Fireworks and tax cuts

by Aris Folley - 04/28/25 6:57 PM ET

Business & Economy

The Big Story

Bessent says tax bill must pass by Independence Day

Treasury Secretary Scott Bessent said the Fourth of July is the new deadline for the lawmakers to pass President Trump’s ambitious tax agenda.

Bessent and Kevin Hassett, the director of the National Economic Council, met Monday on Capitol Hill with Speaker Mike Johnson (R-La.), Senate Majority Leader John Thune (R-S.D.) and top tax writers.

Congress returned to Washington on Monday to kick off a key stretch to get the package, which includes broad swaths of Trump’s agenda, passed. Republicans aim to pass it with only GOP votes, but must first work out significant disagreements.

Bessent hailed the unity among Republicans in both chambers before laying out the new target date.

Trump and Republicans are set to include a potpourri of party tax goals in the single package, including potentially making the tax cuts passed in 2017 permanent and eliminating taxes on tips, overtime and Social Security.

Republicans also expect the bill to contain immigration reform, Pentagon funding, an increase in the debt ceiling and spending cuts.

Read the full report at TheHill.com.

Welcome to The Hill’s Business & Economy newsletter, I’m Aris Folley — covering the intersection of Wall Street and Pennsylvania Avenue.

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Tax Watch

Welcome to Tax Watch, a new feature in The Hill’s Business & Economy newsletter focused on the fight over tax reform and the push to extend the 2017 Trump tax cuts this year.

House Republicans dive into Trump agenda details

House Republicans are slated to dive into the details of their sprawling bill full of President Trump’s domestic policy priorities this week, as leaders eye an ambitious timeline for moving the package through the lower chamber.

At least five House committees are scheduled to convene to craft portions of the bill — a gathering known as a markup — as the conference kicks off the early stage of the consideration process.
The panels will then hold a vote on whether to advance their parts of the Trump agenda bill.

The meetings come as Speaker Mike Johnson (R-La.) is looking to clear the bill by the end of May, setting the stage for a high-stakes four-week sprint on Capitol Hill.

Read more here.

The Ticker

Upcoming news themes and events we’re watching:

As Republicans work to assemble a sweeping tax and spending cuts package, markups are slated to begin Tuesday morning for the House committees on Homeland Security, Armed Services and the Education and the Workforce.

Tomorrow’s news today

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Good to Know

Business and economic news we’ve flagged from other outlets:

S&P 500 ekes out fifth winning day as Big Tech earnings loom (CNBC)
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