#TrumpTaxCuts

Donald Trump's recent tax cut news revolves around his plans to implement new tax cuts if he wins the presidential election. Here are some key points

- *New Tax Cuts*: Trump has promised the "largest tax cuts in history" without cutting Medicare or Social Security. He aims to cut taxes across the board, including for top earners and businesses.

- *Extending 2017 Tax Cuts*: Trump plans to extend the Tax Cuts and Jobs Act (TCJA) of 2017, which lowered corporate and individual tax rates. He also wants to make the 21% corporate tax rate even lower, targeting 15% for companies that manufacture products in America.

- *Specific Proposals*: Some of Trump's specific tax cut proposals include:

- *Making car loan interest fully tax-deductible*

- *Eliminating taxes on tips, overtime, and Social Security benefits*

- *Cutting taxes for domestic manufacturers*

- *Doubling down on tax cuts for middle, upper, lower, and business classes*

- *Potential Impact*: Extending the TCJA could add trillions to the national debt, with estimates suggesting a $4.6 trillion cost over 10 years. Critics argue that such tax cuts would disproportionately benefit high-income individuals and large corporations.