• Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock
Editor's Pick

House GOP fiscal hawks warn Trump tax cuts in danger of expiring under new Senate-backed plan

by December 11, 2024
written by December 11, 2024

Republican tax hawks are worried that key Trump administration tax policies could expire at the end of 2025 if congressional leaders follow through on a plan to break up a massive conservative budget bill into two parts.

Reconciliation is a way to fast-track legislation on issues like taxes, the debt limit and federal spending by bypassing the Senate’s 60-vote threshold for passage, instead lowering it to a simple 51-vote majority.

It is a process normally used once per year, but incoming Senate Majority Leader John Thune, R-S.D., floated a plan earlier this month to split Republicans’ reconciliation priorities into two bills – one dealing with the border and defense and a second aimed at implementing President-elect Donald Trump’s tax policy. The plan was also backed by top Trump adviser Stephen Miller.

However, Republicans on the House Ways & Means Committee, including Chairman Jason Smith, R-Mo., are concerned it could put their goals – such as preserving Trump’s 2017 Tax Cuts and Jobs Act – out of reach.

‘I think because we’ve already had some of the provisions expire or sunset, and the remainder of the legislation expires at the end of 2025, that waiting toward the second half of the year puts a lot of it at risk. And there’s no way we can allow these rates to expire,’ Rep. Nicole Malliotakis, R-N.Y., told Fox News Digital. ‘Americans across the board will see a tax increase, and it really jeopardizes our quest to bring manufacturing home.’

She pointed out that Republicans are set to have a razor-thin majority in the next Congress.

‘I do get nervous that, you know, one person can hold it up, or two people could hold it up, and I think it’s best to try to do it as early as possible,’ she said. ‘I think that’s a belief that’s shared by many of the members on Ways & Means.’

Smith pointed out to Fox Business’ ‘Mornings With Maria’ that Congress has not passed two reconciliation bills into law in one year since 1997.

‘I am saying we need a reconciliation bill that has border, energy, permitting and tax. You put all four of those things together, we can deliver on that,’ Smith said.

He told Fox News Digital on Tuesday, ‘My focus all along is to make sure that we are best positioned to deliver on President Trump’s tax proposals and policies.’

The debate is putting top Republicans who will be in charge of crafting fiscal policy next year at odds, while both argue they are fighting for Trump’s agenda.

Rep. Greg Murphy, R-N.C., said Smith was doing an ‘excellent job’ and echoed concerns about a slim margin.

‘I think it is a big challenge. We have a very slim majority, and there are at least, I believe, two people, if not three of the Republicans, who voted against it are still here,’ he said.

Thune and other Republicans who support the two-track plan argued that taxes are more complex of an issue and would take longer to hash out.

House Speaker Mike Johnson, R-La., told ‘Special Report’ host Bret Baier on Tuesday night, ‘There probably will be at least two reconciliation packages. So, the determination right now is where does the tax piece fit and do we do that first out of the gates, or do you wait a couple of months to get all that done? Because it can be very complicated.’

House Freedom Caucus Chairman Andy Harris, R-Md., similarly argued, ‘I think we need to prove to the American people that we can actually defend our borders… The bottom line is I think they need to be on almost parallel tracks. But I do believe that taxes are much more complicated.’

However, a senior House GOP aide asked what was complex about extending tax provisions that were already put in place in 2017.

‘It’s confusing — given that extending the Trump tax cuts has been on the agenda for seven years and is a central campaign promise of [Trump’s], how can including them in a reconciliation bill require extra time and consideration by Senate Republicans, many of whom have already pledged their support?’ the aide posed.

The discussion is a preview of what Washington will look like next year when Republicans hold the White House and both congressional chambers.

If Republicans are unable to harness enough momentum to pass a tax bill next year, Americans across the country could see their taxes rise.

Ways & Means member Rep. Adrian Smith, R-Neb., said it ‘could be more difficult’ to pass a tax bill if it’s separated from the first reconciliation bill, but said he was ‘not at all concerned’ about Republicans coming to an agreement.

