#TrumpTaxCuts

🔑 Key Proposals in Trump's 2025 Tax Plan

Permanent Extension of 2017 Tax Cuts

The administration aims to make the TCJA's individual tax cuts permanent. Without action, these provisions will expire on December 31, 2025, potentially leading to a 22% tax increase for the average taxpayer and a $1,700 hike for a typical family of four.

New Tax Exemptions

Proposed measures include eliminating federal income taxes on:

Income Tax Relief for Lower Earners

President Trump has suggested that tariffs could fund substantial income tax reductions—or even complete elimination—for individuals earning under $200,000 annually. Commerce Secretary Howard Lutnick indicated a goal to eliminate taxes for those earning less than $150,000 per year.

State and Local Tax (SALT) Deduction Cap

There is a proposal to remove the $10,000 cap on SALT deductions, a provision that has been particularly contentious for representatives from high-tax states.

💰 Fiscal Impact and Budgetary Considerations

🗓️ Legislative Timeline

June 2025:

July 4, 2025:

December 31, 2025:

🧭 Political Dynamics

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