Trump Outlines Tax Plan During White House Meeting with House GOP Leaders

Trump Outlines Tax Plan During White House Meeting with House GOP Leaders

President Donald Trump met with House Republican leaders at the White House on Thursday to discuss his tax priorities. The meeting was attended by House Speaker Mike Johnson, R-La., Majority Leader Steve Scalise, R-La., Majority Whip Tom Emmer, R-Minn., and other key members of the GOP.

Key Tax Priorities Discussed

During this crucial meeting, Trump emphasized his commitment to fulfilling his campaign promise to eliminate taxes on tips. This move aims to benefit service workers who rely heavily on gratuities.

White House Press Secretary Karoline Leavitt provided updates to reporters as the meeting unfolded. She mentioned that Trump seeks “no tax on seniors’ Social Security and no tax on overtime pay.” These provisions are particularly appealing to middle-class families.

Renewing Tax Cuts from the 2017 Legislation

Additionally, Leavitt stated that Trump aims to renew the tax cuts established in the Tax Cuts and Jobs Act (TCJA) of 2017, as the act’s provisions are set to expire soon. Restoring these tax cuts could significantly impact American taxpayers’ financial situations.

Adjustments to SALT Deductions

Trump also expressed interest in modifying the cap on State and Local Tax (SALT) deductions. This aspect of tax policy has generated considerable debate among Republicans, especially those from states with high living costs who have felt the financial strain.

Cutting Special Tax Breaks

In his presentation to House Republicans, Trump proposed eliminating special tax breaks for billionaire sports team owners and closing the carried interest tax deduction loophole. Such changes would ensure a more equitable tax structure.

Moreover, he insisted on instituting tax cuts for products labeled as