Washington
CNN
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President-elect Donald Trump During the election campaign, they presented a wide range of ideas aimed at making life more affordable and strengthening the economy, which are at the top of voters’ minds.

Nearly all of the measures, which lack details, would require congressional approval. This could be difficult to achieve in the partisan climate of the Capitol.

Here’s what you need to know about what Trump said he would do to fix the economy:

Parts of the 2017 Tax Cuts and Jobs Act, one of Trump’s signature accomplishments during his tenure in the White House, are set to expire at the end of 2025.

While the law reduced taxes for most people, Democrats often criticize the TCJA for disproportionately benefiting the wealthy.

Trump wants to extend all of the personal income and estate tax cuts provided by the 2017 law. This includes, among other things, an increase in the standard deduction, lower marginal income tax rates for most income brackets and an increase in the inheritance tax exemption.

Trump suggested he would get rid of cap on state and local tax deductionsknown as SALT. The TCJA limited the deduction to $10,000, but the controversial cap expires at the end of 2025.

Additionally, Trump has called for lowering the corporate tax rate to 15% for certain businesses. The TJCA permanently lowered the top corporate tax rate from 35% to 21%.

Trump would also restore the ability of businesses to immediately deduct investments in equipment and research.

The president-elect deployed a series of targeted tax breaksincluding eliminating federal taxes on tips, Social Security benefits and overtime pay.

Trump was the first candidate to promise an end to tax on tipsfloating it at a Las Vegas rally about two months earlier than Democratic presidential candidate Kamala Harris. Although his campaign has not released details of the proposal, Trump has indicated that he would eliminate both the federal income tax and payroll taxes, which fund Social Security and Medicare.

Virtually all tipped workers would get a tax break if Trump also eliminated payroll taxes on tips, the Tax Policy Center found. However, these workers would receive reduced Social Security benefits after retirement.

Seeking to attract seniors, a dedicated voting bloc, Trump vowed that Social Security beneficiaries would no longer have to pay taxes on the monthly benefits they receive. About half of recipients — mostly those with higher incomes — pay federal income tax on their Social Security benefits.

Additionally, Trump proposed dropping taxes on overtime payalthough his campaign provided no details. However, if workers don’t owe payroll taxes on their overtime pay, they could receive less from Social Security in retirement.

If passed, these three measures could cut taxes that help fund Social Security, which could deplete the program’s trust funds by 2031 and force a reduction of approximately 30% reduction in benefits for enrollees if income is not replaced, according to the Committee for a Responsible Federal Budget.

Trump also floated end the federal income tax and replacing it with revenue from customs tariffs.

The former president unveiled several measures during the campaign aimed at helping Americans cope with the cost of living.

He said he would temporarily cap credit card interest rates at around 10%, less than half the current rate.

And Trump promised to ensure that interest paid on car loans fully tax deductible, similar to the existing popular deduction for mortgage interest. Although he says it will boost car ownership, some experts say it will mainly help wealthier Americans who itemize their deductions — and who generally buy more expensive cars.

To help aging seniors and their family members, Trump said he would push for a tax credit for family caregivers. In addition, according to his program, he would redirect resources towards home care and end disincentives that lead to shortages of health care workers.

Trump’s running mate, The senator from Ohio. J.D. Vanceproposed boosting the child tax credit to $5,000 per child, but the president-elect has not formally adopted the idea.

Raise Tariffs and Trade

Trump said if he was re-elected, he would do it. impose a general tariff of 10% or 20% on every import entering the United States, as well as a tariff of up to 60% on all Chinese imports.

He also launched 100 or 200 percent tariffs on cars made in Mexico or on products made by companies that shift production from the United States to Mexico.

Trump says the tariffs will boost U.S. manufacturing, create jobs and bring in billions of dollars to help fund other policy initiatives, like tax cuts.

But the revenue generated by the new tariffs is unlikely to fully cover its spending proposals. The duties would also likely raise prices for U.S. consumers. Trump, for years, has inaccurately claimed that foreign countries pay the tariffs. They are paid by importers based in the United States.

Separately, Trump said he would renegotiate the CUSMA trade agreement his own administration hit Mexico and Canada.

The former president repeatedly criticized Harris for soaring prices in recent years. He promised to change course and lower prices of gasoline, groceries and other essentials, although he did not provide many details on how he would accomplish this.

Trump has repeatedly said he would lower prices by increasing oil and gas production. He pledged to allow more drilling and reduce regulations. But these efforts could have a limited effect on pump priceswhich, in the United States, are highly dependent on the global oil market.

Trump also promised to cancel unspent funds under the Inflation Reduction Act, a law a significant climate law supported by the Biden-Harris administration, as well as creating a new efficiency commission to conduct a financial and performance audit of the federal government. He said in September that the tech billionaire Elon Musk agreed to lead the commission.

The president-elect has not presented an official housing proposal, but spoke on the campaign trail about ways he could help homeowners.

Trump has promised to make housing more affordable and increase supply by removing regulations that raise costs and opening some available federal land to large-scale housing construction.

He also said lower interest rates would lower mortgage rates to 3% or lower, making financing less expensive for homebuyers. (However, presidents do not control interest rates.)

Trump has also accused undocumented immigrants of driving up the cost of housing, a situation he intends to address through mass evictions and prohibit them from obtaining mortgage loans.

The Republican Party platform also notes that it would “promote homeownership through tax incentives and support for first-time buyers.”

The former president said his plans to raise tariffs and cut the corporate tax rate would lead to a boom in U.S. manufacturing.

He announced that he would impose tariffs on companies that move their manufactured goods from the United States to another country, and in September, specifically threatened John Deere with tariffs if the company does not abandon its plan to move some of its production from the Midwest to Mexico.

The idea is that tariffs will make products made abroad more expensive than those made in the United States. But prices may also increase for U.S. manufacturers if they have to import certain parts. And there will likely be retaliatory tariffs imposed by other countries, making it harder for U.S. companies to sell goods abroad. In 2019, Federal Reserve Economists found that Trump’s past tariffs led to a net decrease in manufacturing employment.

In September, he called his proposal to cut the corporate tax rate to 15% for companies that make products in the United States a “centerpiece” of his plan for a manufacturing renaissance.

While health care was the focus of Trump’s first term — when he unsuccessfully attempted to repeal the Affordable Care Act and issued several executive orders and proposals aimed at reducing drug prices — the president-elect did not not give the same importance to this issue during this first mandate. campaign.

He has alternately said he would like to try again to repeal Obamacare and replace it with a better program. Pressed during a debate in September, Trump said he had “concepts of a plan”.

Vance sought to fill in some details at rallies last month. After initially indicating support for separating healthy and sicker Obamacare enrollees into different risk groups, which could threaten the law’s protections for those with preexisting conditions, he later backed away from this point of view. In a debate in October, he said he supports federal approval of state reinsurance programs, which have generally reduced Obamacare premiums by funding insurers who enroll many high-cost patients.