#TrumpTaxCuts As of April 28, 2025, President Donald Trump and congressional Republicans are working to extend and expand the 2017 Tax Cuts and Jobs Act (TCJA), which is set to expire at the end of this year. The proposed legislation aims to make the individual tax cuts permanent and introduce new tax breaks, including those for manufacturers and auto loans.

However, the plan faces significant challenges. The cost of extending the tax cuts is estimated to be around $4.5 trillion over the next decade. To offset this, Republicans are considering $2 trillion in spending cuts, including reductions to Medicaid and green energy incentives. There is also debate within the party over restoring or increasing the state and local tax (SALT) deduction cap, which is a critical issue for representatives from high-tax states.