CFO Slice

The legislative process for President Donald Trump's extensive tax package is set to commence next week, with key House committees, including the Ways and Means Committee and the Energy and Commerce Committee, reviewing the bill. Despite ongoing disagreements among Republicans, particularly regarding the state and local tax deduction and estate tax restrictions, the committees aim to advance the legislation to the House floor. The Energy and Commerce Committee is tasked with identifying $880bn in savings over the next decade, a challenge complicated by divisions over Medicaid cuts. "We are still working," said Energy and Commerce Chairman Brett Guthrie. A vote on the comprehensive tax and spending package is anticipated by the end of May, requiring near-unanimous support from House Republicans for passage. In other Trump administration tax news, the Wall Street Journal reports that the president is considering backing a tax structure that would return the top individual income-tax rate to 39.6% from 37% for people making over $2.5m. Additionally, House Speaker Mike Johnson (R-LA) said on Thursday that Republicans are discussing raising the state and local tax (SALT) deduction cap to $30,000.