RE: LeoThread 2025-02-14 01:47
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Recent reading highlights include President Trump's proposed tax plan for 2025, which seeks to revamp the U.S. tax system by extending features from his 2017 Tax Cuts and Jobs Act that are nearing expiration.
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Key aspects of the plan involve making lower income tax rates permanent across all brackets and implementing corporate tax reforms, such as reducing rates to 15% specifically for domestic manufacturing firms.
For individual taxpayers, the proposal aims to eliminate taxes on various income types, including tips, overtime, and Social Security benefits, in addition to expanding the State and Local Tax deduction.
The plan also focuses on closing tax loopholes by eliminating the carried interest provision and scaling back tax benefits given to sports stadium owners.
For this tax proposal to proceed in Congress, it would need to be presented as a bill in the House of Representatives, most likely through the Ways and Means Committee, which is tasked with tax legislation.