Another member of the committee, Rep. Ron Estes, R-Kan., agreed with the committee chair that one bill ‘would be a much better solution for us to work and get that process done.’

However, Rep. Drew Ferguson, R-Ga., also on the panel, did not give insight into his stance but said he was optimistic.

‘I think this reconciliation process will be very different than what we did back in 2017, because I think members are better prepared, committees are better prepared, and I think the president’s going to be much better prepared,’ he said. ‘So I wouldn’t get too worked up over a division of the plans right now.’

This post appeared first on FOX NEWS
0 comment
0
FacebookTwitterPinterestEmail

previous post
Senators call on Biden to brief upper chamber on efforts to return Austin Tice from Syria
next post
Macy’s confirms rogue employee hid $151 million in expenses over three years

related articles

Hunter Biden seen driving Toyota rental in South...

May 31, 2025

Trump tariff plan faces uncertain future as court...

May 31, 2025

Musk confident DOGE will save $1 trillion as...

May 30, 2025

Who will be Elon’s successor? The top names...

May 30, 2025

Elon Musk sports black eye at farewell presser...

May 30, 2025

Biden says he could ‘beat the hell out...

May 30, 2025

Donald Trump fires National Portrait Gallery director for...

May 30, 2025

‘American hero’ or ‘failure’: Elon Musk’s DOGE departure...

May 30, 2025

Unfinished Business: The budget cuts Musk couldn’t complete...

May 30, 2025

Alleged attempt to impersonate White House chief of...

May 30, 2025
Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.


Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest News

  • LVMH drops 8% on sales miss as geopolitics hit wine, fashion revenues; Kering, Burberry fall too

    April 15, 2025
  • UK regulator investigates Amazon’s $4 billion investment in AI firm Anthropic

    August 8, 2024
  • Supreme Court Chief Justice Roberts issues warning on ‘judicial independence’ weeks before Trump inauguration

    January 1, 2025
  • Trump nominates head of his personal security detail, Sean Curran, to lead Secret Service: ‘A Great Patriot’

    January 23, 2025
  • GOP lawmakers push Trump to recognize West Bank as Israeli territory

    February 25, 2025

Popular Posts

  • 1

    Secret Service admits leaning on ‘state and local partners’ after claim it ignored Trump team’s past requests

    July 21, 2024
  • 2

    Elon and Vivek should tackle US funding for this boondoogle organization and score a multimillion dollar win

    December 4, 2024
  • 3

    Forex Profit Calculator: Maximize Your Trading Potential

    July 10, 2024
  • 4

    Five more House Democrats call on Biden to drop out, third US senator

    July 19, 2024
  • 5

    Biden calls to ‘lower the temperature’ then bashes Trump in NAACP speech

    July 17, 2024

Categories

  • Economy (829)
  • Editor's Pick (4,735)
  • Investing (624)
  • Stock (775)

Latest Posts

  • Micron vs. Nvidia: why Micron might be the smarter AI investment

    August 14, 2024
  • Trump reveals who he believes left infamous bag of cocaine at White House

    March 1, 2025
  • BRET BAIER: Inauguration Day spotlights America’s perpetual promise

    January 19, 2025

Recent Posts

  • Experts sound alarm on Biden’s offshore drilling ban having reverse effect on environment: ‘Disgraceful’

    January 15, 2025
  • Democrats propose bill to prevent Trump from relocating federal agencies outside DC

    April 5, 2025
  • EPA terminates Biden admin’s green grants worth $20B, Zeldin says

    March 12, 2025

Editor’s Pick

  • First lady Melania Trump’s new official portrait revealed

    January 27, 2025
  • US warns Americans to flee Syria or prepare to ‘shelter in place for extended periods’

    December 16, 2024
  • McConnell’s mental acuity targeted by Trump after ex-Senate leader joins Dems against Cabinet nominees

    February 16, 2025
  • About us
  • Contacts
  • Privacy Policy
  • Terms & Conditions

Disclaimer: moneyrisetoday.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2025 moneyrisetoday.com | All Rights Reserved

Money Rise Today – Investing and Stock News
  • Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock