Trump’s Plan To Abolish the IRS Has Just Begun

"The United States government owes more than $37 trillion."

"if you buy a car between 2025 and 2028 and you finance it, that interest that you're paying on your car payment can now be deducted up to $10,000."

"if you earn money from TIPS, you no longer have to pay taxes on that money that you make from TIPS under $25,000 a year of TIP income. And this rule applies if you make under $150,000 a year."

"you no longer have to pay taxes on your overtime income. So, if you work a job and you work overtime and you generate more income, you do not have to pay taxes on the first $12,500 of overtime income, assuming that you're a single tax filer. And if you're filing your taxes as a married couple, you do not have to pay taxes on your overtime income up to the first $25,000 of overtime income. And this new tax deduction will apply to you assuming that you're making under $150,000 a year as a single tax filer or $300,000 a year as a married tax filer."

"the Tax Cuts and Jobs Act, which now is permanent into law... This is assuming that you are a single filing taxpayer. If you're filing your taxes as a married person, the tax rates are going to stay the same. The brackets are going to be extended. So, you can check what it is on the internet, but this will give you an idea what the tax rates are. If the Tax Cuts and Jobs Act was not extended, what would have happened is number one, these tax rates would have gotten a little bit higher and also these brackets would have gotten a little bit smaller, which means that for most people, you'll be paying higher income taxes because your tax rates would have gone up."

"there is a new 100% section 179 deduction. Now, what this means is if you are a business and you're acquiring some sort of heavy machinery, you can write off 100% of that item in your taxes in year one."

"Because you are a Tik Tok and Instagram influencer, you might need some heavy machinery for your business. Not a factory, not something like that, but maybe a G Wagon. Because if it's a vehicle that has to weigh more than 6,000 lb, which yes, the G Wagon weighs more than 6,000 pounds."

"the 20% qualified business income deduction was now made permanent... if you run a small business, something like an LLC or a partnership that qualifies, and you can just do a quick Google search to see if your business qualifies, what that means now is you're not going to pay taxes on all $250,000. you're going to pay taxes on 80% of this because you get to take a 20% write off."

"previously if you ran a business and you provided meals for your employees, you could take a write- off for the value of the food and meals that you provided for your employees... Well, now under this new proposal, you don't get to do that anymore. You're not going to get a write off on food and beverages you provide to your employees."

"Student loan repayments made by employers to their employees were temporarily tax-free to the employee, but now they are permanently taxfree."

"keeping the corporate tax rate at 21%... If this tax code, the tax cuts and jobs act was not extended, it would have gone up to 35%. but it's going to stay at 21%"

"we are seeing a record amount of tariff revenue, it's not going to be enough to replace the IRS."

"President Trump has been proposing a new plan to help pay off this debt involving gold and involving crypto."