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Tag: Tax Cuts and Jobs Act
Taxing Divides: How Trump’s 2025 Tax Blueprint Challenges Republican Unity and Economic Norms
By early 2025, former President Donald Trump’s proposed Tax Blueprint legislation had crystallized into the centerpiece of his economic agenda—and the linchpin of intra-party contention. The Wall Street Journal aptly described the unfolding drama: “Trump’s Economic Agenda Hinges on Tax Bill That Divides His Party.” At its core, the proposal would cut the top marginal individual rate from 37 percent to 28 percent and reinstate full expensing for capital investment, offset by scaling back popular deductions for state and local taxes and eliminating the alternative minimum tax (AMT) (Wall Street Journal, 2025). Yet while ardent conservatives cheered reductions that they believe would spur growth, other Republican fiscal hawks and moderates balked at the package’s projected $2 trillion deficit impact over ten years.
Wealth and Welfare: Analyzing the GOP Tax Reform and Its Socioeconomic Implications
In April 2025, the U.S. House of Representatives introduced a comprehensive tax reform bill, championed by President Donald Trump and House Speaker Mike Johnson. Dubbed the "Big, Beautiful Bill," this legislation aims to extend and expand upon the Tax Cuts and Jobs Act (TCJA) of 2017. Key provisions include increasing the standard deduction, adjusting the state and local tax (SALT) deduction cap, and proposing a higher top marginal tax rate for ultra-high earners .
House GOP Tax Plan: Expanding SALT Deductions and Curtailing Green Incentives Amidst Political Debate
House GOP Tax Plan: On April 23, 2025, House Republicans unveiled a comprehensive tax reform proposal aimed at extending the 2017 Tax Cuts and Jobs Act (TCJA), increasing the state and local tax (SALT) deduction cap, and eliminating various green energy tax incentives. This proposal, dubbed "THE ONE, BIG, BEAUTIFUL BILL," seeks to implement significant changes to the U.S. tax code, with far-reaching implications for taxpayers, environmental policy, and federal revenue.