Trump's Tax Proposals Face Congressional Scrutiny

President-elect Donald Trump faces significant challenges in implementing his tax and spending agenda, particularly regarding his pledge to eliminate taxes on tips, overtime pay, and Social Security benefits. House Speaker Mike Johnson emphasized the need for careful financial planning to ensure these cuts can be funded, cautioning that tax cuts could significantly increase the federal deficit, which is already nearing $36 trillion. Trump's economic policies, including proposed tariffs, could add an estimated $10 trillion to the national debt over the next decade. Furthermore, the upcoming expiration of elements from the 2017 Republican tax bill may complicate Trump's goals. As Congress prepares to address these issues, the narrow Republican majority may lead to tough negotiations on spending. Johnson affirmed that tax cuts will be a top priority in Congress's agenda after Trump takes office in January, but highlighted that financial feasibility must be a primary concern.