Trump Vows 'Largest Tax Cuts' in US History by Next Year

[mystery-ak]

Trump Vows 'Largest Tax Cuts' in US History by Next Year

 By Eric Mack    |   Sunday, 22 December 2024 10:57 AM EST

President-elect Donald Trump hailed Sunday as "the 7th Anniversary of the Trump Tax Cuts becoming Law," vowing to "deliver the largest tax cuts in the history of our country" by this date next year.

"Today is the 7th Anniversary of the Trump Tax Cuts becoming Law," Trump wrote in a Sunday morning Truth Social post before he was slated to speak at a salute to Arizona gathering for Turning Point Action, which will air live and in its entirety on Newsmax, starting at 12:30 p.m. ET. "'Happy Birthday!'

"Next year, we will deliver the largest Tax Cuts in the History of our Country," he added. "MAKE AMERICA GREAT AGAIN!"

Many of the provisions of the Tax Cut and Jobs Act signed by Trump in 2017 are scheduled to expire at the end of 2025. This means that more than $4 trillion in tax increases will take effect Jan. 1, 2026, charging next year's Congress and administration with the hefty task of grappling with the tax hikes.

Meanwhile, many of the provisions impacting businesses, including pass-through entities, are set to expire between 2025 and 2028.

more
https://www.newsmax.com/newsfront/tax-cuts-donald-trump/2024/12/22/id/1192565/

[libertybele]

MAGA!! 

[Hoodat]

What about the people who pay no taxes now?  Shouldn't they be paying like the rest of us?  You want 'fair'?  Everyone pays the same rate on every dollar earned.  Everyone.

[Hoodat]

Here is federal tax revenue as a percentage of GDP since 1968.  Not once during this span did we exceed reach 20%, even with tax rates ranging from 28% to 70%.  And our current spending rate is 25% of GDP.  In other words, no matter what you do with tax rates, we will never be able to cover current spending levels.