JUST IN: 🇺🇸 President-elect Trump says "we will cut taxes, slash regulations, raise wages and boost incomes at a pace the world has not seen before."

President-elect Donald Trump has reiterated his commitment to economic policies aimed at stimulating growth and increasing incomes. In a recent statement, he emphasized plans to "cut taxes, slash regulations, raise wages, and boost incomes at a pace the world has not seen before."

Central to this agenda is the extension and expansion of the 2017 Tax Cuts and Jobs Act (TCJA). Trump advocates for making these tax cuts permanent, focusing on reducing rates across all income levels and further lowering the corporate tax rate. Additionally, he proposes eliminating taxes on tipped income and overtime pay to enhance workers' take-home pay.

To finance these initiatives, Trump suggests raising tariffs on imported goods, aiming to bolster domestic manufacturing and job creation. This approach is part of a broader strategy to address inflation and reduce the cost of living for Americans.

While these proposals aim to stimulate economic growth, they have sparked debate among economists and policymakers. Critics argue that similar past measures, such as the 2017 tax cuts, disproportionately benefited higher-income individuals and increased the federal deficit. For instance, studies have shown that the anticipated wage increases for average workers following the TCJA did not materialize as projected.

As the new administration prepares to implement these policies, discussions continue regarding their potential impact on the economy, income distribution, and fiscal health.

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