President Trump has urged Republican leaders to eliminate tax benefits for billionaire sports team owners and hedge fund managers to fund proposed middle-class tax cuts.
These cuts aim to remove taxes on tips, overtime pay, and Social Security benefits and to adjust the state and local tax deduction cap.
Trump’s administration describes this initiative as the largest tax cut in history for middle-class Americans.
The proposal includes closing the carried interest tax loophole, which currently allows private equity and hedge fund profits to be taxed at a lower capital gains rate. This move could generate an estimated $14 billion in tax revenue over a decade, according to Reuters.
White House Press Secretary Karoline Leavitt outlined President Trump’s tax reform agenda.
“These are the tax priorities of the Trump administration that the President has laid out for members in that meeting today: 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; and renewing President Trump’s 2017 middle-class tax cuts,” Leavitt told reporters on the White House driveway Thursday.
She continued, “Again, these are the President’s priorities: adjusting the SALT cap, eliminating all the special tax breaks for billionaire sports team owners, closing the carried interest tax deduction loophole, and providing tax cuts for Made in America products. 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.”
WATCH:
INCOMING TAX RELIEF:
– No tax on tips
– No tax on Social Security for seniors
– No tax on overtime
– Renew Trump Tax Cuts
– Adjusting the SALT cap
– Ending tax breaks for billionaire sports team owners
– Closing the carried interest loophole
– Tax cuts for ‘Made in America’… pic.twitter.com/kTtbZj3wc2— Breaking911 (@Breaking911) February 6, 2025
Fox News reported:
President Donald Trump gathered with House Republican leaders at the White House on Thursday to relay his tax priorities.
In the meeting, he told House Speaker Mike Johnson, R-La., Majority Leader Steve Scalise, R-La., Majority Whip Tom Emmer, R-Minn., and others that he wants to fulfill his campaign promise to stop taxing tips.
[…]
Trump’s meeting with the House GOP leaders on taxes comes as the lower chamber attempts a one-bill budget plan that includes all of the president’s agenda priorities, including both the border and taxes.
The budget reconciliation process lowers the threshold to advance a bill in the Senate from 60 votes to just 51. And with a 53-vote majority in the upper chamber, Republicans are poised to push policies through with only support from the GOP conference.
The House Republicans have yet to move forward with a plan for the budget, however, allowing the Senate GOP to move out ahead of them.
The post Trump Urges GOP Leaders to Slash Tax Breaks for Billionaire Sports Owners, Hedge Funds to Fund Middle Class Tax Reductions Including No-Tax on Tips, Overtime, Social Security, and SALT Cap Adjustment appeared first on The Gateway Pundit.