According to U.S. Treasury Secretary Scott Bessent, congressional Republicans will have a “substantial agreement” regarding tax legislation by July 4, 2025. Speaker of the House Mike Johnson (R-LA) has taken a more aggressive stance, claiming “we can pass [the legislation] by Memorial Day.” Either way, the tax package is expected to extend many Tax Cuts and Jobs Act (TCJA) provisions and possibly make some of them permanent. In addition, President Trump has said the proposed law will exempt tips, overtime and Social Security from tax and provide other tax breaks. The question now is, how will lawmakers pay for it? Stay tuned.
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