EXCLUSIVE: Trump tax cuts ‘top priority’ for Congress, says top House GOP leader
In the wake of President Donald Trump’s recent “liberation day” tariffs announcement, a top House GOP leader is leading the charge to extend the president’s 2017 tax cuts, labeling it as the next “top priority” for Republicans. The passage of the Tax Cuts and Jobs Act (TCJA) in 2017 was a significant legislative win for the first Trump administration and stood as one of the most notable accomplishments of his term in office. With the Senate passing a resolution to bypass potential Democratic filibusters, the focus has now shifted to the House to solidify the tax cuts.
Majority Whip Tom Emmer, representing Minnesota and holding a crucial role in the House, emphasized the importance of extending Trump’s tax cuts both in Congress and the White House. Emmer is set to host an “Invest in America” roundtable discussion with Treasury Secretary Scott Bessent, CEO of the National Association of Manufacturers (NAM) Jay Timmons, and other manufacturing leaders to stress the urgency of preserving the tax cuts.
The discussion will revolve around the necessity of Congress preserving the 2017 tax cuts through reconciliation, a process that fast-tracks legislation by bypassing the Senate’s traditional 60-vote threshold. Emmer’s office highlighted the impending expiration of key aspects of the tax cuts related to manufacturing at the end of the year, warning of a potential massive tax hike if not extended.
Emmer’s office referred to a study by NAM, projecting the loss of millions of jobs, including over 1.1 million manufacturing jobs, as well as significant decreases in wages and GDP if the tax reforms are not extended. The study also pointed out that failure to extend the cuts could put the U.S. in an uncompetitive international tax regime, hindering investment and manufacturers’ ability to compete globally.
NAM CEO Jay Timmons echoed the urgency of making the pro-manufacturing reforms in Trump’s tax cuts permanent, underscoring the impact on job creation, wage growth, and investment across the nation. Stressing the need for immediate action, Timmons emphasized that when manufacturing succeeds, America succeeds.
Emmer reaffirmed that extending the tax reforms is a top priority for House Republicans, the Trump administration, and American manufacturers. He emphasized the necessity of continuing the economic boom that is already underway, stating that it can only be fully realized through the continuation of the 2017 tax cuts.
Treasury Secretary Scott Bessent weighed in on the discussion, highlighting the importance of making the tax cuts permanent to provide a stable business environment that investors seek. Bessent expressed optimism about the growth and investment opportunities that would arise from extending the TCJA, labeling it as a crucial step towards America’s economic prosperity.
As discussions continue on the importance of extending Trump’s tax cuts, the focus remains on securing a stable economic environment that fosters growth, investment, and job creation. With bipartisan support for the extension of these tax cuts, the path towards a prosperous future for American workers and businesses looks promising.
