Reports from the Congressional Budget Office or similar authoritative economic analysis

Trump Announces New Tax Proposal, Including Home Generators Deduction If He Wins November 5 Election

Oct 11, 2024, 12:45 PM

Former President Donald Trump has announced a new tax proposal aimed at promoting car sales and providing tax breaks for businesses. In a recent speech, Trump introduced a plan that includes lowering tax rates for companies manufacturing in the U.S., imposing tariffs on imports from China and other countries, and offering new tax breaks for businesses. Additionally, Trump pledged on Truth Social that if he wins the November 5 election, he will make the cost of home generators purchased between September 2024 and August 31, 2025, fully tax-deductible for income tax purposes. This policy would be retroactive to September 1, 2024. An analysis found that Trump's economic agenda, including this latest proposal, could add $15 trillion to the U.S. debt over a decade.