Jessica Mendoza

Welcome to The Journal, our show about money, business, and power. I'm Jessica Mendoza. It's Tuesday, May 20th. Coming up on the show, why Trump's big, beautiful bill has become a big pain for Republicans. This year's tax bill has a lot to do with another major tax bill, one that Republicans passed back in 2017 during Trump's first term. When that bill became law, it was a huge deal for the GOP.

Welcome to The Journal, our show about money, business, and power. I'm Jessica Mendoza. It's Tuesday, May 20th. Coming up on the show, why Trump's big, beautiful bill has become a big pain for Republicans. This year's tax bill has a lot to do with another major tax bill, one that Republicans passed back in 2017 during Trump's first term. When that bill became law, it was a huge deal for the GOP.

Welcome to The Journal, our show about money, business, and power. I'm Jessica Mendoza. It's Tuesday, May 20th. Coming up on the show, why Trump's big, beautiful bill has become a big pain for Republicans. This year's tax bill has a lot to do with another major tax bill, one that Republicans passed back in 2017 during Trump's first term. When that bill became law, it was a huge deal for the GOP.

Here's the House speaker at the time, Paul Ryan.

Here's the House speaker at the time, Paul Ryan.

Here's the House speaker at the time, Paul Ryan.

The bill represented the biggest overhaul of the U.S. tax system in decades. It cut the corporate tax rate to its lowest point since 1939, and it lowered individual taxes for most households. The tax law did face opposition. Democrats said the cuts favored the wealthy at the expense of poorer Americans.

The bill represented the biggest overhaul of the U.S. tax system in decades. It cut the corporate tax rate to its lowest point since 1939, and it lowered individual taxes for most households. The tax law did face opposition. Democrats said the cuts favored the wealthy at the expense of poorer Americans.

The bill represented the biggest overhaul of the U.S. tax system in decades. It cut the corporate tax rate to its lowest point since 1939, and it lowered individual taxes for most households. The tax law did face opposition. Democrats said the cuts favored the wealthy at the expense of poorer Americans.

And the tax cuts added to the national deficit, according to official estimates, which angered fiscal conservatives. But some of the tax cuts in the 2017 bill were temporary.

And the tax cuts added to the national deficit, according to official estimates, which angered fiscal conservatives. But some of the tax cuts in the 2017 bill were temporary.

And the tax cuts added to the national deficit, according to official estimates, which angered fiscal conservatives. But some of the tax cuts in the 2017 bill were temporary.

And Republicans are actually in a good position to renew a lot of the policies they put in place about eight years ago. They have majorities in both the House and the Senate, and they have Trump in the White House.

And Republicans are actually in a good position to renew a lot of the policies they put in place about eight years ago. They have majorities in both the House and the Senate, and they have Trump in the White House.

And Republicans are actually in a good position to renew a lot of the policies they put in place about eight years ago. They have majorities in both the House and the Senate, and they have Trump in the White House.

This bill is not just extending those 2017 tax cuts, but also expanding them.

This bill is not just extending those 2017 tax cuts, but also expanding them.

This bill is not just extending those 2017 tax cuts, but also expanding them.

Now, Trump, in office for a second time, is more ambitious than he was in 2017. And this new bill shows that. For one, the bill increases spending on border security and national defense. But it also makes a lot of cuts. It rolls back federal clean energy incentives introduced under former President Biden in 2022.

Now, Trump, in office for a second time, is more ambitious than he was in 2017. And this new bill shows that. For one, the bill increases spending on border security and national defense. But it also makes a lot of cuts. It rolls back federal clean energy incentives introduced under former President Biden in 2022.