President Trump’s new tax proposal, outlined by Karoline Leavitt, targets middle-class relief while closing loopholes benefiting the ultra-wealthy, like hedge fund managers.
It aims to eliminate taxes on tips, Social Security, and overtime for service workers, retirees, and those working extra hours.
Key provisions include reducing the corporate tax rate to 15% for domestic manufacturing and closing the carried interest loophole. Critics, however, warn it may increase the federal deficit and harm social programs.
A controversial part of the plan is adjusting the SALT deduction cap, especially in high-tax states. Supporters argue it promotes fairness, while opponents say it benefits the wealthy.
The proposal faces an uphill battle in Congress due to partisan divisions, making its future uncertain.
