Trump proposes tax breaks, including eliminating taxes on tips and Social Security, amid deficit concerns.

President-elect Donald Trump proposed significant tax breaks, including eliminating taxes on tips and Social Security benefits, but enacting these could be difficult due to budget constraints. Experts say his proposals could add nearly $8 trillion to the federal deficit over a decade. While Republicans aim to extend the 2017 tax cuts, they face challenges in balancing Trump's campaign promises with fiscal responsibility. Lawmakers will need to carefully craft a legislative package to address these issues.

November 16, 2024
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