Trump is promising new tax breaks for millions of Americans. Will his tariffs cover the costs?
CBSN
A growing number of Americans could be in line for a tax break if former President Donald Trump re-takes the White House — and so is the potential bill for paying for those cuts.
In recent months, Trump has floated a series of tax cuts for different groups, including senior citizens, tipped workers, people earning overtime and, most recently, homeowners in high-tax states. The latest proposal, which he Tuesday while campaigning in New York, would reverse a $10,000 deduction cap on state and local taxes (SALT) that he signed into law under the 2017 Tax Cuts & Jobs (TCJA) Act.
The cost of footing the bill for Trump's tax proposals is growing, especially since they would come on top of his plans to extend tax cuts in the TCJA, which are set to expire in 2025, as well as to cut the corporate tax rate to 15% from its current level of 21%. To offset such costs with other sources of federal revenue, Trump has pointed to his plans to enact new tariffs on all imports into the U.S.
Washington — More than 50 former football players and coaches, including several Pro Football Hall of Famers and Super Bowl MVP's, announced their endorsement Friday of Vice President Kamala Harris and Governor Tim Walz in the 2024 U.S. presidential election. The group represents 25 historically Black colleges and universities (HBCU's) and consists of 10 Pro Football Hall of Fame inductees, two Super Bowl champions and MVPs, former No. 1 overall picks and some of the first Black athletes and coaches to break the color barrier.
Jan. 7, 1994, started out like any other typical winter morning for Rebecca "Becky" Savarese of Pittsfield, Massachusetts. There was snow on the ground, and it was bitterly cold as the 12-year-old walked to school. Then, at around 7:10 a.m., at one of the busiest intersections in town, a man came up beside her. "He had a mustache, but he didn't shave. He seemed like a nerd to me," said Savarese. The stranger quickly pulled out a gun and held it up against her.