#TrumpTaxCuts

President Donald Trump is actively pursuing a comprehensive tax reform agenda aimed at extending and expanding the Tax Cuts and Jobs Act of 2017 (TCJA). This initiative includes proposals to eliminate federal taxes on Social Security benefits, tips, and overtime. The administration claims that these measures will provide financial relief to middle-class Americans and workers and stimulate economic growth.  

However, these proposals have generated significant debate. Critics express concern that the removal of taxes on Social Security benefits could accelerate the depletion of the program's trust funds, potentially leading to reductions in benefits by 2035. Additionally, the overall tax plan projects a reduction in federal tax revenue of $4.5 trillion over the next decade, raising questions about its impact on the national debt and the sustainability of essential social programs.  

The proposed tax cuts are currently under consideration in Congress, with internal divisions among Republicans over the balance between tax relief and fiscal responsibility. House Speaker Mike Johnson has set a deadline for the Memorial Day weekend for finalizing the legislation.