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Donald Trump recently floated tax cut proposals, including not taxing tips or Social Security payments and further cutting corporate tax rates, yet he fails to present a feasible plan to pay for his tax cuts.
Many provisions of the Tax Cuts and Jobs Act of 2017 are set to expire in 2025. Trump’s 2017 tax cuts program skewed tax cuts to benefit high income taxpayers who did not need it. Trump will attempt to extend this unfair tax cut program beyond its 2025 expiration.
How does Trump plan to pay for his tax cut promises? He wants to raise import taxes, which would raise prices on imports to consumers, including those who are struggling to get by. The current Biden/Harris administration proposal, which makes more sense to economists, would raise taxes on corporations and high income taxpayers.
Stuart Shimazu
Kapahulu
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