This year is a major economic priority for President Trump to deduct its signature and expand the provisions in the Jobs Act, a law of 2017 that reduces tax rates for most Americans, before they end at the end of 2025. Go. Now, Republican MPs have developed one. List of 50-pest laundry of ideas to pay for those planned deduction.

Plan from Congress Republican, Published Earlier by the New York Times, the document was confirmed by an individual, who noted that it represents a menu of policy options for MPs. Documents also cite many new tax breaks proposed by Mr. Trump, while the final decline on the campaign mark, such as ending taxes Over time And Suggestions.

But expanding the provisions of TCJA alone can prove to be expensive, with the Congress Budget Office Forecast Cost of $ 4.6 trillion in 10 years. Adding new tax brakes, such as Mr. Trump's promise of digging taxes on overtime pay, can push the bill even more at a time when the country's debt is split more than $ 36 trillion.

According to the document, some ideas for the financing of those tax pause include cutting the mortgage house, a popular brake for homeowners and eliminating the deduction of student loan interest. Other methods to drum more funds include 10% import tariffs-an universal tax on American imports that will be paid by consumers.

The plan also underlines ideas to cut federal expenses, mainly by trimming the outlines for social security net programs such as Medicid and Food Stamp. Overall, the document points to a possible tax overhaul that can invest more money in the pockets of rich Americans, cutting assistance for lower and middle class taxpayers, saying experts say.

“If you are implementing tax deduction and tariffs and cutting the medicade, it will provide more benefits between high-ie houses, and more cost will be born by low-income houses,” Joseph Rousenberg, A senior partner of Urban. -Brucking Tax Policy Center, a tax-centered think tank, told CBS Manivatch.

According to the document shared with Republican MPs, adding 10% tariffs can increase $ 1.9 trillion in the next decade. But the tariffs are largely Consumers paid Because companies increase their prices to cover additional import duties. Mr. Trump's tariffs can add $ 2,600 per year to typical American family as per August 1 Analysis From Peterson Institute for International Economics, a Nonpartison Think Tank was focused on economic issues.

The Trump administration officials did not immediately respond to the request of the comment.

Tax brakes that may disappear

According to the document, some long -running tax breaks may be faced:

  • Horticulture interest deduction: It can either be completely cut or reduced by a cap of $ 500,000, the pre -thoughts can save $ 1 trillion in a decade and a later saving of $ 50 billion in the same period.
  • “Domestic major” tax filing status: This filing position provides a large standard cut for unmarried adults with children. Eliminating this can save $ 192 billion in 10 years.
  • American Opportunity Credit: This $ 2,500 tax credit has been given for educational expenses in the first four years of a person's higher education. Cancel will save $ 59 billion in a decade.
  • Children and dependent care and credits: This credit helps in paying up to $ 2,100 to families with young children in annual child care expenses. This will save $ 55 billion in a decade.
  • Student loan interest deduction: Scrapping this deduction used by students with students loan can save $ 50 billion in 10 years.
  • Lifetime learning credit: This unwavering credits are equal to qualified tuition under $ 10,000 and 20% of related expenses. Canceling of this will save $ 26 billion in 10 years.

New tax breaks under consideration

In addition to eliminating taxes on overtime and tips, the document also underlines several ideas to reduce taxes. they include:

  • Eliminating Estate Tax: This proposal will benefit the ultra-rich families the most that the estate tax hits people with assets of about $ 14 million. Removing this tax will cost US $ 370 billion in 10 years.
  • Increasing or eliminating salt cut cap: Mr. Trump's TCJA presented a controversial Cut $ 10,000 cap on cut state and local taxesOr salt. Under the latest Republican proposals, CAP can be abolished or raised to a higher range, such as $ 20,000 for married couples. The cost can range from $ 100 billion to $ 1 trillion depending on the size of change.
  • Auto loan interest tax deductable: This idea, which was Ongoing During the 2024 President's campaign, Mr. Trump may cost $ 61 billion in a decade.

While campaigning last year, Mr. Trump proposed to scrap a $ 10,000 cap on salt cuts, which he introduced in his 2017 tax bill. The issue has become equally unpopular between the Republican and the Democrats, as domestic values ​​and property taxes across the nation means that the owners of the house are feeling pinch from the cut boundary.

“Salt cap was effectively one of the largest pay-fors in the 2017 law, and is expensive to increase it,” said Rosenberg of the Tax Policy Center. “The President recently indicated that the most likely direction is for salt hat, rather than ending it.”

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