#Trump100Days

Donald Trump's 100-day plan isn't publicly detailed, but his tax proposals and policies provide insight into his potential first 100 days in office, should he be elected or re-elected. Here are some key points ¹ ²:

- *Tax Cuts Extension*: Trump has called for permanent extension of the 2017 Tax Cuts and Jobs Act (TCJA), which would decrease federal tax revenue by $4.5 trillion from 2025 to 2034.

- *New Tax Proposals*:

- *No Taxes on Tips*: Exempting tips from income tax, which could boost the service industry.

- *No Taxes on Overtime Pay*: Encouraging overtime work by exempting overtime pay from income tax.

- *No Taxes on Social Security Benefits*: Exempting Social Security benefits from income tax for retirees.

- *Tariffs*: Imposing steep new tariffs on US imports, potentially offsetting tax cuts but risking foreign retaliation and economic impact.

- *Economic Growth*: Trump's tax proposals could increase long-run GDP by 0.8% and create jobs, but the benefits may be offset by tariffs and potential economic drawbacks.

- *Small Business Provisions*: Extending the TCJA's small business provisions, like the 20% small business deduction, could fuel economic growth and create jobs.

Some potential implications of Trump's tax policies include ³:

- *Job Creation*: Permanent extension of the TCJA could create 1 million new jobs from small businesses.

- *Tax Hikes*: If the TCJA expires, 6 million jobs could be lost, and the average taxpayer would see a 22% tax hike.

- *Economic Growth*: Permanent extension of the 20% small business deduction could lead to $150 billion in economic growth.