Atop the list is the plan to renew some US$4-trillion in expiring GOP tax cuts, a signature domestic achievement of Trump’s first term and an issue that may define his return to the White House
An end to the COVID-19-era government subsidies that some Americans have used to purchase health insurance.
“What we’re focused on right now is being ready, Day 1,” said House Majority Leader Steve Scalise, R-La., after meeting recently with GOP colleagues to map out the road ahead. Trump’s first term became defined by those tax cuts, which were approved by Republicans in Congress and signed into law only after their initial campaign promise to “repeal and replace” Democratic President Barack Obama’s health care law sputtered, failing with the famous thumbs-down vote by then-Sen. John McCain, R-Ariz.
In preparation for Trump’s return, Republicans in Congress have been meeting privately for months and with the president-elect to go over proposals to extend and enhance those tax breaks, some of which would otherwise expire in 2025. But Avik Roy, president of the Foundation for Research on Equal Opportunity, said blaming the tax cuts for the nation’s income inequality is “just nonsense” because tax filers up and down the income ladder benefited. He instead points to other factors, including the Federal Reserve’s historically low interest rates that enable borrowing, including for the wealthy, on the cheap.
Some Republicans argue there’s precedent for simply extending the tax cuts without offsetting the costs because they are not new changes but existing federal policy. One cut is almost certain to fall on the COVID-19-era subsidy that helps defray the cost of health insurance for people who buy their own policies via the Affordable Care Act exchange.
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