Trump Plans Largest Tax Cuts in U.S. History

Former President Donald Trump recently proposed a comprehensive tax reform plan that includes significant tax cuts and tariffs aimed at bolstering U.S. manufacturing. Speaking at the FII Priority Saudi Investment Summit, he outlined plans for eliminating taxes on tips, Social Security, and overtime, while allowing businesses to fully expense factory construction costs. Alongside these tax proposals, Trump reiterated his commitment to imposing 25% tariffs on imported goods to encourage domestic production. Additionally, his administration is facing scrutiny over sweeping workforce reductions across federal agencies, with significant layoffs impacting departments like Housing and Urban Development and Health and Human Services. While some Republicans support these cuts as necessary for efficiency, others express concern over the adverse effects on critical services. Despite legal challenges, Trump has indicated a determination to pursue his agenda of reducing government size and spending.