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Trump under pressure: Committee blocks central tax plans!
US President Trump suffers setback on tax plans after Republican lawmakers vote against him.
Trump under pressure: Committee blocks central tax plans!
US President Donald Trump has suffered a significant setback in his key tax and spending law. The House Budget Committee did not bring the draft bill to the floor for further consideration after five Republican members voted with the Democrats. These dissenters criticize that the project will lead to a higher budget deficit and that the desired savings in government spending are not sufficient. The financial package was intended to implement Trump's key campaign promises, including permanent tax cuts from his first term, but the plans are facing significant resistance.
Trump is now urging his party colleagues to unite behind the law via the Truth Social platform. The dispute over the law has already dragged on for several days, and in a marathon session lasting more than 17 hours at the beginning of the week, MPs appeared exhausted at times. Despite the setback, however, it remains an important step for Trump and the Republican party leadership, especially for Speaker Mike Johnson, to continue to push for the law's passage oe24 describes.
Background and political framework conditions
Trump had already signed tax decrees at the beginning of his term and initiated various tax measures aimed at promoting the competitiveness of the US economy. However, the political context is complex: the Republican Party became a majority in both houses of the US Congress in the last elections. Trump received 76,838,984 votes, representing 50 percent of the electorate. The majority in the Senate is 53 Republicans, while the House is somewhat divided, with 220 Republicans and 215 Democrats DIHK explained.
As part of his tax policy, Trump plans, among other things, to reduce the corporate tax rate from 21% to 15% and to extend the tax benefits of the Tax Cuts and Jobs Act (TCJA). Reintroducing full tax deductibility for state and local taxes and creating new tax incentives for key technologies are also under discussion. The Universal Baseline Tariff of 10 to 20 percent on imports, supplemented by tariffs on imports from China and Canada, also appears to be an important concern.
The economic impact of this tax policy could be significant, especially for companies in Germany. Leading economic performance could become more attractive again in the USA, while German companies may be under increased competitive pressure. The political turbulence surrounding the current bill could further jeopardize the economic goals of the Trump administration.