Trump's Tax Plan 2025

Trump’s 2025 tax proposals could dramatically reshape the financial landscape for both individuals and businesses. Significant changes could include the elimination of taxes on Social Security income, tips, and overtime pay, providing relief to workers in various sectors. These proposals also extend to corporations, where Trump’s plan suggests a permanent reduction in the corporate tax rate to 21% and the full repeal of the corporate Alternative Minimum Tax (AMT).

Additionally, the plan could bring new tax benefits, such as deductions for auto loan interest and expanded allowances for small businesses. While some of these measures may face uncertainty in Congress, others like the extension of the Tax Cuts and Jobs Act are expected to pass.

👉 Stay informed and learn how these shifts might impact your taxes, deductions, and financial planning as 2025 approaches.

0:00 Introduction: Tax Law Changes in 2025
0:19 Trump’s 2025 Tax Plan
1:19 Reconciliation Procedure and the Byrd Rule
2:32 Trump's Tax Policy Proposals Overview
3:12 Elimination of Tax on Social Security Benefits
3:59 No Tax on Tips Proposal
4:32 No Tax on Overtime Pay
5:11 Repeal of the SALT Cap Deduction
6:49 Auto Loan Interest Deduction Proposal
7:41 Corporate Tax Rate Reductions
8:43 Temporary vs. Permanent Provisions: Tax Cuts and Jobs Act Expirations
9:43 Qualified Business Income (QBI) Deduction Extension
10:06 Changes to Individual Income Tax Rates
10:21 Reversion of Individual Tax Brackets
10:59 Reversion of Standard Deduction
11:20 Mortgage Interest Deduction
12:00 Child Tax Credit and Income Threshold
12:48 Alternative Minimum Tax (AMT) and Its Impact
13:51 Medical Expenses Deduction
14:52 MISC Itemized Deductions
15:44 Gift and Lifetime Exemption
16:54 Reduction of Corporate Tax Rate
17:21 Elimination of Corporate AMT
17:46 The Section 179 Deduction Increase
18:25 Limitation on Business Interest Deduction
18:41 Elimination of Fringe Benefits Deduction
18:53 Stay Up to Date

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DISCLAIMER: THIS VIDEO IS FOR INFORMATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSTRUED AS TAX, FINANCIAL, OR LEGAL ADVICE. EVERY PERSON’S SITUATION IS DIFFERENT AND YOU SHOULD CONSULT WITH YOUR OWN FINANCIAL AND TAX ADVISOR FOR ADVICE SPECIFIC TO YOUR SITUATION. COMMENTS ARE NOT REVIEWED