#TrumpTaxCuts

🔹 Proposed Tax Reforms

• Permanent Extension of TCJA: The administration seeks to make the individual tax cuts from the 2017 TCJA permanent. This move is projected to reduce federal tax revenue by approximately $4.5 trillion over the next decade. 

• New Tax Exemptions: Proposals include eliminating taxes on tips, Social Security income, and overtime pay, particularly benefiting individuals earning under $200,000 annually. 

• Tariff-Funded Tax Cuts: President Trump suggests that increased tariffs on foreign goods could offset the revenue loss from tax cuts, potentially leading to a significant reduction or elimination of income taxes for many Americans.