“President Trump’s multitrillion-dollar economic agenda hinges on fractious GOP lawmakers who are at odds over the details of a tax package that could determine their fate in next year’s midterm elections,” the Wall Street Journal reports.
“Trump is betting that the legislation will win over voters who are skeptical of his stiff tariffs, which threaten to raise prices for American consumers.
The bill contains versions of his campaign-trail pledge to eliminate taxes on tips, overtime and Social Security benefits, and boosts the child tax credit.”“The economic and political stakes are enormous. If Trump is able to secure passage of his ‘big, beautiful bill,’ he could take credit for delivering tax cuts ahead of the midterms. If the legislation falters, millions of voters could instead be focused on the economic fallout from his trade agenda. On top of that, many tax cuts put in place during Trump’s first term would expire, triggering tax increases for many U.S. households.”