BREAKING: TRUMP DECLARES MAJOR TAX CUTS | What You Must Know
Published: 2025-02-07
Status:
Available
|
Analyzed
Published: 2025-02-07
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
Potential changes to tax treatment of tips, possibly exempting them from income tax or providing a deduction.
"if past this would either change the definition of tips so that it's not treated as income provide a tax exemption against tips or provide a tax deduction against tip income when a person goes and files their tax return"
Pending
A proposed tax deduction for tip income, potentially making tip earnings tax-free.
"if you were to get $5,000 in tips you would get a $5,000 deduction on your tax return and then all of a sudden no tax owed"
Pending
Prediction of a phased-out deduction for tip income, likely capped at a certain percentage of gross income.
"I have a feeling that if this passes we're likely to see a deduction on tips up to a certain percentage of gross income and then phasing out as you begin to make more money"
Pending
Proposal to eliminate federal income taxes on Social Security benefits.
"Trump recently Revisited his desire to eliminate federal income taxes from social Security income"
Pending
Social Security fund projected to run out by 2035, leading to 85% benefit collection thereafter.
"the Social Security fund is already projected to run out of money by 2035 at which point anyone after that would only be collecting 85% of the promised benefits"
Pending
Removal of taxes on overtime pay is expected to incentivize workers to take on more hours.
"by removing taxes on overtime this could be a huge incentive and boost for workers to take on more hours"
Pending
Eliminating overtime pay tax has an estimated $1.7 trillion revenue cost over 10 years, but this could be offset by government spending cuts.
"this would come at a cost of $1.7 trillion of lost tax revenue over 10 years but if Doge can successfully cut down on government spending then I see no reason why this lost Revenue would even matter"
Pending
The top tax bracket is predicted to remain at 37%, not revert to 39.6%.
"this means the top tax bracket's going to remain at 30 7% instead of the previous 39.6%"
Pending
Continuation of the 20% pass-through deduction for LLC and corporation owners.
"that allowed a 20% pass through deduction for business owners who operated an LLC or a corporation"
Pending
The estate tax exemption is expected to remain at $28 million.
"it doubled the estate tax exemption to now $28 million"
Pending
Expectation of 100% first-year bonus depreciation for business assets.
"it allowed a 100% bonus depreciation in the first year for business use"
Pending
Renewal of 2017 tax cuts is anticipated to be easily passed due to minimal changes from the current system.
"this is going to be the easiest for Donald Trump to pass through Congress because it really just keeps everything exactly as it has been for the last 8 years without any real changes"
Pending
The SALT cap deduction is expected to be adjusted, likely resulting in a higher deductible amount than the current $10,000 limit.
"his plans to adjust the salt cap deduction which I think means we'll probably see a slightly more elevated rate than we did before"
Pending
Deductions related to sports team ownership are expected to become significantly more limited in the future.
"Trump wants to get rid of it and I have a feeling in the future deductions and sports teams are going to be a lot more limited"
Pending
The carried interest loophole is predicted to undergo an overhaul, suggesting a higher likelihood of change than in previous attempts.
"this time could be different and it's long due for an overhaul"
Pending
Anticipation of tax breaks for domestic manufacturing or incentives for consumers to buy locally made products and services.
"my guess is that this would provide some tax breaks for companies who manufacture their products domestically or it could provide an incentive for customers to purchase locally made goods and services"
Pending
A diluted version of the discussed tax policies is likely to be enacted, potentially as early as 2026.
"we're probably going to see a watered down version of everything we discussed potentially going into effect as soon as 2026"
Pending