Donald Trump's 2025 Tax Cuts EXPLAINED

"he says that he wants to cut or eliminate taxes on tips which would benefit bartenders and waiters"

"he wants to extend the tax cuts for big corporations"

"he wants to raise taxes on things you buy from foreign countries"

"the Trump team has essentially said is that they don't want this to happen they don't want it to lapse that they want to extend this tax reform which would keep the lower tax rate for pretty much everybody across the board except for the really low-income earners but for everybody else you would see a benefit"

"he wants to eliminate taxes on people that are earning tips"

"other ideas that Trump's close economic Advantage are discussing in include an increase in the so-called standard deduction on year-end returns"

"the Trump team has hinted that they want to extend this Bild this reform which would keep corporate tax rates at that 21% number"

"president Trump is proposing is to reduce some of these payroll taxes"

"the Trump team wants to impose a 10% or higher Universal basine tariff on All Imports and lift current tariffs on China to at least 6 %"

"President Biden wants the IRS to go after after people who have not paid their taxes"

"President Biden has already secured additional funding for the IRS that is enabling it to crack down on the high income individuals and corporations who too often avoided paying their lawfully owed taxes"