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President Donald Trump signaled support for even deeper tax reductions than those included in the multi-trillion-dollar economic package advancing through Congress.
“I’d like to see a bigger cut in taxes,” Trump said during a press conference at the White House alongside billionaire entrepreneur and adviser Elon Musk. “It’s going to be jiggered around a little bit.”
The president’s remarks come as the Senate prepares to take up the legislation that the House passed last week. The bill, as written, would extend the 2017 tax cuts and add an estimated $3.8 trillion to the national debt over the next decade.
Musk Voices Concern Over Fiscal Impact
Elon Musk, who announced he is stepping back from his advisory role in the administration, expressed disappointment over the impact of the bill’s projected deficit.
“I support tax relief, but not if it blows up the budget,” Musk told reporters.
The bill includes various tax breaks to appeal to working families and American manufacturers. These include:
- A boosted child tax credit
- Temporary tax relief for tips and overtime pay
- Benefits for senior citizens
- Incentives for purchasing American-made vehicles
Senate Showdown Ahead
The measure now heads to the Senate, where lawmakers from both parties are already jockeying to revise key provisions. Some Republican senators are pushing back on aspects related to Medicaid, green energy subsidies, and overall federal spending.
GOP leaders, led by House Speaker Mike Johnson, have set an ambitious goal to finalize the bill by July 4, allowing Trump to sign it into law before the summer recess.
If passed, the legislation would represent one of the most significant overhauls to the U.S. tax code since Trump’s first term and could serve as a key talking point heading into the 2026 midterm elections.
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