Trump made a lot of tax promises. Can he keep them?
CNN
Seeking to woo targeted groups of voters during his campaign, President-elect Donald Trump rolled out plans for a sweeping array of tax breaks, including promises to eliminate levies on tips, overtime pay and Social Security benefits, for millions of Americans.
Seeking to woo targeted groups of voters during his campaign, President-elect Donald Trump rolled out plans for a sweeping array of tax breaks, including promises to eliminate levies on tips, overtime pay and Social Security benefits, for millions of Americans. Now comes the harder part – actually keeping all those promises. Even though Republicans will control Congress, enacting the president-elect’s broad tax agenda could be a heavy lift. The risk is that if the party is unable to deliver, some Americans who voted for Trump because they were yearning for a little help with their high cost of living may wind up disappointed. Both Trump and GOP lawmakers have said that tax relief – including extending their signature 2017 tax cuts that are set to expire at the end of next year – is one of the top legislative priorities for the coming year. “Cutting taxes for the American people, cutting taxes on tips for hard working Americans, on Social Security for our seniors,” Karoline Leavitt, a Trump transition spokesperson, said on Fox News’ “Sunday Morning Futures.” “These are things that can be done through Congress, and we’ll be working with members on Capitol Hill to get that legislation drafted so President Trump can sign it into law immediately and make real changes for the American people.” However, Trump’s extensive tax wish list is very pricey and comes at a time when the nation’s debt is rising swiftly. Extending the 2017 Tax Cuts and Jobs Act could cost more than $4 trillion, and the incoming president has promised more than $3.3 trillion in tax relief measures on top of that. Although Trump claims that his plan to raise tariffs will replace the revenue lost to these tax breaks, experts say that’s not possible. Instead, the president-elect’s platform will blow a nearly $8 trillion hole into the federal budget over the next decade, according to the Committee for a Responsible Federal Budget.
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