Tax Policy Market News Archives

Trump is now promising several surprising tax breaks for millions of Americans, a way for the average person to keep more money.

An increasing number of Americans may benefit from tax cuts if former President Donald Trump returns to the White House.

Recently, Trump has proposed various tax breaks for different groups, including senior citizens, tipped workers, overtime earners, and homeowners in high-tax states.

His latest proposal, announced during a campaign stop in New York, aims to eliminate the $10,000 cap on state and local tax (SALT) deductions that he implemented in the 2017 Tax Cuts and Jobs Act (TCJA).

The financial implications of Trump’s tax proposals are significant, especially since they would be in addition to his plans to extend the TCJA tax cuts set to expire in 2025 and to reduce the corporate tax rate from 21% to 15%.

To offset these costs, Trump has suggested introducing new tariffs on all U.S. imports.

In a recent interview, Trump referred to tariffs as “the most beautiful word there is,” expressing confidence that they could reduce the national deficit to a manageable level and foster economic growth.

However, experts believe that the proposed tariffs are unlikely to sufficiently cover the costs of Trump’s extensive tax cuts.

According to a September 20 analysis by TD Cowen analyst Jaret Seiberg, Trump’s tax proposals could cost up to $9 trillion over the next decade, while forecasts from the Tax Policy Center estimate that the proposed tariffs would generate around $2.8 trillion in revenue during that same period.

Marc Goldwein, senior policy director for the Committee for a Responsible Federal Budget, commented on Trump’s approach, noting that it seems he promises tax cuts tailored to the interests of specific locations.

He cautioned that the accumulating costs could be substantial, stating, “Tariffs can’t cover this whole agenda.”

Meanwhile, Vice President Kamala Harris is also proposing various tax benefits aimed at groups such as new parents and first-time homebuyers.

Her campaign plans to raise revenue by increasing the corporate tax rate to 28% and reversing TCJA tax cuts for high earners.

Estimates from the Penn Wharton Budget Model suggest that Harris’s plans could lead to a $1.2 trillion increase in the deficit over the next decade, compared to $5.8 trillion for Trump’s proposals.

If Trump eliminates the SALT deduction cap, the deficit could rise by an additional $6.9 trillion, according to Kent Smetters, the faculty director of the Penn Wharton Budget Model.

Despite the efforts, both presidential candidates are facing criticism from tax experts and fiscal conservatives for their plans, which are expected to contribute to a projected $1.9 trillion deficit in fiscal year 2024, marking a 27% increase from earlier forecasts.

Goldwein remarked, “It seems both candidates are likely to be in the red.”

But I’m curious to know what you think — leave your thoughts below.

For more Political News and updates like this, join the newsletter or opt-in for push notifications.

Also Read: Donald Trump Now Prepares For A Third Assassination Attempt

Market News Published Daily 📰

Market News Today - Trump Is Now Promising Several Surprising Tax Breaks. — Market News Today – Trump Is Now Promising Several Surprising Tax Breaks.

Don’t forget to opt-in for push notifications so you don’t miss a single article!

Be sure to share this article with your community.

Also, thank you to all of our site sponsors.

This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

Our readers can now donate $3 per month to support independent journalism.

For daily news and updates on your favorite stories, opt-in for push notifications.

Follow Frank Nez on X (Twitter), Instagram, or Facebook.

More Market News 📰

Recommended For You ✨

JPMorgan CEO says a $10k tax bonus should be given to Americans as ‘relief’, particularly to low and middle income families.

In a recent interview with PBS NewsHour, JPMorgan Chase CEO Jamie Dimon expressed his support for significant changes to the tax code aimed at providing greater relief for working Americans and their families.

Dimon specifically highlighted the need to expand the Earned Income Tax Credit (EITC) to include all low- and middle-income workers, regardless of whether they have children.

Currently, the EITC offers refundable tax credits to low- and moderate-income workers, with benefits varying based on income, filing status, and the number of qualifying children.

Dimon proposed eliminating the child requirement and increasing the benefit to $10,000, suggesting that this would raise a worker’s income to $24,000.

He argued that many eligible individuals do not take advantage of the EITC due to a lack of awareness.

