📌TRUMP CUTS TAXES🤔
📢President Donald Trump has proposed a new income tax cut to alleviate the impact of tariffs. According to Trump, tariff revenues could replace income taxes, focusing on individuals earning less than $200,000 a year.
🔸Some key points of his proposal include:
- *Tax reduction*: Trump wants to expand the income tax cuts that were approved in 2017 during his first presidency, many of which expire at the end of 2025.
- *Tax exemptions*: He proposes to expand tax exemptions, including exempting tips for workers and social security earnings.
- *Corporate tax*: He wants to cut the corporate tax rate from 21% to 15%.
🔸However, economists have questioned Trump’s claims about tariffs and their impact on income taxes. Trump's proposal has sparked debate and discussion in the economic and political community.