President Trump’s new tax proposal, announced by Press Secretary Karoline Leavitt, is designed to support middle-class Americans while reducing advantages used by the ultra-wealthy, including hedge fund managers and major sports team owners. The plan would ease financial pressure on service workers, retirees, and people working extra hours by removing taxes on tips, Social Security benefits, and overtime pay. It also targets well-known loopholes, such as the carried-interest provision, and introduces a reduced 15% corporate tax rate for companies involved in domestic manufacturing.
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