#TrumpTaxCuts

Here is a summary of the latest news related to the proposed tax cuts by Donald Trump:

1. New tax cut proposed: Trump is considering a new tax cut to help alleviate the impact of the tariffs he imposed. This proposal includes the extension and expansion of tax deductions, such as the exemption for workers' tips and social security income.

2. Acceleration of the tax bill: Republicans in the House of Representatives are rushing to finalize Trump's tax bill by Memorial Day. However, the task promises to be challenging.

3. Budget reconciliation process: In February 2025, the Senate approved a budget resolution that initiates the reconciliation process but does not allow tax cuts at this time. This indicates that the proposed cuts may face difficulties in the legislature.

4. Proposed budget for 2026: The budget proposed by Trump for the fiscal year 2026 suggests significant cuts to social security programs, including childcare assistance, health research, and education.