The Trump administration has announced plans to begin the first phase of disbanding the IRS by eliminating taxes on tips, social security and overtime pay.
“So these are the tax priorities of the Trump administration that the president has laid out for members in that meeting today,” White House Press Secretary Karoline Leavitt told members of the press, regarding a meeting on taxes with GOP leaders held at the White House on Thursday.
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Infowars.com reports: “No tax on tips, which is obviously a very public campaign promise that the president made. No tax on seniors’ Social Security, no tax on overtime pay, renewing President Trump’s 2017 middle class tax cuts.”
Additionally, the Trump team plans to offer tax cuts for “Made in America projects.”
President Trump also plans to adjust the cap on State and Local Tax (SALT) deductions, reducing federal tax burdens for homeowners and others, and will also “eliminate all the special tax breaks for billionaire sports team owners,” Leavitt said.
The Trump administration also aims to close the carried interest tax deduction loophole, which was allowed hedge fund managers and private equity firms to pay lower taxes.
“This will be the largest tax cut in history for middle class working Americans.The president is committed to working with Congress to get this done,” Leavitt declared.