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Republican Tax Hawks Worry Trump Administration Tax Policies Could Expire in 2025
Key Trump administration tax policies could expire at the end of 2025 if congressional leaders follow through on a plan to break up a massive conservative budget bill into two parts. The plan, proposed by incoming Senate Majority Leader John Thune, R-S.D., would split Republicans’ reconciliation priorities into two bills, one dealing with border and defense issues and another aimed at implementing President-elect Donald Trump’s tax policy.
However, Republicans on the House Ways & Means Committee, including Chairman Jason Smith, R-Mo., are concerned that this could put their goals, such as preserving Trump’s 2017 Tax Cuts and Jobs Act, out of reach. “I think because we’ve already had some of the provisions expire or sunset, and the remainder of the legislation expires at the end of 2025, that waiting until the second half of the year puts a lot of it at risk,” said Rep. Nicole Malliotakis, R-N.Y.. “Americans across the board will see a tax increase, and it really jeopardizes our quest to bring manufacturing home.”
Rep. Smith expressed concerns about the complexity of tax issues and the potential for delays. “I am saying we need a reconciliation bill that has border, energy, permitting and tax. You put all four of those things together, we can deliver on that,” he said.
However, not all Republicans agree with Thune’s plan. Rep. Greg Murphy, R-N.C., said that Smith was doing an “excellent job” and echoed concerns about a slim majority. “I think it is a big challenge. We have a very slim majority, and there are at least, I believe, two people, if not three of the Republicans, who voted against it are still here,” he said.
The debate is putting top Republicans at odds, with some arguing that taxes are more complex and should be handled later, while others believe it is essential to address the issue now to avoid a tax increase for Americans. The discussion is a preview of what Washington will look like next year when Republicans hold the White House and both congressional chambers.
