Republicans Plan Major Tax Cuts Following Election Victory

With control of Congress, Trump and GOP lawmakers aim to extend and expand 2017 tax cuts despite deficit concerns.

Republicans' control of the presidency and Congress provides a pathway to extend and expand the 2017 Tax Cuts and Jobs Act.
Trump's proposals include making the TCJA provisions permanent and introducing new tax cuts, such as eliminating taxes on Social Security and tip income.
The GOP faces internal debates over the size of the tax cuts and how to manage the resulting federal deficit, which could increase by trillions.
Higher tariffs on foreign goods, particularly from China, are proposed as a means to offset tax cut costs, though they may lead to higher consumer prices.
Legislation is expected to be pushed through using budget reconciliation, avoiding the need for a supermajority in the Senate.