Former President Donald Trump met with House Republican leaders at the White House to discuss his tax priorities, emphasizing his commitment to substantial tax relief for working Americans. Press Secretary Karoline Leavitt briefed reporters on the meeting, highlighting Trump's goals.
Key elements of Trump's tax plan include eliminating taxes on tips, Social Security, and overtime pay. He also aims to extend the 2017 Tax Cuts and Jobs Act provisions, which are set to expire. Addressing concerns about the State and Local Tax (SALT) deduction cap is another priority.
Furthermore, Trump proposed eliminating special tax breaks for billionaire sports team owners, closing the carried interest loophole, and implementing tax incentives for American-made products. Leavitt emphasized that this would constitute the largest tax cut in history for the middle class. Trump expressed his dedication to collaborating with Congress to enact these changes.
This meeting comes as the House aims for a comprehensive budget plan encompassing Trump's agenda, including border security and tax reforms. The budget reconciliation process could allow Republicans to pass legislation with a simple majority in the Senate. While the House is yet to finalize its budget plan, the Senate is already making progress. Senate Budget Committee Chairman Lindsey Graham announced plans to prioritize border security, defense, and energy in an initial bill, with tax discussions to follow later. This approach may challenge the House's intention for a single, all-inclusive bill.