Dimon stated, “For a single mother with two children earning $14,000 a year, the government currently provides $6,000.

That money would go to families and into their communities, spent in ways they see fit without government interference. I think it would be exceptional.”

The EITC phases out as income rises, with 2023 caps set at approximately $17,640 for single filers without children and $63,398 for married filers with three or more children.

Dimon has previously indicated that funding for these EITC changes could come from increased taxes on the wealthy.

He emphasized that providing additional benefits to low-income earners could significantly impact families and communities by stimulating local economies.

“Jobs create dignity. By incentivizing jobs, you foster better outcomes for families, reduce crime, and encourage workforce participation,” he explained.

Recent data from the Bureau of Labor Statistics indicates that 7.1 million Americans were unemployed as of August 2024.

Additionally, a report from Statista shows that 8.3% of Americans were earning under $15,000 per year in 2022, underscoring the need for policy changes to support struggling families.

Dimon’s call for tax reform reflects a growing conversation about how best to support American workers and stimulate economic growth through targeted financial relief.

For more US Bank News like this, join the newsletter or opt-in for push notifications.

Also Read: The US Treasury Direct is Now Freezing Customer Accounts

Other Banking News Today

Market News Today - Capital One Now Enters Lawsuit For Illegal Distribution of Data. — Market News Today – JPMorgan CEO Says A $10K Tax Bonus Should Be Given To Americans.

Citibank now fires a whistleblower for ‘underperformance’, after the former employee provided records requested by the OCC.

Citi has filed a countersuit against its former employee, Kathleen Martin, alleging that she was terminated not for refusing to falsify records for the Office of the Comptroller of the Currency (OCC), as she claimed in her lawsuit from May, but rather for being unable to properly fulfill the duties of her role.

Martin, who was let go from her position as Citi’s interim data transformation chair in September 2023 after nearly two years with the bank, had alleged in her lawsuit that she was fired for not agreeing to Chief Operating Officer Anand Selva’s request to conceal information from the OCC that would make the lender “look bad.”

In a revised lawsuit, Kathleen Martin has accused Citi’s Chief Operating Officer Anand Selva of intentionally deceiving the bank by wanting to misrepresent Citi’s compliance metrics to the Office of the Comptroller of the Currency (OCC).

Martin claims Selva sought to conceal information from the OCC that would have made the bank “look bad.”

However, Citi maintains that Martin’s termination in September 2023 was not due to her refusal to falsify records, but rather because she lacked the necessary “leadership and engagement skills” to effectively execute the role of interim Data Transformation Chair, which she had been appointed to after the previous chair, Rob Casper, departed the company.

Citi asserts that during Martin’s interviews and assessment for the interim role, it was identified that she needed to improve in areas like her “dogmatic nature, lack of innovation and lack of experience driving the execution of complex change across Citi.”

Once Casper left, Citi’s senior leadership, including COO Selva, determined that Martin could not successfully fulfill the demands of the interim chair position.

According to Citi, COO Anand Selva tried to help the plaintiff, Kathleen Martin, improve her performance in the interim Data Transformation Chair role.

Selva allegedly set up one-on-one meetings and working groups to facilitate better collaboration and working relationships with stakeholders.

Selva’s HR team also provided Martin with a senior mentor to support her development.

In May 2023, Citi leadership discussed a plan to improve Martin’s performance.

In July, Selva conveyed Martin’s mid-year review before she raised any concerns about his behavior.

Soon after, Martin contacted HR and expressed fears about her job security.

Citi claims that Martin “felt her position was at risk,” but the bank asserts that internal documents showed she “exceeded expectations” and that CEO Jane Fraser had commended her for her “gravitas” and ability to build “strong relationships” at the bank.

However, Citi says Martin failed to heed the feedback provided, and she was ultimately removed from the Data Transformation Chair role because she lacked the “executive level relationships” and leadership needed to successfully execute the data transformation efforts.

Citi says the data transformation work was too critical for the bank to tolerate Martin’s underperformance.

Citi denies Martin’s claims that she protested the reporting of a key metric accurately or that Selva objected to it.

The bank says Selva and Martin met in September 2023 to discuss reporting certain metrics using red, amber, and green scales.

Also Read: A Massive US Bank is Now Closing Credit Cards