In his address to Congress on March 4, 2025, President Trump called on lawmakers to include several of his tax campaign promises in the budget plan currently being negotiated. Specifically, he asked them to eliminate income tax on Social Security benefits, tips and overtime pay. He also proposed allowing buyers of American-made vehicles to deduct auto loan interest. These breaks would be in addition to extending most of the 2017 Tax Cuts and Jobs Act provisions. The Republican-led U.S. House has passed a budget resolution that authorizes $4.5 trillion in cuts. But that proposal is expected to increase the deficit significantly.
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