A sluggish and inflation-scarred economy was the biggest factor that sank the Democrats in the recent election. That fact should spur Republicans to push a huge tax reduction through in 2025. Much of Trump’s 2017 tax cut bill expires at the end of next year. Not renewing it—indeed, not strengthening the bill with more tax cuts—will seriously damage the economy. That would give Democrats a clear advantage in the midterm elections, which would stymie the rest of Trump’s term.
This segment of What’s Ahead discusses how to shape a good tax bill. Republicans must remember that their political fortunes—and the well-being of the nation—depend on a vibrant economy, and big tax cuts are fundamental to achieving that.
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