Trump Vows Largest Tax Cuts, Slashing Corporate Rate to 15%

Dec 22, 2024, 03:41 PM

On the seventh anniversary of the Tax Cuts and Jobs Act, President-elect Donald Trump pledged to deliver the largest tax cuts in U.S. history in 2025. He vowed to eliminate the estate tax, reduce the corporate tax rate from 21% to 15%, and described his plan as "the largest tax cuts in the history of our country." While several Republican lawmakers expressed support for extending and enhancing the tax cuts to boost the economy and protect the American dream, critics argued that extending the tax cuts would add nearly $4 trillion to the deficit over the next 10 years.