#TrumpTaxCuts

Until April 28, 2025, the administration of President Donald Trump is pushing legislation to extend and expand the tax cuts implemented in the Tax Cuts and Jobs Act (TCJA) of 2017, which are scheduled to expire at the end of 2025. This initiative seeks to prevent tax increases for millions of taxpayers and fulfill Trump's campaign promises.

Key points of the proposal:

Extension of the TCJA: It is proposed to make permanent the tax cuts for individuals and families established in 2017.

New tax exemptions: The proposal includes eliminating taxes on tips, Social Security income, and allowing deductions for interest on loans for cars manufactured in the United States.

Fiscal cost: It is estimated that extending these tax cuts could increase the federal deficit by more than $4 trillion over the next decade, not including other additional proposals.

Compensatory measures: To balance the fiscal impact, cuts in programs such as Medicaid, tax credits for renewable energy, and education are contemplated, which has raised concerns among moderate lawmakers and Democrats.

Legislative process: The administration seeks to pass this legislation through a budget reconciliation process, which would allow its approval with a simple majority in the Senate, thus avoiding a possible filibuster.

President Trump and Republican leaders in Congress are working to advance this legislation before the June deadline, when it is anticipated that the government could face budgetary constraints if the debt ceiling is not raised.

In summary, the Trump administration is focused on extending and expanding the tax cuts of 2017, facing both fiscal and political challenges in Congress.