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Is Donald Trump finished? Many 鈥 but not all 鈥 Republicans hope so.

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Al Drago/AP
A video of former President Donald Trump is shown as the House Jan. 6 committee holds its final meeting on Capitol Hill in Washington, Dec. 19, 2022. From left, Rep. Stephanie Murphy, D-Fla.; Rep. Pete Aguilar, D-Calif.; Rep. Adam Schiff, D-Calif.; Rep. Zoe Lofgren, D-Calif.; Chairman Bennie Thompson, D-Miss.; Vice Chair Liz Cheney, R-Wyo.; Rep. Adam Kinzinger, R-Ill.; Rep. Jamie Raskin, D-Md.; and Rep. Elaine Luria, D-Va.

In the end, Monday鈥檚 final hearing of the House Jan. 6 committee landed as expected: with criminal referrals of former President Donald Trump to the Justice Department over his actions around the 2021 siege of the U.S. Capitol.

The unprecedented move against an ex-president was historic. The committee of Democrats and anti-Trump Republicans accused him of inciting an insurrection, among other charges. But the referrals are merely advisory, and thus symbolic. The Justice Department, now with a special counsel in place, has already been investigating the Jan. 6, 2021, attack on the Capitol by Trump supporters who believed his claim that the 2020 election was stolen from him.

Today, the Democrat-run House Ways and Means Committee voted to release Mr. Trump鈥檚 tax returns from the years 2015 to 2020, with an eye toward shedding light on both his personal finances and business dealings.

Why We Wrote This

Consensus is emerging among Republicans that Donald Trump is not the way forward if they want to win. But people have incorrectly written him off before. Is this time really different?

Where do the latest developments leave Mr. Trump politically? In all likelihood, right where he was before Monday鈥檚 criminal referrals. His 鈥淢AGA鈥 base 鈥 followers of his Make America Great Again ethos 鈥 still loves him, while mainstream Republicans see him as a millstone, holding the party back.

鈥淭here鈥檚 not an easy solution to this, short of Trump being indicted and convicted,鈥 says Doug Heye, former spokesperson for the Republican National Committee.聽

John Minchillo/AP/File
Supporters of President Donald Trump participate in a rally in Washington, Jan. 6, 2021. The House select committee investigating the Jan. 6 attack on the U.S. Capitol has released evidence this week detailing how Mr. Trump riled up the crowd that morning and then failed to intervene for several hours during the ensuing violence at the Capitol.

Trump defenders counter that he has a unique ability to thrive amid adversity, and buck conventional wisdom. Both the Jan. 6 referrals and tax return situation spark cries of 鈥減olitical witch hunt鈥 from supporters. And certainly, the nine-lives quality to his first presidential run showed that he could recover from seemingly disastrous developments 鈥 such as the release of 鈥撀燼nd still win.聽

Trump鈥檚 appeal wearing thin?

Today, Mr. Trump is testing that thesis like never before. He announced his 2024 presidential bid extraordinarily early, and unlike his first campaign, he has a record to run on. By many metrics, his comeback effort has landed with a thud.聽

To wit: The ex-president鈥檚 Nov. 15 announcement speech was widely as 鈥渓ow energy.鈥 The week before, he likely cost Republicans the Senate majority by promoting flawed candidates in key midterm election races. And a recent dinner at his Florida estate with two prominent聽people who have espoused virulently antisemitic views sparked public outrage 鈥 and聽, including former top economic adviser Larry Kudlow 鈥 with no Trump apology.聽

Also highly damaging was the former president鈥檚 of the U.S. Constitution to address the 2020 election dispute, a statement that outraged many mainstream Republicans. And the recent guilty verdict in New York against the Trump Organization on charges of tax fraud, while not against Mr. Trump himself, serves as a reminder of the former president鈥檚 many legal woes聽鈥撀爄ncluding the case involving classified documents that he kept at Mar-a-Lago after leaving office.

The fact that his daughter Ivanka Trump and son-in-law Jared Kushner 鈥 both key advisers in Mr. Trump鈥檚 term as president 鈥 have announced that they will not participate in a second Trump administration also suggests that this time is different.聽

Many rank-and-file Republicans, too, have seen enough, including members of Congress and other elected officials, even if they鈥檙e not willing to say so publicly. This emerging consensus leaves party leaders with a profound dilemma: how to steer Mr. Trump into an emeritus role, simultaneously keeping his core base inside the GOP tent while also giving way to a new Republican standard-bearer聽鈥 say,聽Gov. Ron DeSantis of Florida.聽

鈥淕iven Trump鈥檚 political failures and legal issues, I think he鈥檚 in deep trouble,鈥 says Joe DiSarro, a retired political science professor at Washington & Jefferson College in Pennsylvania and former member of the state Republican committee.聽

Professor DiSarro blames Mr. Trump for hand-picking Dr. Mehmet Oz, a TV celebrity with no prior political experience, for the Republican nomination to Pennsylvania鈥檚 open GOP-held Senate seat. Dr. Oz, who lost to Democrat John Fetterman, ran a 鈥渢errible campaign,鈥 he says.

