Trump’s Agenda: Taxes

Este artículo estará disponible en español en El Tiempo Latino. In addition to extending the Tax Cuts and Jobs Act, one of his signature achievements in his first term, President-elect Donald Trump has proposed a long list of tax cuts, from eliminating taxes on Social Security benefits to lowering the corporate tax rate. Altogether, they could cost upwards of $8 trillion to $10 trillion over a decade. The high-end estimate of $10 trillion is double the amount of all federal COVID-19 relief spending. But implementing tax changes requires Congress to act. The TCJA’s individual income tax provisions are set to expire at the end of 2025, making an extension of those measures a legislative priority next year. “The expiring individual provisions of the TCJA will be extended sometime in 2025,” Howard Gleckman, a senior fellow at the Urban-Brookings Tax Policy Center, wrote in a Nov. 6 post predicting what would happen with Trump’s wish list on taxes. As for a “lengthy list of highly targeted tax cuts” — including a corporate tax cut to 20% or 15%; the elimination of taxes on tips, overtime and Social Security benefits; and providing tax credits for car purchases and family caregiving — “[i]t...