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I'm Lydia Who, and this is the Fox Business Rundown.

Friday, February 7th, 2025.

This week, the Trump administration gathered House Republicans at the White House to zero in on his tax priorities,

making it clear to lawmakers that he plans to deliver for Americans on his campaign promises. They are definitely on the right track because we have been in this situation where we're paying too much in taxes,

and we need to compete with the rest of the world.

On Thursday, a meeting between President Trump, Speaker Mike Johnson, and the rest of the House GOP leadership took place to

strategize how they will go about delivering on campaign promises like renewing the Trump

2017 tax cuts and eliminating tax on tips and overtime pay. A noteworthy addition to the

president's tax policy priorities, Trump told House Republicans at this meeting

that he would like to eliminate some special tax breaks for billionaire sports team owners

and close the carried interest loophole. That's a tax rule most often used by hedge funds and private

equity managers. In 2016, he explained that special tax loopholes like the carried interest deduction help the hedge funds pay much less than they should.

He went further, saying these loopholes make a fortune for big Wall Street investors, but called them unfair to American workers.

Meanwhile, the January jobs report shows lower than expected U.S. job gains

with unemployment ticking down slightly. National Economic Council Director Kevin Hassett told reporters

at the White House that the Trump administration is inheriting a very difficult jobs market because

of Joe Biden.

...