#TrumpTaxCuts Today, President Donald Trump and the Republican Party in Congress are accelerating discussions on a massive tax cut package known as the Trump Tax Cuts 2025. The aim is to make permanent the individual tax cuts from the Tax Cuts and Jobs Act (TCJA) of 2017, which will end at the end of this year. However, this plan faces significant challenges as it is estimated to add between $4.5 trillion and $5.8 trillion to the federal deficit over the next decade.

Trump has also proposed eliminating taxes on tips, overtime, and Social Security benefits, as well as tax reductions for American-made car loans. To cover these costs, the Republicans plan to cut spending by $2 trillion, including cuts to Medicaid, green energy subsidies, and education.

However, internal divisions within the Republican Party, particularly regarding Medicaid cuts and limits on state and local tax (SALT) deductions, are slowing down the legislative process. Trump is aiming for this package to be passed before Memorial Day, but negotiations are still ongoing.