#TrumpTaxCuts 🇺🇸 Trump’s New Tax Cuts: What You Need to Know

Key Highlights:

• Extension of 2017 Tax Cuts: President Trump aims to make the 2017 Tax Cuts and Jobs Act permanent, focusing on reducing taxes for individuals earning under $200,000. 

• New Tax Breaks Proposed: Plans include eliminating taxes on tips, overtime pay, and Social Security income, alongside introducing deductions for manufacturers and auto loans. 

• Fiscal Impact: The proposed tax cuts could add up to $4.6 trillion to the national debt over the next decade, raising concerns about potential increases in interest rates and reductions in economic growth. 

• Political Hurdles: Internal divisions within the Republican Party, especially regarding Medicaid cuts and the state and local tax (SALT) deduction cap, may complicate the bill’s passage. 

• Economic Outlook: While proponents argue that the tax cuts will stimulate job creation and wage growth, critics warn of exacerbated income inequality and long-term fiscal challenges.