Trump Promises to Extend and Expand Tax Cuts
Former President Donald Trump has pledged to extend and expand the tax cuts from his 2017 Tax Cuts and Jobs Act, which reduced individual income tax breaks and lowered the corporate tax rate. Trump has promised to make the tax cuts permanent and has discussed reducing the corporate tax rate to 15% for companies that manufacture their products in the US.
Trump has also made several other tax-related promises, including:
* Ending taxes on overtime pay, which he claims will give people more incentive to work and make it easier for companies to hire.
* Ending taxes on tips, which he says will benefit hundreds of thousands of people working in the service industry.
* Stopping the taxation of Social Security benefits, which could harm the popular entitlement program and the federal budget.
* Eliminating the $10,000 limit on state and local tax (SALT) deductions, which would largely benefit higher-income individuals in high-tax states.
* Making interest paid on car loans fully tax deductible.
* Ending double taxation on Americans living abroad, which could stop some individuals from having to pay taxes to both the US and their country of residence.
* Repealing Biden’s tax hikes and rescinding unspent funds from the 2022 Inflation Reduction Act.
* Temporarily capping interest rates on credit cards at 10% to help “working Americans” catch up on debt.
* Supporting a tax credit for family caregivers, although details on eligibility and cost have not been outlined.
Trump has also announced plans to create a new Department of Government Efficiency, led by Elon Musk and Vivek Ramaswamy, to reduce government spending and eliminate fraud and improper payments.