Trump Is President: 3 Potential Economic Laws the Middle Class Should Look Forward to This Year
President Donald Trump wasted no time during his second term moving forward on the economic promises he made to boost the middle class.
While some economic policies indirectly help the middle class, such as deregulating businesses and imposing tariffs, Trump has advocated for eliminating federal income taxes on tips, overtime pay and Social Security benefits, which could increase take-home pay for many workers and retirees.
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Now that Trump is president again, here are three potential economic laws the middle class should look forward to this year.
President Trump promised to eliminate federal income taxes on tips, overtime and Social Security benefits. Here are examples of how Trump’s targeted tax relief could help the middle class:
However, U.S. House Republicans are considering taxing employer-provided transportation benefits of up to $315 per month, including transit passes and parking, as more companies are requiring employees to return to the office to pay for the federal revenue lost from Trump’s other tax cuts.
“The big question becomes: ‘To what extent are the pro-growth and anti-growth policies implemented and how do they net out?'” said Wayne Winegarden, an economist at the Pacific Research Institute.
“The answer to this question will determine how the impacts that middle-class families will experience.”
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While President Trump’s plans to impose tariffs on foreign goods have drawn criticism from some economists, some executives said Trump’s tariffs will help the middle class.
“Strengthening domestic infrastructure investment would boost demand for American-made steel, creating more jobs and stabilizing prices,” said Dale Crawford, the executive director at the Steel Tube Institute.
Crawford also said that President Trump’s enforcement of anti-dumping laws and trade agreements among the U.S., Canada and Mexico “would ensure that only high-quality steel enters the market, protecting manufacturers and consumers alike.”