Trump Proposes Major Tax Overhaul with Focus on Corporate Cuts

President-elect Trump aims to slash corporate tax rates and eliminate SALT cap, raising concerns over benefits for the wealthy.

Donald Trump, recently re-elected as President, plans significant changes to the tax code, including reducing the corporate tax rate from 21% to 15%.
The proposed tax changes include eliminating income taxes in favor of tariffs and cutting taxes on Social Security benefits and tips.
Trump's plan to repeal the $10,000 SALT deduction cap could gain bipartisan support, though it faces challenges due to differing impacts on high-tax and low-tax states.
Critics argue that the tax cuts primarily benefit the wealthy and corporations, potentially exacerbating income inequality and increasing the national deficit.
Democrats plan to oppose the tax cuts, emphasizing the need to protect middle-class interests and prevent further economic disparity.