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. We’ll look at Trump’s tax proposals, their cost and what impact they could have on taxpayers.
Former President Donald Trump is proposing to lower the federal corporate tax rate to 15%, insisting that when he lowered it to 21% starting in 2018, revenues received by the government actually went up due to economic growth it spurred. Economists say that’s not what happened.
Both political parties are spinning the facts on whether the Democrats’ Inflation Reduction Act would raise taxes.