Republicans swept to power on Election Day and now control the House, the Senate and the White House, with plans for an ambitious 100-day agenda come January. Their to-do list includes extending tax breaks, cutting social programs, building the border wall to stop immigration and rolling back President Joe Biden's green energy policies.
Speaker of the House Mike Johnson , R-La., center, speaks as House Majority Whip Tom Emmer, R-Minn., left, and Majority Leader Steve Scalise , R-La., right, listen during a press conference on the steps of the U.S. Capitol in Washington, Tuesday, Nov. 12, 2024, in Washington. President-elect Donald Trump speaks as he arrives for a meeting with the House GOP conference, Wednesday, Nov. 13, 2024, in Washington. From left are Rep. Elise Stefanik, R-N.Y., Rep. Richard Hudson, R-N.C., Rep.
The GOP majority in Congress quickly pivoted to tax cuts, assembling and approving the multitrillion-dollar package by year’s end. That means keeping in place various tax brackets and a standardized deduction for individual earners, along with the existing rates for so-called pass-through entities such as law firms, doctors’ offices or businesses that take their earnings as individual income.
Typically, lawmakers want the cost of a policy change to be offset by budget revenue or reductions elsewhere. But in this case, there’s almost no agreed-upon revenue raisers or spending cuts in the annual $6 trillion budget that could cover such a whopping price tag. He said the criticism that tax cuts would add to the deficit is “ridiculous.” There is a difference between taxes and spending, he said, “and we just have to get that message out to America.”
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