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Blockworks 2025-04-29 20:30:00

Republicans aren’t on the same page about Trump’s ‘big, beautiful’ tax bill

Republicans aren’t on the same page about Trump’s ‘big, beautiful’ tax bill

This is a segment from the Forward Guidance newsletter. To read full editions, subscribe . Lawmakers are scrambling to pass President Trump’s “big, beautiful” tax and spending bill by Speaker Mike Johnson’s Memorial Day deadline. Disagreements within the GOP, though, are poised to slow things down. There are a few small but mighty groups of Republican lawmakers with some non-negotiables. They have threatened to derail the legislation should things not go their way. Main points of contention include overall spending and proposed clawbacks. So-called budget hawks, including Chip Roy (Texas), Andrew Clyde (Georgia) and Lloyd Smucker (Pennsylvania) have indicated that they want bigger budget cuts to compensate for the tax revenue decrease. The bill currently calls for a minimum of $1.5 trillion in spending cuts over a decade. Nonpartisan think tanks have estimated that extending Trump’s first-term tax cuts would decrease federal tax revenue by $4.5 trillion over a decade. There’s also a coalition of Republicans concerned about plans to clawback funding and limit tax credits associated with Biden’s Inflation Reduction Act . Those against the proposal include Sens. Thom Tillis and John Curtis, who co-authored a letter insisting that the tax cuts allow for more investment in manufacturing and lower utility bills for Americans. Still, House Ways and Means Committee Chair Jason Smith said this weekend that they’re “days, not months” away from finalizing tax plans. In contrast, Republican committee member Darin LaHood said an early June timeline is more likely. Either way, this is the priority on Capitol Hill for the foreseeable future. So maybe don’t expect any crypto legislation getting through anytime soon. Get the news in your inbox. Explore Blockworks newsletters: Blockworks Daily : Unpacking crypto and the markets. Empire : Crypto news and analysis to start your day. Forward Guidance : The intersection of crypto, macro and policy. 0xResearch : Alpha directly in your inbox. Lightspeed : All things Solana. The Drop : Apps, games, memes and more. Supply Shock : Bitcoin, bitcoin, bitcoin.

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