The Daily Punch The Readback: Following tax policy
Dec 14, 2024
Laura Weiss, a Financial Services Reporter at Punchbowl News and co-author of The Vault, makes her podcast debut. She shares insights on the complexities of tax policy, particularly the impacts of Trump's tax cuts and the ongoing tensions among Senate Republicans regarding new tax plans. Weiss also discusses the ramifications of proposed trade tariffs on businesses and provides a humorous peek into the holiday party where political strategies mingled with karaoke performances.
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Trade Apprehension
- Businesses are apprehensive about Trump's trade stance, particularly his proposed tariffs.
- While targeted tariffs are acceptable, widespread tariffs pose a significant threat.
Corporate Tax Optimism
- Corporate America feels positive about Trump's tax priorities, especially the permanent corporate tax rate cut to 21%.
- This allays fears of potential increases under a different administration.
Reconciliation Debate
- House Ways and Means Chair Jason Smith and Senate Majority Leader John Thune disagree on the reconciliation approach for tax cuts.
- Smith favors a single bill, while Thune suggests two, raising concerns about the Trump tax cuts' fate.