EconomyLens.com
No Result
View All Result
Thursday, June 5, 2025
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials
EconomyLens.com
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials
No Result
View All Result
EconomyLens.com
No Result
View All Result
Home Other

Republicans eye key votes on Trump tax cuts mega-bill

Natalie Fisher by Natalie Fisher
May 14, 2025
in Other
Reading Time: 6 mins read
A A
2
34
SHARES
423
VIEWS
Share on FacebookShare on Twitter

Congressman Lloyd Doggett and fellow US Democrats address a rally and press conference to announce their opposition to a Republican plan to cut Medicaid . ©AFP

Washington (AFP) – Republicans geared up Tuesday for a series of crucial votes on Donald Trump’s domestic policy mega-bill, with rows over spending threatening to unravel the US president’s plans for sweeping tax cuts. Three key House committees are slated to finalize and vote on their portions of Trump’s much-touted “big, beautiful” bill, led by a roughly $5 trillion extension of his 2017 tax relief. Republicans are weighing partially covering the cost with deep cuts to the Medicaid health insurance program that benefits more than 70 million low-income people.

Related

Stocks slide as Trump, Xi speak amid trade tensions

TotalEnergies on trial in landmark greenwashing case in France

US-China at trade impasse as Trump’s steel tariff hike strains ties

Nintendo fans stoked for Switch 2 ‘mega launch’

Eurozone stocks climb before ECB rate decision

Before it can get to Trump’s desk, the package must survive votes of the full House and Senate, where Republicans have razor-thin controlling margins. “The bill delivers what Americans voted for — tax policies that put working families first — and kick-starts a new golden era of American prosperity and strength,” said Jason Smith, chairman of the Ways and Means Committee, which is charged with drafting the tax proposals. The marathon committee debates are expected to continue into the night and even spill into daytime Wednesday ahead of a make-or-break full House vote planned for next week. If any of the committees fall short, the timetable for ushering in Trump’s priorities could be upended.

As the Republican billionaire seeks to cement his legacy with lasting legislation, every week is considered crucial ahead of 2026 midterm elections that could see his grip on the levers of power weakened. But the package is threatened by bitter infighting, with conservatives angling for much deeper cuts and moderates worried about threats to health coverage. Republicans plan to slash more than $700 billion from health care alone, which would leave several million people without coverage, according to a nonpartisan estimate by the Congressional Budget Office.

Democrats have angrily defended at-risk entitlements and hit out at tax cuts they say are a debt-inflating gift to the rich, funded by the middle class. On the tax front, House Republicans released a nearly 390-page bill Monday detailing where they want to raise revenues to cover Trump’s promised extension of the expiring 2017 tax cuts. The Joint Committee on Taxation estimates that this portion of the package will mean $3.7 trillion in lost revenue between 2025-2034, when savings in the text are taken into account.

The president appears on course to get most of what he wants — including a four-year pause on tax on tips, overtime, and interest on loans for American-made cars. There are big tax hikes on the endowments of wealthy colleges such as Harvard, Yale, and Princeton, and an aggressive roll-back of Joe Biden’s clean energy tax credits. But Republicans representing districts in high-tax states have rejected as too low a proposed increase in the relief they get in state and local taxes (SALT) from $10,000 to $30,000.

Democrats hosted a press event at the US Capitol to decry the proposed cuts ahead of the committee meetings, deploying a mobile billboard criticizing Republicans over the Medicaid proposals. “Let’s be clear: There’s nothing moderate, efficient, or reasonable about Donald Trump and Republicans’ dangerous plans to gut health care and force kids to go hungry so they can fund tax handouts for billionaires,” said Democratic National Committee spokesperson Aida Ross. Twenty-five activists were arrested outside one of the committee rooms for “illegally demonstrating,” the US Capitol Police told AFP. “It is against the law to protest inside the congressional buildings,” the force said in a statement.

© 2024 AFP

Tags: Donald Trumppoliticstax cuts
Share14Tweet9Share2Pin3Send
Previous Post

US reverses Biden-era export controls on advanced AI chips

Next Post

US stocks mostly rise on better inflation data while dollar retreats

Natalie Fisher

Natalie Fisher

Related Posts

Other

Equities on front foot as US data feeds rate-cut hopes

June 5, 2025
Other

China lead mine plan weighs heavily on Myanmar tribe

June 5, 2025
Other

Gamers get hold of Nintendo’s hotly awaited Switch 2

June 5, 2025
Other

Nintendo fans stoked for Switch 2 ‘mega launch’

June 5, 2025
Other

Stocks rise despite weak US jobs data

June 5, 2025
Other

EVs boost German auto sales, Tesla falls again

June 4, 2025
Next Post

US stocks mostly rise on better inflation data while dollar retreats

'Panic and paralysis': US firms fret despite China tariff reprieve

Australian seaweed farm tackles burps to help climate

Sony girds for US tariffs after record annual net profit

0 0 votes
Article Rating
Subscribe
Notify of
guest
guest
2 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
  • Trending
  • Comments
  • Latest

New York ruling deals Trump business a major blow

September 30, 2024

Elon Musk’s X fights Australian watchdog over church stabbing posts

April 21, 2024

Women journalists bear the brunt of cyberbullying

April 22, 2024

France probes TotalEnergies over 2021 Mozambique attack

May 6, 2024

Ghanaian finance ministry warns against fallout from anti-LGBTQ law

74

New York ruling deals Trump business a major blow

71

Shady bleaching jabs fuel health fears, scams in W. Africa

71

Stock markets waver, oil prices edge up

65

Clean energy investment rising despite economic uncertainty: IEA

June 5, 2025

TotalEnergies on trial in landmark greenwashing case in France

June 5, 2025

US-China at trade impasse as Trump’s steel tariff hike strains ties

June 5, 2025

China lead mine plan weighs heavily on Myanmar tribe

June 5, 2025
EconomyLens Logo

We bring the world economy to you. Get the latest news and insights on the global economy, from trade and finance to technology and innovation.

Pages

  • Home
  • About Us
  • Privacy Policy
  • Contact Us

Categories

  • Business
  • Economy
  • Markets
  • Tech
  • Editorials

Network

  • Coolinarco.com
  • CasualSelf.com
  • Fit.CasualSelf.com
  • Sport.CasualSelf.com
  • SportBeep.com
  • MachinaSphere.com
  • MagnifyPost.com
  • TodayAiNews.com
  • VideosArena.com
© 2025 EconomyLens.com - Top economic news from around the world.
No Result
View All Result
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials

© 2024 EconomyLens.com - Top economic news from around the world.