Trump Administration Sets July 4 Deadline for Tax Cut Plan Amid Public Opposition

U.S. Treasury Secretary Steven Mnuchin has set a target date of July 4 for the passage of President Donald Trump's multi-trillion-dollar tax cut plan. This deadline comes at a time when recent polls indicate that voters are largely dissatisfied with the administration's economic policies. Mnuchin's announcement underscores the urgency with which the Trump administration is pursuing its tax reform agenda, despite facing significant public opposition.

Mnuchin made this announcement after meeting with congressional leaders, including Senate Majority Leader John Thune, House Speaker Mike Johnson, and the chairs of the tax committees, Senators Mike Crapo and Jason Smith. The meeting took place as lawmakers returned to Washington after a two-week recess, with tax reform being the top legislative priority for Republicans. Trump has been exerting increasing pressure on Republicans to pass the tax cut plan, even instructing a Michigan Republican lawmaker to stay in Washington instead of attending his 100-day anniversary speech in Michigan.

Thune described the July 4 deadline as "ambitious" and did not commit to a specific timeline. He expressed more concern about the debt ceiling, which is expected to be reached later this year. "This is a hard deadline for us," he stated. Mnuchin's July 4 timeline adds pressure on Republicans to approve the tax cut plan. Johnson has set a goal for the House to pass the legislation by the end of May, which includes extending Trump's first-term tax cuts and introducing new tax reductions.

"I believe we can pass it before Memorial Day," Johnson said, noting that Congress could "save the Medicaid program," but "we must find the necessary savings." The Senate may not complete the bill's work for several months, with party leaders aiming for a vote by August. Trump's first-term tax policies are set to expire at the end of this year.