FILE – A supporter listens to former President Donald Trump, Republican presidential nominee, during a campaign in Tucson, Ariz., Sept.12 2024 (AP Photo/Alex Brandon).
FILE – Former President Donald Trump, Republican presidential candidate, speaks on the tax code and manufacturing in Savannah, Ga., Sept. 24, 2020 (AP Photo/Evan Vucci).
Donald Trump has promised to eliminate taxes on everything, from tips to Social Security to overtime pay, if he is elected to the White House once again. He hasn’t explained how he would pay for these ideas and avoid creating an enormous budget shortfall. He has only said he will bring about an economic boom.
He claims that his ideas will improve the financial status of Americans and the U.S. economy. The tax code debate will dominate the legislative agenda in 2019, as Trump’s tax cuts from 2017 are set to expire. If he wins again, Trump may push Congress to pass some or all his proposals. However, this could be difficult if Democrats control the House or Senate.
Cost estimates from economic analyses conducted by outside experts ranged between $6 trillion and 10 trillion dollars over a decade, depending on the ideas that are implemented and the policies adopted.
In a press release, a senior adviser to the Trump campaign praised the Republican plans as the best method for reviving the U.S. economic.
Brian Hughes said that President Trump’s plan would rein in wasteful expenditure, defeat inflation, reduce interest costs, and spark economic growth to fuel federal revenue so we can make the economy great again.
Look at Trump’s various tax ideas
No tax on tips