Trump proposes costly tax cuts to win voter support

In a bid to garner voter support, Donald J. Trump has been actively proposing a range of tax cuts tailored to specific audiences. During his campaign events, he has made promises such as eliminating taxes on tips for service workers and ending taxes on Social Security benefits for retirees. Additionally, he has suggested lowering the corporate tax rate for domestic manufacturers from 21 percent to 15 percent, which has resonated with business leaders. These proposals have been presented in a simplistic manner, often as catchy one-liners, which have energized his supporters at rallies. For instance, his suggestion to reinstate the state and local tax deduction (SALT) has also gained traction among New Yorkers. The political strategy behind these tax cuts is clear, as Trump has openly linked them to voter turnout, particularly among seniors. However, the financial ramifications of these tax cuts have raised alarms among fiscal experts. Critics argue that the cumulative cost of Trump's proposals could reach trillions, potentially exacerbating the national deficit. Marc Goldwein, a senior policy director at the Committee for a Responsible Federal Budget, has expressed concern over the lack of consideration for the budgetary impact of these promises. As Trump continues to rally support with these tax cut proposals, the debate over their feasibility and long-term consequences remains a contentious issue among policymakers and economists.