Trump to announce plans for new tax cuts
CNBC • • nation
Key Points:
- President Donald Trump plans to propose new personal and corporate tax cuts during his upcoming State of the Union address, aiming to push the legislation through a second budget reconciliation effort in Congress.
- Budget reconciliation allows the majority party to bypass the Senate filibuster and pass certain budget-related bills with a simple majority, but the Senate parliamentarian must confirm the bill's budget relevance.
- Republicans previously used reconciliation to pass a major tax and domestic policy package last year, dubbed the "one big beautiful bill."
- Trump's focus on the economy comes amid polling that shows him losing ground on economic issues, while Democrats gain traction on affordability ahead of the 2026 midterms.
- Passing new tax cuts through reconciliation faces significant challenges due to the narrow
