A Strong Plan to Help the Middle Class and Close Rich
White House Press Secretary Karoline Leavitt introduced President Trump’s new tax plan, aimed at helping the middle class and tightening rules for the wealthy.
The proposal includes “eliminating taxes on tips, Social Security benefits, and overtime pay” to put more money in workers’ pockets.
A key part is closing loopholes, especially the carried interest loophole that benefits hedge fund managers.
Trump also wants to extend the 2017 Tax Cuts and Jobs Act, keeping “lower individual tax rates” in place.
The plan calls for cutting the corporate tax rate to 15% to encourage business growth. However, Democrats oppose the proposal, saying it “could widen the deficit” and mainly help corporations. Some Republicans also disagree on fiscal responsibility.
As Congress prepares to debate the plan, a tough fight is expected over its economic benefits versus concerns about federal revenue and long-term fiscal health.
