Trump Economic Chief Predicts Tax Bill Will Pass By Summer

National Economic Council Director Kevin Hassett said Friday that he expects the GOP tax bill to pass Congress by early summer.

“The hope is that the tax bill will be passed by the summer, early summer and so things are moving very, very quickly,” Hassett told reporters at the White House. “We expect probably to finalize the president’s thoughts on the tax agenda, at least first thoughts, opening salvos, by sometime next week.”

The timeline set by Hasssett lines up approximately with House Speaker Mike Johnson’s aspirations to pass President Donald Trump’s policy agenda by Memorial Day. It’s a very ambitious goal, though, given that there are major outstanding differences between how Senate and House Republicans have proposed extending trillions of dollars in expiring tax cuts from Trump's first term.

The GOP legislation also aims to deliver on Trump's campaign promises to eliminate taxes on tips, overtime pay and Social Security benefits, among other new tax cuts. The tax provisions are part of the "one big beautiful bill" Trump wants, along with energy, border and defense policies — and potentially large spending cuts that could dig into Medicaid.

House Republicans approved a budget blueprint for the legislation last week, following the Senate, before heading out of Washington for recess.

According to Hassett, the “Big Six” has been meeting regularly to discuss the contours of Trump’s tax bill. The group includes Hassett, Johnson, Senate Majority Leader John Thune (R-S.D.), Treasury Secretary Scott Bessent, Senate Finance Chair Mike Crapo (R-Idaho) and House Ways and Means Chair Jason Smith (R-Mo.).