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Trump Tax Cuts’ Cost Estimated at $5T to $11T
News February 10, 2025 at 01:45 PM
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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.
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