Trump's Tax Proposals Criticized Ahead of Election

As the U.S. presidential election approaches, former President Donald Trump has unveiled a series of tax proposals aimed at various constituencies, including Americans living abroad, to secure votes. Trump's plan to make car loan interest fully tax deductible is designed to appeal to voters in key swing states like Michigan, promising to bolster domestic auto production. Moreover, Trump proposes to eliminate 'double taxation' for Americans residing overseas, which could simplify tax obligations and potentially benefit wealthier expatriates. Despite bipartisan support among overseas Americans for a residence-based tax system, Trump has not detailed how he plans to implement this change. These tax proposals extend to eliminating taxes on tips, overtime pay, and Social Security benefits, continuing his broader agenda of tax cuts initiated in 2017. Critics argue that these plans favor wealthier citizens and may significantly reduce federal tax revenue.