs like Medicaid and green energy initiatives. However, internal GOP divisions and doubts from economists about tariffs effectively replacing income tax revenue complicate the effort. Public support is also faltering, as tariffs could drive up consumer prices, disproportionately affecting lower-income households. Although Republicans are aiming for a Memorial Day deadline, political and fiscal challenges suggest a more modest bill could emerge by July, balancing tax relief with spending reductions.