President Trump’s new tax proposal aims to support the middle class and close tax loopholes benefiting the ultra-wealthy, such as hedge fund managers. The plan aims to eliminate taxes on tips, Social Security benefits, and overtime pay to ease financial burdens on service workers, retirees, and those working extra hours. It also proposes closing the carried interest loophole and cutting the corporate tax rate to 15% for domestic manufacturing. Critics warn it could raise the federal deficit and reduce funding for essential services. A controversial change is the adjustment to the SALT deduction cap, which opponents argue benefits the wealthy, while supporters say it will stimulate economic growth
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