Business & Economy
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Business & Economy
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House GOP moves Trump tax cuts through committee
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The House Ways and Means Committee advanced a slew of President Trump’s top tax priorities Wednesday, setting the stage for a high-stakes sprint to get the provisions through the GOP’s razor-thin majority.
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The panel advanced the legislation — part of the party’s package containing Trump’s legislative agenda — in a party-line 26-19 vote following an hourslong, overnight meeting that featured heated debate, scores of Democratic-led amendments, all of which were rejected, and ample estimates of the impact of the proposed policy.
The tax bill now heads to the House Budget Committee, which is tasked with combining all the portions of the Trump agenda bill into one package in advance of its consideration in the entire chamber.
The tax legislation, which spans 389 pages, makes the 2017 income tax rates permanent — a top priority for Trump and congressional Republicans — implements some of the president’s campaign promises including no tax on tips or overtime through 2028 and temporarily increases the child tax credit, among several other provisions.
The road ahead, however, remains rocky.
The Hill's Mychael Schnell and Tobias Burns explain why here.
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Welcome to The Hill’s Business & Economy newsletter, I'm Sylvan Lane — covering the intersection of Wall Street and Pennsylvania Avenue.
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Key business and economic news with implications this week and beyond:
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The Consumer Financial Protection Bureau (CFPB) is withdrawing a Biden-era proposal that sought to rein in the sale of Americans’ personal information by data brokers.
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Senate Democratic Leader Chuck Schumer (N.Y.) accused President Trump on Wednesday of conducting his trip to Saudi Arabia, Qatar and the United Arab Emirates, the first major foreign trip of his second term, as a “personal business venture.”
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Former White House chief of staff and Democratic politician Rahm Emanuel says he turned down bribes from the Saudi government while traveling to the country on a state visit with then-President Obama.
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Commodity Futures Trading Commission (CFTC) Commissioner Summer Mersinger is leaving the agency to lead the Blockchain Association, the crypto trade group announced Wednesday.
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Marjorie Taylor Greene gets salty with Lawler
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As Rep. Mike Lawler (R-N.Y.) and several of his blue-state colleagues dig in for a higher state and local tax (SALT) deduction cap, they're drawing the ire of Rep. Marjorie Taylor Greene (R-Ga.).
In a Wednesday post on X, Greene blasted Lawler — who she said "usually isn't the guy in the conference with the best ideas" — for threatening to tank Trump's signature policy bill.
"If a $30,000 State and Local Tax (SALT) deduction isn’t good enough for those making under $400,000 then you need to either vote Republican in NY or you need to move!," Greene wrote, referring to level included in the Ways and Means print passed Wednesday.
"The rest of America doesn’t want to and shouldn’t have to make up the difference!!!!! And Mike Lawler has a toss up seat," she wrote.
— Sylvan Lane
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Tax Watch is a regular feature focused on the fight over tax reform and extending the 2017 Trump tax cuts this year. Email a tip
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Upcoming news themes and events we're watching:
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- The Census Bureau releases monthly retail sales data Friday at 8:30 a.m. EDT.
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Branch out with more stories from the day:
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DOHA, Qatar (AP) — President Donald Trump urged Qatar on Wednesday to use its influence over Iran …
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Business and economic news we've flagged from other outlets:
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- Tariffs devastated America’s ports. Soon, they could face a surge from stockpiling (CNN)
- Elon Musk’s xAI chatbot Grok is posting about ‘white genocide’ and South Africa (CNBC)
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Top stories on The Hill right now:
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Republicans on the House Energy and Commerce Committee advanced legislation Wednesday afternoon containing cuts to Medicaid and health care provisions — some of the most controversial and contentious provisions that will be included in the “big, beautiful bill” of President Trump’s … Read more
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Homeland Security Secretary Kristi Noem on Wednesday lent some support to calls to suspend habeas corpus as part of the administration’s immigration crackdown after aide Stephen Miller said the White House was considering the idea. Read more
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Opinion related to business and economic issues submitted to The Hill:
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You're all caught up. See you tomorrow!
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