NOT FOR REPRINT
Trump Tax Cuts’ Cost Estimated at $5T to $11T
News February 10, 2025 at 01:45 PM
Share & Print
What You Need To Know
- Some of the president's proposals affect Social Security, overtime pay, tips and SALT deductions.
- Trump proposed a few tax increases, including eliminating the carried interest deduction and ending tax breaks for sports team owners.
- Even without new tax cuts, the national debt will rise because of the cost of Social Security and Medicare benefits for retiring Baby Boomers and interest payments on existing debt.
Immediate Answers to Critical Tax Questions At Your Fingertips
Keep up with the latest tax rules and regulations with weekly, exclusive updates by our Tax Facts experts.
Get More InformationRecently Added Q&As
How are business expenses reported for income tax purposes?
Get Answer
What is a charitable IRA rollover or qualified charitable distribution?
Get Answer
What are the tax benefits that can be realized by providing employee benefits through a cafeteria plan?
Get Answer
What are the Social Security and Medicare tax rates for traditional employees and employers?
Get Answer
What developments have emerged regarding a fiduciary’s consideration of environmental, social and governance (ESG) issues in making investment decisions?
Get Answer
What are the Social Security tax and Medicare rates for self-employed taxpayers?
Get Answer
How is it determined whether a taxpayer is an independent contractor or a common law employee?
Get Answer
What is FBAR, and does a U.S. citizen living in Canada need to be concerned with FBAR requirements?
Get Answer
