Republicans aren’t on the same page about Trump’s ‘big, beautiful’ tax bill

Some GOP members have indicated they will hold out on passing a bill that doesn’t include some key provisions

article-image

US Senator Thom Tillis | Maxim Elramsisy/Shutterstock modified by Blockworks

share


This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.


Lawmakers are scrambling to pass President Trump’s “big, beautiful” tax and spending bill by Speaker Mike Johnson’s Memorial Day deadline. Disagreements within the GOP, though, are poised to slow things down. 

There are a few small but mighty groups of Republican lawmakers with some non-negotiables. They have threatened to derail the legislation should things not go their way. Main points of contention include overall spending and proposed clawbacks. 

So-called budget hawks, including Chip Roy (Texas), Andrew Clyde (Georgia) and Lloyd Smucker (Pennsylvania) have indicated that they want bigger budget cuts to compensate for the tax revenue decrease. 

The bill currently calls for a minimum of $1.5 trillion in spending cuts over a decade. Nonpartisan think tanks have estimated that extending Trump’s first-term tax cuts would decrease federal tax revenue by $4.5 trillion over a decade. 

There’s also a coalition of Republicans concerned about plans to clawback funding and limit tax credits associated with Biden’s Inflation Reduction Act. Those against the proposal include Sens. Thom Tillis and John Curtis, who co-authored a letter insisting that the tax cuts allow for more investment in manufacturing and lower utility bills for Americans. 

Still, House Ways and Means Committee Chair Jason Smith said this weekend that they’re “days, not months” away from finalizing tax plans. In contrast, Republican committee member Darin LaHood said an early June timeline is more likely. 

Either way, this is the priority on Capitol Hill for the foreseeable future. So maybe don’t expect any crypto legislation getting through anytime soon.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template (1).jpg

Research

As AI supercharges surveillance, privacy becomes a prerequisite and the winning stack will combine confidentiality with selective disclosure. Zcash’s Tachyon, composable standards on Ethereum/Solana, and compliance-aware pools aim to make private rails the new norm.

article-image

Bain Capital Crypto and Haun Ventures co-led the round as demand grows for Bitcoin-denominated savings and annuities

by Blockworks /
article-image

NYSE owner’s investment values the prediction market at $8–9 billion, signaling Wall Street’s entry into event-based trading

by Blockworks /
article-image

Pineapple begins deploying its $100 million Injective Digital Asset Treasury, staking INJ to earn yield and fund onchain mortgage ambitions

by Blockworks /
article-image

Staking levels in the ether funds will depend on protocol unstaking queue times and anticipated redemption activity, firm says

article-image

ETF inflows, miner strength, and tightening supply drive Bitcoin past its prior peak amid renewed demand for scarce assets

by Blockworks /
article-image

The Guidestar team, led by Alex Nezlobin, will join Uniswap Labs to enhance automated market maker design and smart order routing

by Blockworks /