Republicans are accelerating efforts to fill in key details of their plan for massive tax cuts, but as lawmakers work to turn their proposal into legislation, President Trump’s numerous tax promises are proving difficult to keep.
On Monday, Trump promised the party would not touch tax benefits for 401(k) retirement plans, protecting a popular benefit for more than 50 million Americans but also further limiting the areas where Republicans could seek to raise new revenue.
His vow to protect 401(k) plans, made in a Twitter post, comes just days before House Republicans are planning to introduce a bill that would dramatically slash corporate tax rates, consolidate tax brackets for families and individuals, and eliminate the alternative minimum tax and estate tax.
The challenge has become particularly acute now that the Senate has passed its budget resolution, which the House of Representatives is expected to approve by Thursday. This procedural step allows them to eventually pass a tax bill in the Senate with just 50 votes, instead of the 60 typically required to advance major bills.
They must now write legislation that can pass the House and Senate, something they still haven’t done despite dozens of meetings in the White House and on Capitol Hill. They remain unable to reconcile all of Trump’s assurances that there will be massive tax cuts benefiting everyone with Senate rules that limit how much they can do.
House Republicans hope to introduce a bill as soon as next week, but they are still working through key details that could derail the bill if mishandled. Still, GOP congressional aides on Monday expressed confidence that their bill was coming together rapidly.
On Monday, Trump promised the party would not touch tax benefits for 401(k) retirement plans, protecting a popular benefit for more than 50 million Americans but also further limiting the areas where Republicans could seek to raise new revenue.
His vow to protect 401(k) plans, made in a Twitter post, comes just days before House Republicans are planning to introduce a bill that would dramatically slash corporate tax rates, consolidate tax brackets for families and individuals, and eliminate the alternative minimum tax and estate tax.
The challenge has become particularly acute now that the Senate has passed its budget resolution, which the House of Representatives is expected to approve by Thursday. This procedural step allows them to eventually pass a tax bill in the Senate with just 50 votes, instead of the 60 typically required to advance major bills.
They must now write legislation that can pass the House and Senate, something they still haven’t done despite dozens of meetings in the White House and on Capitol Hill. They remain unable to reconcile all of Trump’s assurances that there will be massive tax cuts benefiting everyone with Senate rules that limit how much they can do.
House Republicans hope to introduce a bill as soon as next week, but they are still working through key details that could derail the bill if mishandled. Still, GOP congressional aides on Monday expressed confidence that their bill was coming together rapidly.