Trump’s Tax Cut Plan For 2024

Written by Jack Elbaum

What’s happening: According to his closest economic advisors, former President Donald Trump is getting ready to announce hardcore tax cuts to campaign on in 2024. The plan would build off of his 2017 Tax Cuts & Jobs Act, which was the most significant change in the tax code since the 1980s.

• What to expect: There will likely be cuts across all income brackets for individuals. But much like the 2017 bill, the biggest cuts will likely be for businesses, possibly from 21 percent to 15 percent.

The tradeoff: Cutting taxes means the government receives less revenue. To offset the loss, the Trump campaign will likely pair this tax cut with a 10 percent tax on all imports, which would raise a lot of revenue. Trump's advisors are discussing using that revenue to pay a dividend to American households.

• Focused on workers: Polls show Americans want corporations to pay higher taxes, and many criticized Trump for helping corporations the first time around. But on the other hand, a vast majority of middle-class Americans received a tax reduction under Trump.

Why it matters: The economy is still the most important issue for voters. This is particularly true during America’s period of high inflation, high interest rates, and record deficits. Most Americans don’t feel good about the economy, which means the divergent economic approaches of the presidential candidates will be a key point of discussion in the 2024 race.