Former President Donald Trump’s tax reform proposals could exempt more than 90 million Americans from partial or full income taxes, impacting 38% of eligible voters, according to CNBC. Trump has suggested tax breaks on tips, Social Security benefits, and overtime pay. Additionally, he has proposed income tax exemptions for certain workers, including firefighters, military personnel, and police officers. Trump's broader economic plan includes replacing the income tax system with revenue from a 20% tariff on imports, with a 60% rate on Chinese goods. Analysts, however, argue this approach is unrealistic, predicting a $3 trillion revenue shortfall over the next decade.
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00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Former President Donald Trump's tax reform proposals could exempt more than 90 million
00:06Americans from partial or full income taxes, impacting 38% of eligible voters, according
00:12to CNBC.
00:13Trump has suggested tax breaks on tips, Social Security benefits, and overtime pay.
00:18Additionally, he has proposed income tax exemptions for certain workers, including firefighters,
00:23military personnel, and police officers.
00:25Trump's broader economic plan includes replacing the income tax system with revenue from a
00:2920% tariff.
00:30For all things money, visit Benzinga.com slash GSTV.