Trump’s Tax Exemption Promises Face the Congressional Gauntlet

Jan. 23, 2025, 9:30 AM UTC

President Donald Trump’s signature campaign promises to target tax cuts for the working class and big companies must now run through Congress’ byzantine politics and procedure if they have any hope of becoming policy.

Trump came into the office pitching a handful of popular exemptions to income designed to appeal to specific voting blocs. Now, lawmakers on Capitol Hill and in the nascent administration will be eager to make good on those promises.

The vows ranged from slashing the corporate tax rate; exempting income taxes on tipped wages, Social Security benefits, and overtime pay; and making ...

Learn more about Bloomberg Law or Log In to keep reading:

See Breaking News in Context

Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.

Already a subscriber?

Log in to keep reading or access research tools and resources.