Still, Professor DiSarro adds, Mr. Trump鈥檚 legacy will live on. 鈥淭rumpism or populism will continue to be a significant force in American politics,鈥 he says, noting middle-class struggles, high inflation, and looming recession. This mode of thought 鈥 鈥淭rumpism without Trump鈥 鈥 is evident in the latest polls, which show Republican voters to another Trump presidential run but supporting many of his policies.聽聽

Andrew Harnik/AP/File
Former President Donald Trump speaks to guests at Mar-a-Lago on Election Day, Nov. 8, 2022, in Palm Beach, Florida. Poor results for candidates that he backed in the midterm elections, as well as legal challenges, are among reasons many in the Republican Party prefer "Trumpism without Trump" to the prospect of having the former president as their presidential nominee in 2024.

An avid base of supporters

To be sure, Mr. Trump still has his champions within the party. One former senior Trump administration official, who asked that his name be withheld so he could speak freely, acknowledges that Mr. Trump鈥檚 effort at a comeback is an unusual enterprise, beginning with its unprecedentedly early start, small leadership team, and lack of campaign events so far. But he calls this 鈥渃lassic Trump.鈥澛

鈥淚f you say to Trump, 鈥楬ere鈥檚 how it鈥檚 done,鈥 his answer is invariably, 鈥業鈥檓 not going to do it that way,鈥欌 the former official says.

At the grassroots level, die-hard Trump supporters are as avid as ever.

鈥淭he 鈥楥riminal Referrals鈥 from the January 6th Committee have no evidentiary basis and are just a blatant political attack,鈥 says Tom Zawistowski, president of the We the People Convention in Akron, Ohio, in an email.聽 鈥淓ven if the DOJ is corrupt enough to take the case to court in the totally biased DC Courts and convict Trump, we will consider it totally illegitimate.鈥

Mr. Trump is set to unveil his campaign website this week and embark on a series of small policy events, rather than his signature larger rallies, which will come later.聽

Of course, Mr. Trump鈥檚 post-announcement activities could all be a pose, some Republican observers suggest. Maybe he isn鈥檛 even really running, they say, noting that by declaring his candidacy early it might help him fend off criminal investigations by making legal moves against him look political聽鈥 and could give other potential Republican presidential challengers pause about jumping in.

Indeed, no other major Republicans have announced yet for president, but that鈥檚 likely because it鈥檚 early, not because they鈥檙e afraid to challenge Mr. Trump.聽

Polls show Republicans are increasingly ready for a fresh face to lead the party: Only 31% of GOP and GOP-leaning voters want Mr. Trump to run again, according to the latest USA Today/Suffolk University .

Little precedent for losing and then running again

But despite all of Mr. Trump鈥檚 challenges, when it comes to the 2024 presidential race, nobody is counting him out.聽

鈥淭here鈥檚 no road map for this,鈥 says Mr. Heye, including the fact that Mr. Trump is the first president in the modern era to lose reelection, then run again to regain the office.聽

The only American to win nonconsecutive terms as president was Grover Cleveland, in the late 1800s.聽

In the early 1900s, President聽Theodore Roosevelt tried and failed to stage a comeback after leaving office, running as a third-party candidate. The possibility that Mr. Trump might run as an independent if he loses the GOP nomination scares Republicans, who fear he could split the GOP vote and elect the Democrat.

But, political analysts say, Mr. Trump鈥檚 chances as a Republican cannot be ruled out, given his pull with a significant portion of the GOP electorate. His recent sale of digital trading cards of himself dressed in various guises 鈥 as a superhero, astronaut, and NASCAR driver 鈥 at $99 apiece, earning himself (not his campaign) $4.5 million.聽

鈥淭rump starts off with a huge advantage in terms of name recognition and money in the bank 鈥 not his own money, but money from 2020 and money that he鈥檚 raising now,鈥 says Shana Kushner Gadarian, a political scientist at Syracuse University. 鈥淪o there is absolutely the case that he could be the nominee.鈥

The view from Iowa and New Hampshire

Party activists in the states that will launch the 2024 Republican nominating process speak carefully when it comes to Mr. Trump.聽

鈥淲e鈥檙e going to treat all the candidates equally and fairly,鈥 says Chris Ager, a Republican National Committee member from New Hampshire, which will hold the first GOP primary. 鈥淎t this point, President Trump will be a candidate just like other prospective candidates. No presumption of front-runner status or preferential treatment. It鈥檚 a meritocracy.鈥

In Iowa, where Republicans still plan to hold nominating caucuses early in 2024, unlike the Democrats, voters are still waiting to see who鈥檚 running, says Connie Schmett, a GOP precinct chair in suburban Des Moines.聽

鈥淧eople liked [Mr. Trump鈥檚] policies, but they鈥檙e a little bit hesitant on his outspoken vocabulary,鈥 Ms. Schmett says. And, she adds, 鈥渢here are individuals who say he鈥檇 be more respected if he helped other candidates,鈥 and didn鈥檛 run himself.聽

The idea of Mr. Trump playing a supporting role in 2024, rather than trying to regain the presidency, appeals to many Republicans, given his high negatives. But for now, Mr. Trump is on the ballot.

Editor's note: A sentence in this article was updated to reflect that the expected vote by聽the House Ways and Means Committee occurred, to release Mr. Trump鈥檚 tax returns.

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