Source: Semafor
by Joseph Zeballos-Roig & Burgess Everett
Donald Trump is making a long list of tax cut promises that he’ll struggle to make good on in Congress. The former president announced Tuesday that he’d seek to eliminate the limit on state and local tax deductions that he himself imposed in his signature 2017 tax law. That was the fifth separate new tax break he’d supported in three months; he wants to eliminate tax on tips, overtime pay, and Social Security benefits, plus lower the corporate tax rate to 15%. That sounds good to Republicans and even some Democrats. But Trump’s tax proposals threaten to balloon the deficit and limit the GOP’s options if it manages to retake all of Congress and the White House in November. … Several of Trump’s fellow Republicans are already acknowledging that his tax-cutting dreams won’t all become reality.” (09/18/24)