The Wall Street Journal’s conservative editorial board has delivered a sharp critique of House Republicans’ latest draft budget reconciliation bill, a sweeping package covering tax cuts, energy deregulation, and border security. The bill, which President Donald Trump has praised as his “big, beautiful bill,” is failing to impress even traditional allies.
While the bill meets some long-standing GOP goals, most notably over $600 billion in Medicaid cuts and a permanent extension of Trump’s 2017 tax cuts, it falls short of what the Journal considers meaningful, principled tax reform.
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In a pointed editorial, the board expressed deep dissatisfaction with the legislation’s structure and policy compromises. They particularly took aim at the bill’s failure to offer significant new tax breaks for the wealthy, a departure from decades of Republican orthodoxy.
“[The bill] raises the top marginal rate by stealth by limiting itemized deductions for the 37% top bracket, which kicks in at $626,350 for singles and $751,600 for couples,” the board noted. This, they argued, mirrors the Pease limitation on itemized deductions that the 2017 tax reform repealed—a change the board previously supported.
“Tax reform has typically meant trading fewer deductions for lower rates, but not with this crowd of Republicans.” Rather than presenting a clear, streamlined approach to tax policy, the editorial argued that the bill is an incoherent mix of small benefits and hidden tax hikes.
“It’s less a tax reform that simplifies the code than a tax version of a spending bill that redistributes income through the tax code,” they wrote. “As with tariffs, the political swamp is open for business in a big way.”
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The bill is already sowing discord within the Republican Party. Senator Josh Hawley (R-MO) has strongly opposed the Medicaid cuts, while several Republicans from high-tax blue states are voicing discontent over insufficient changes to the state and local tax deduction (SALT).
The editorial board warned that the proposed increase to SALT deductions could undermine one of the GOP’s signature accomplishments from 2017, limiting what they saw as a costly tax break for wealthy residents in Democratic-leaning states.
“Congress must pass a tax bill this year to avoid a $4.5 trillion tax increase,” the board acknowledged, “but the House price is a partial reversal of tax reform and a far more complicated code. Give it a single cheer.” The lukewarm endorsement reflects broader conservative frustration with a bill that, in their view, lacks focus and ambition.
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