Former President Trump has outlined several tax policy initiatives, including extending the 2017 Tax Cuts and Jobs Act (TCJA) provisions, reinstating state and local tax deductions (SALT), and creating new tariffs. While some proposals could spur economic growth, others, such as exemptions for tips and Social Security income, could jeopardize the tax code's integrity. Predictions show Trump's plans could decrease revenue significantly, with estimates suggesting a $4.4 trillion reduction over ten years due to various tax policies and deductions impacting IRS business filings.
Trump's tax proposals could foster economic growth, yet some components risk the integrity of the tax code and may yield minimal long-term growth.
Certain tax proposals put forth by Trump could contribute an additional $2.5 trillion revenue decrease over a decade, affecting IRS filings and business taxes.
Collection
[
|
...
]