White House Press Secretary Karoline Leavitt outlined President Trump’s latest tax plan, focusing on tax cuts for middle-class Americans and targeting loopholes used by billionaire sports team owners and Wall Street executives. The plan includes eliminating taxes on tips, Social Security benefits for seniors, and overtime pay. Trump also seeks to renew his 2017 middle-class tax cuts, adjust the state and local tax (SALT) cap, and close the carried interest loophole, benefiting hedge fund managers. The administration aims to lower corporate taxes to 15% for domestic production. However, some Republicans are concerned about the fiscal impact, with suggestions for a more cautious approach. Trump is pushing to make these tax cuts permanent, but opposition remains as the bill faces challenges in Congress.
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