President Donald Trump gathered with House Republican leaders at the White House on Thursday to relay his tax priorities.
In the meeting, he told House Speaker Mike Johnson, R-La., Majority Leader Steve Scalise, R-La., Majority Whip Tom Emmer, R-Minn., and others that he wants to fulfill his campaign promise to stop taxing tips.
White House Press Secretary Karoline Leavitt updated reporters as the lengthy meeting was still ongoing, detailing that Trump wants « no tax on seniors, Social Security, no tax on overtime pay. »
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Additionally, she said, he wants to renew his tax cuts from 2017 in the Tax Cuts and Jobs Act (TCJA). The legislation’s provisions begin to expire later this year.
Leavitt added that Trump is focused on also adjusting the cap on State and Local Tax (SALT) deductions, which has been a sticking point for Republicans in states with high costs of living.
Further, Trump laid out to House Republicans that he is looking to « eliminate all the special tax breaks for billionaire sports team owners; close the carried interest tax deduction loophole, » and institute « tax cuts for Made in America products. »
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« This will be the largest tax cut in history for middle-class working Americans. The president is committed to working with Congress to get this done, » Leavitt said.
Trump’s meeting with the House GOP leaders on taxes comes as the lower chamber attempts a one-bill budget plan that includes all of the president’s agenda priorities, including both the border and taxes.
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The budget reconciliation process lowers the threshold to advance a bill in the Senate from 60 votes to just 51. And with a 53-vote majority in the upper chamber, Republicans are poised to push policies through with only support from the GOP conference.
The House Republicans have yet to move forward with a plan for the budget, however, allowing the Senate GOP to move out ahead of them.
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On Wednesday, Senate Budget Committee Chairman Lindsey Graham, R-S.C., announced his intent to push a first bill on border, defense and energy through next week. Taxes would be addressed later in the year as part of a second budget resolution.
The move threatened the House Republicans’ positioning to lead the process and spearhead a one-bill approach.
Source link : https://www.foxnews.com/politics/trump-spells-out-tax-plan-house-gop-leaders-white-house-meeting
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Publish date : 2025-02-06 21:32:00
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