A Robust Strategy to Support the Middle
White House Press Secretary Karoline Leavitt announced President Trump’s new tax plan,
emphasizing “major relief for the middle class” and fewer breaks for the wealthy.
The proposal would eliminate taxes on tips, Social Security benefits,
and overtime pay to raise workers’ take-home income.
It also aims to close loopholes like the “carried interest provision” used by hedge fund managers.
A central part of the plan is extending the 2017 Tax Cuts and Jobs Act to keep lower tax rates in place.
The proposal would also cut the corporate tax rate to 15% to encourage business growth.
The plan has triggered strong debate. Democrats say it could increase the deficit,
while some Republicans are split over its financial impact.
With worries about debt and tax fairness, the proposal faces a tough path in Congress,
where its chances depend on negotiation and bipartisan support.
