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Will Congress deliver Trump's tax cuts?

Apr 15, 2025

Caitlin Reilly, a tax and economics reporter at CQ Roll Call, provides keen insights on the intricacies of Congress's push for Trump's tax cuts. She breaks down the reconciliation process and its implications for the national deficit, revealing the political tug-of-war among Republicans. The discussion also touches on Boeing's entanglement in the U.S.-China trade war. Listeners gain a nuanced understanding of the challenges lawmakers face amid debates on spending cuts and the economic impact of these policies.

27:27

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Episode guests

Caitlin Reilly

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Quick takeaways

Congress is using reconciliation to advance significant tax cuts despite concerns about their $4 trillion cost over ten years.

The ongoing budget negotiations highlight tension between Senate Republicans and House fiscal conservatives over the need for spending cuts.

Deep dives

Overview of the Federal Budget Process

The federal budget process involves a two-step procedure where the House and Senate must adopt identical budget resolutions to establish a framework for the reconciliation bill. Recently, both chambers completed the first step, allowing committees responsible for spending cuts and tax cuts to begin drafting specific legislation. This step is crucial as it allows them to handle financial issues without needing to overcome the 60-vote threshold typically required to stop a filibuster. As Congress moves forward, understanding this process and its implications is vital for tracking how economic policies are shaped.

Intro

3min

Tax Cuts and Reconciliation Challenges

16min

Economic Impacts of Tariffs and Tax Policies

4min

Examining Legal and Taxation Impacts on Society

3min

Tax Legislation Skepticism and Community Engagement

2min

Happy Tax Day, folks. While you’re hitting “Submit” on your returns, lawmakers in Washington are negotiating over what next year’s Tax Day could look like. Congress is aiming to pack President Donald Trump’s promised tax cuts into one behemoth reconciliation bill. But Caitlin Reilly, tax and economics reporter at CQ Roll Call, said there’s a long way to go before making these promises a reality. On the show today, Reilly explains why Congress is pursuing “reconciliation,” the accounting magic lawmakers are using to make certain tax cuts look free, and how the House and Senate will square two drastically different mandates for spending cuts.

Then, we’ll look into how Boeing is getting caught up in the U.S.-China trade war. And, a tax professor answers the “Make Me Smart” question.

Here’s everything we talked about today: