#TrumpTaxCuts

President Trump has recently proposed a new round of income tax cuts aimed at offsetting the impact of his sweeping tariffs, which many Americans believe are driving up prices. The focus is on reducing or even eliminating income taxes for individuals earning less than $200,000 annually, with Trump suggesting tariffs could replace lost tax revenue. Economists, however, question whether tariffs alone can fund such cuts. The 2017 Tax Cuts and Jobs Act (TCJA) significantly reduced corporate and individual tax rates, but many provisions expire in 2025, potentially leading to higher taxes unless Congress acts to extend them. The debate continues over the economic impact and fiscal sustainability of these tax policies.