Since his nomination as the 47th US President, Donald Trump has made several promises to US citizens, most notably to lower taxes. With these tax talks, Trump’s biggest resource for making that dream a reality has been through tariffs. The US President has explored tariffs on most of the United States’ major exporters, including Mexico and China. On the home front, Trump’s new Department of Government efficiency, is working to cut down on US spending, which includes thousands of jobs, to make way for tax cuts.
According to a report by FactCheck.org, on average, taxpayers in every income group would get some tax relief, but not everyone. In all, about two-thirds to three-quarters of taxpayers would get a tax cut, according to independent analyses. Also, the cuts skew in favor of wealthy Americans, who would see more tax relief not only in the dollar amount but as a percentage of income, on average. But again, the wealthy wouldn’t be the only ones to benefit.
Trump to Meet with Senators to Discuss Tax Cut Plan
Senate Finance Committee Republicans will meet with President Donald Trump at the White House this Thursday to discuss his tax cut agenda. “The president has invited us to join him tomorrow at the White House,” Senate Majority Whip John Barrasso (R-Wyoming), who sits on the panel, told reporters Wednesday. Barasso added that they will discuss ways to avoid any further tax increase on the flip side.
Senate Republicans believe a current policy baseline would make it much easier to ensure Trump’s expiring tax cuts are made permanent. However, it would take even steeper cuts than DOGE has executed thus far to pass such a tax bill.
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Furthermore, the tax cuts are often questioned in terms of who they will benefit the most. While one side feels that they will only help the upper class, Trump insists they will benefit all Americans. Trump framed the tax cuts much differently in his address to Congress on March 4. “The next phase of our plan to deliver the greatest economy in history is for this Congress to pass tax cuts for everybody,” Trump said. “They’re in there, they’re waiting for you to vote.”
Back in January 2025, Trump made a vow that he would do more than just cut taxes. Trump said that his administration “will cut taxes, slash regulations, raise wages and boost incomes at a pace the world has not seen before.” However, the job is steep for several reasons. One lingering battle that has to be won before tax cuts is the war on inflation. Inflation has been up since the pandemic, and the US has only just started making progress in the battle. Therefore, that battle must be won first, and it likely won’t by 2025’s end.