Will Donald Trump Lower Taxes in 2025?
Since his nomination as the 47th US President, Donald Trump has made several promises to US citizens, most notably to lower taxes. With these tax talks, Trump’s biggest resource for making that dream a reality has been through tariffs. The US President has explored tariffs on most of the United States’ major exporters, including Mexico and China. On the home front, Trump’s new Department of Government efficiency, is working to cut down on US spending, which includes thousands of jobs, to make way for tax cuts. According to a report by FactCheck.org, on average, taxpayers in every income group would get some tax relief, but not everyone. In all, about two-thirds to three-quarters of taxpayers would get a tax cut, according to independent analyses. Also, the cuts skew in favor of wealthy Americans, who would see more tax relief not only in the dollar amount but as a percentage of income, on average. But again, the wealthy wouldn’t be the only ones to benefit. Trump to Me...