Trump and Republicans plan giant tax giveaways for the wealthiest Americans – Elizabeth Warren

Senator Elizabeth Warren has accused Republicans in Congress of planning to give huge tax breaks to the richest people in the country while taking away health care from 14 million people across the country. As part of President Trump’s economic plan, House Republicans have pushed for trillions of dollars in tax breaks. The House Ways and Means Committee, which is in charge of taxes, talked about the bill all night and passed a part of it on Wednesday morning with a vote of 26 to 19. BREAKING: Ways and Means approves Republicans’ tax bill in a 26-19 vote along party lines Huge step for GOP’s reconciliation push & effort to extend the 2017 tax cuts. Markup went over 17 hrs overnight, Dems forced dozens of amendment votes One big q: SALT still unresolved — Laura Weiss (@LauraEWeiss16) May 14, 2025 Elizabeth Warren translates the bill as “Republicans in Congress want to pass giant tax giveaways for the wealthiest Americans while ripping away health care from 14 million people across this country. Cutting health care for babies to make a handful of billionaires even richer.” X users were fast to correct Warren. One says, “Letting people keep their own money is not a “giveaway.” That’s some Orwellian terminology. Keeping rates where they currently are is also not a “giveaway.” Another adds, “You have the same record as Jim Cramer..... always wrong.” What the tax bill entail, and plans to do This bill would extend Trump’s first term cuts, which are set to end at the end of the year. They will also add new tax breaks for workers, retirees, and private schools. To lower the cost, the package would eliminate green energy projects that were put in place by Democratic President Joe Biden. At the same time, a different House committee was still talking about a Republican plan to tighten eligibility for Medicaid, which covers 71 million low-income Americans. The independent Congressional Budget Office says that would save the government $715 billion and take 7.7 million people off the program. At the start of Tuesday’s debate, police led at least five protesters out of the room. Three of them were in wheelchairs. With its current value of $36.2 trillion, Trump’s Bill would add trillions of dollars to the country’s debt. The plan calls for $4 trillion in additional borrowing, though the total cost is uncertain at this point. Republicans are also under a lot of pressure to work quickly because the country’s debt cap deadline is coming up this summer. Treasury Secretary Scott Bessent has asked lawmakers to act by mid-July to avoid a default that would destroy the global economy. The fight over the SALT credit for state and local taxes remains As part of President Trump’s tax and spending plan, House Republicans want to raise the cap on the state and local taxes SALT deduction. The House Ways and Means Committee, which is in charge of taxes, made the full copy of its part of the bill public on Monday afternoon. Those with a modified adjusted gross income of $400,000 or less could get up to $30,000 less in SALT. A limit of $10,000 on the federal exemption for SALT was put in place by the Tax Cuts and Jobs Act (TCJA) of 2017. This limit will end if Congress does not act by 2025. Currently, you can only claim up to $10,000 in state and local taxes, such as income and property taxes, if you itemize your tax breaks. Trump put a $10,000 limit on SALT in 2017, but he changed his mind during the campaign last year, saying he would “get SALT back” if he won again. Since he was sworn in, he has called for change again. However, the battle over the SALT deduction remains in limbo. KEY Difference Wire helps crypto brands break through and dominate headlines fast Source: https://www.cryptopolitan.com/republicans-giant-tax-giveaways-for-the-rich/