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#Trump’s Tax Reform
Trump’s new tax reform plan, called the One Big Beautiful Bill (OBBBA), aims to:
* Make 2017 tax cuts permanent
* Raise standard deduction (e.g., $16K for singles)
* Boost child tax credit (up to $2,500)
* Exclude tips and overtime from income tax
* Raise SALT deduction cap to $40K
* Add new perks like auto loan interest deductions and savings for parents
💰 Estimated cost: Adds $3–4 trillion to the deficit
🏛️ Status: Passed in House, moving through Senate
⚖️ Debate: Backed by GOP for growth; criticized for favoring wealthy and cutting social programs
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#Gate Square Creator Spark Program
#Gate Alpha New Listings
#Kevin Lee Joins Gate Square