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
Recently Updated Q&As
What is the temporary “senior deduction” deduction for taxpayers age 65 and over?
Get Answer
Recently Updated Q&As
What is the temporary deduction for auto loan interest?
Get Answer
Recently Updated Q&As
What is the temporary deduction for overtime income?
Get Answer
Recently Updated Q&As
What is the temporary deduction for tip income?
Get Answer
Recently Updated Q&As
What is a high deductible health plan for purposes of an HSA?
Get Answer
Recently Updated Q&As
Are remote workers eligible for leave under the Family and Medical Leave Act (FMLA)?
Get Answer
Recently Updated Q&As
Who must file a return?
Get Answer
Recently Updated Q&As
Can a taxpayer deduct business-related transportation expenses incurred when the taxpayer is not travelling away from home on business?
Get Answer