Budget Reconciliation Update

Senate leaders announced they will start working on budget resolution differences with the House in late March. House Ways and Means Committee Republicans plan two long drafting sessions this week for reconciliation language details.  President Trump, in his Congress address last week, emphasized tax priorities: permanent income tax cuts, no tax on tips, overtime, and Social Security benefits; interest payment deductibility on car loans for American-made vehicles; reduced taxes on domestic production and manufacturing; 100 percent bonus depreciation from January 20, 2025; and unspecified incentives to revive U.S. shipbuilding.