GOP push to make Trump’s 2017 tax cuts permanent, say going back would be a ‘dramatic’ change for many

Tax season is done And this year Congressional Republicans converted tax season to sales season Republicans and President Donald Trump are pushing to approve a bill to reauthorize his tax cut package Otherwise those taxes expire later this year We absolutely have to make the tax cuts permanent reported Rep Tom Tiffany R-Wis on FOX Business We've got to get the renewal of the President's Tax Cuts and Jobs Act That's absolutely essential explained Sen Mike Rounds R-S D on FOX Business Rates for nearly every American spike if Congress doesn t act within the next sparse months CONFIDENCE IN DEMOCRATS HITS ALL TIME LOW IN NEW POLL We are trying to avoid tax increases on the most of vulnerable populations in our country announced Rep Beth Van Duyne R-Texas a member of the House Methods and Means Committee which determines tax initiative I am trying to avoid a recession If Congress stumbles the non-partisan Tax Foundation estimates that a married couple with two children earning a year is slapped with an extra in taxes A single parent with no kids making annually could see a upcharge on their tax bill A single parent with two children bringing home a year gets slapped with an additional in taxes a year Pretty important That's an extra mortgage payment or extra rent payment revealed Daniel Bunn of the non-partisan Tax Foundation People have been kind of used to living with the policies that are in the present in law for almost eight years now And the shift back to the guidelines that was prior to the tax cuts would be a dramatic tax increase for a multitude of But technically Republicans aren t cutting taxes As simple as I can make this bill It is about keeping tax rates the same mentioned Sen James Lankford R-Oklahoma on Fox Congress had to write the tax reduction bill in a way so that the reductions would expire this year That was for accounting purposes Congress didn t have to count the tax cuts against the deficit thanks to a few tricky number-crunching mechanisms so long as they expired within a multi-year window But the consequence was that taxes could climb if lawmakers failed to renew the old reductions It sunsets and so you just automatically go back to the tax levels prior to reported Sen Chuck Grassley R-Iowa A latest Fox News poll uncovered that of those surveyed and of independents believe the rich don t pay enough taxes Democrats hope to turn outrage about the perceived tax disparity against Trump He wants his billionaire buddies to get an even bigger tax break Is that disgraceful requested Senate Minority Leader Chuck Schumer D-N Y at a rally in New York Disgrace shouted someone in the crowd Disgraceful Disgraceful followed up Schumer Specific Republicans are now exploring raising rates on the wealthy or corporations There s been chatter on Capitol Hill and in the administration about exploring an additional set of tax brackets I don't believe the president has made a determination on whether he supports it or not revealed White House spokeswoman Karoline Leavitt We re going to see where the President is on this declared Treasury Secretary Scott Bessent while traveling in Argentina Everything is on the table A Treasury spokesperson then clarified Bessent s remarks What s off the table is a trillion tax increase on the American people commented the spokesperson Additionally corporate tax cuts will set off a manufacturing boom and rapidly grow the U S financial sector again Top Congressional GOP leaders dismissed the idea I m not a big fan of doing that announced House Speaker Mike Johnson on Fox I mean we're the Republican party and we're for tax reduction for everyone FEDERAL JUDGE TEMPORARILY RESTRICTS DOGE ACCESS TO PERSONALIZED SOCIAL SAFEGUARD MATERIAL I don t backing that initiative commented House Majority Leader Steve Scalise R-La on FOX Business before adding everything s on the table But if you re President Donald Trump and the GOP consider the politics of creating a new corporate tax rate or hiking taxes on the well-to-do The president has expanded the GOP base Republicans are no longer the party of the wealthy Manual laborers shop and storekeepers and small business persons now comprise Trump s GOP So maintaining these tax cuts helps with that working-class core Raising taxes on the wealthy would help Republicans pay for the tax cuts and reduce the hit on the deficit And it would shield Republicans from the Democrats argument that the tax cuts are for the rich Congress is now in the middle of a two-week recess for Passover and Easter GOP lawmakers and staff are working behind the scenes to certainly write the bill No one knows exactly what will be in the bill Trump promised no taxes on tips for food function workers There is also talk of no taxes on overtime WHITE HOUSE PHOTO BLUNTLY SHOWS WHERE PARTIES STAND ON IMMIGRATION AMID ABREGO GARCIA DEPORTATIONRepublicans from high-tax states like New York and Pennsylvania want to see a reduction of SALT That s where taxpayers can write off state and local taxes This provision is crucial to secure the advocacy of Republicans like Reps Nicole Malliotakis R-N Y and Mike Lawler R-N Y But including the SALT reduction also increases the deficit So what will the bill look like Minor adjustments within that are naturally on the table revealed Rounds The key though is in the House and in the Senate In other words it s about the math Republicans need to develop the right legislative brew which commands just the right amount of votes in both chambers to pass That could mean including certain provisions or dumping others It s challenging Especially with the slim House majority There were trade-offs and offsets within that bill that multiple people are dissatisfied with revealed Bunn of the bill And it's not clear how the package is going to come together with those various trade-offs Johnson wants the bill complete by Memorial Day Republicans know this enterprise can t drag on too late into the year Taxpayers would see a tax increase even if it s temporary if working out the bill stretches into the fall when the IRS begins to prepare for the next tax season It s also thought that finishing this sooner rather than later would provide specific stability to the volatile stock markets Establishing tax agenda for next year would calm anxieties about the nation s economic outlook The big beautiful bill Trump calls it adding he wants the rule done soon And that s why tax season is now sales season Both to the lawmakers And to the residents