With House Majority Down to Just Two Seats, Trump’s Tax Pledges Will Be a Lift for Republicans

Competing priorities from debt hawks and suburban lawmakers looking for property tax breaks may have President Trump’s tax proposals already dead in the water.

AP/Alex Brandon
President-elect Trump during a Time magazine Person of the Year event at the New York Stock Exchange, December 12, 2024. AP/Alex Brandon

President Trump laid out an ambitious tax reform plan during his latest run for the White House — a corporate rate cut, making his individual rates permanent, an expanded child tax credit, and an elimination of income taxes on Social Security, tips, and overtime work, among other things. Republicans in the House may take a chainsaw to those ambitions, however, as debt hawks unafraid of public criticism and suburban lawmakers fighting for expanded blue state deductions threaten key elements of the plan. 

Trump’s success in the 2024 election relied greatly on Americans’ dour mood about President Biden’s economy, with historic inflation driving many voters to the polls. The president-elect’s tax plan, which he says can offset the inflationary tariff proposals he has kicked around, was aimed at those 75 percent of voters who told exit pollsters last month that inflation in the last three years caused either “moderate or severe hardship” for them and their families. 

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