#TrumpTaxCuts

President Donald Trump proposed reducing income taxes for individuals earning under $200,000, suggesting tariff revenues could offset these cuts. He floated the idea of replacing federal income taxes entirely with tariffs, though economists question its feasibility, citing insufficient revenue and potential economic drawbacks. Congressional Republicans are struggling to extend the 2017 Tax Cuts and Jobs Act, facing internal divisions and stalled progress. Trump’s plan includes exempting tips, overtime, and Social Security benefits from taxation, but faces challenges amid rising tariffs, trade disputes, and a projected $4.6 trillion cost for extending the 2017 cuts.