Republicans are planning an ambitious 100-day agenda with President-elect Donald Trump in the White House and GOP lawmakers in a congressional majority. Their goals include renewing $4 trillion in expiring GOP tax cuts, limiting government subsidies for health insurance, food stamps, and other safety net programs, rolling back green energy initiatives, mass deportations, and government job cuts. The focus is on tax cuts for all, including millionaires, which were a hallmark of Trump’s first term and are set to expire in 2025.
The tax cuts would mainly benefit higher-income households, with the top 1 percent receiving significant cuts while lower-income earners received less. Critics argue that the tax cuts contribute to income inequality, but supporters point to other factors, such as low-interest rates, as the main drivers. Lawmakers are considering ways to extend and enhance the tax breaks, including changes to corporate tax rates and individual tax deductions.
The cost of the tax cuts, estimated to add $4 trillion to deficits over a decade, poses a challenge, with Republicans suggesting that economic growth will offset the revenue losses. Some Republicans argue that extending the tax cuts is not new policy but an extension of existing law. The new Congress will also consider spending cuts to health care and food stamp programs, with a focus on reducing subsidies for health insurance under the Affordable Care Act.
Republicans plan to use the budget reconciliation process to pass their agenda, which allows for majority passage in Congress without the threat of a filibuster. While Republicans are determined to push through their policies, they may face opposition from Democrats. House Speaker Mike Johnson promises a “breakneck” pace in the first 100 days to address their priorities.
Source
Photo credit wtop.com
