#TrumpTaxCuts

Trump’s Tax Cut Plans: What You Need to Know Before the 2025 Expiration

President Trump is pushing to extend and expand the 2017 tax cuts, which are set to expire on December 31, 2025. Here are the main points:

1.Keep Individual Tax Cuts Permanent

The current income tax cuts for individuals would stay in place, preventing an average tax increase of 22% for many families.

2.Lower Corporate Tax Rate

Trump wants to reduce the corporate tax rate from 21% to around 15-20%, aiming to help businesses grow.

3.Tax Breaks on Social Security and Tips

The plan would eliminate taxes on Social Security benefits and income from tips, giving relief to retirees and service workers.

4.Remove SALT Deduction Cap

The $10,000 limit on state and local tax deductions would be lifted, benefiting people in high-tax states.

To pay for these cuts, Trump proposes tariffs on imports and spending cuts in some areas. However, critics warn this could increase the national debt and lead to higher prices.

Lawmakers are working to finalize the plan soon, but debates over how to balance the budget continue.