#TrumpTaxCuts The Trump Tax Cuts, also known as the Tax Cuts and Jobs Act (TCJA), were enacted in 2017 and are set to expire in 2025. President Trump has proposed extending these tax cuts permanently, along with additional policies. Here's what's happening with the Trump Tax Cuts ¹ ²:

- *Extension Proposal*: Trump's proposal aims to extend the TCJA permanently, which would decrease federal tax revenue by $4.5 trillion from 2025 to 2034. This move is expected to boost long-run GDP by 1.1% and increase after-tax incomes by 2.9% in 2026.

- *New Policies*: Trump has also proposed new policies, including:

- *No Taxes on Tips*: Exempting tips from income tax.

- *Overtime Pay Exemption*: Exempting overtime pay from income tax.

- *Social Security Benefits Exemption*: Exempting Social Security benefits from income tax.

- *Auto Loan Interest Deduction*: Creating a deduction for auto loan interest for American-made cars.

- *Tariffs*: However, Trump's proposed tariffs could offset more than two-thirds of the long-run economic benefit of his tax cuts. The tariffs would raise revenue but also invite foreign retaliation.

- *Budget Reconciliation*: Lawmakers are using the budget reconciliation process to