President Trump's tax policy agenda includes extending and expanding key provisions from the 2017 Tax Cuts and Jobs Act, which are set to expire in 2025. Republicans in Congress, particularly Senate Republicans, have proposed a plan that would permanently install these tax cuts while introducing new tax breaks, estimated to cost about $1.7 trillion. The political challenge lies in reconciling various viewpoints among Republicans, especially concerning funding and the implications on the federal deficit and essential services budget cuts, such as Medicaid.
Trump’s agenda focuses on extending tax cuts from the 2017 Tax Cuts and Jobs Act, while seeking new tax reductions to aid Americans facing rising costs.
The Senate's proposal could add $1.7 trillion in new tax cuts, alongside a $4 trillion extension of the TCJA, highlighting the fiscal impact over the next decade.
There are internal debates among Republicans on how to finance these tax cuts, raising questions about potential cuts to vital services and the implications for the deficit.
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