Trump’s 2025 Tax Proposals: Here is What You Need to Know

A lot is about to get shaken up, friends.

With the new year just around the corner and Trump poised to return to the Oval Office, big changes could be on the horizon. As someone who firmly believes in staying informed and proactive, I’m here to help you navigate what’s being proposed and how to prepare for potential shifts in tax policy.

While nothing is set in stone, these proposals could significantly impact your finances. Let’s break them down.

1.no tax on overtime work or tips

For those in industries where overtime and tips are common, this proposal could be a game-changer. It would mean keeping more of your hard-earned money tax-free.

2.Tax deduction for auto loan interest

Planning to buy a new car? If it’s manufactured in the U.S. and financed, you might be able to deduct the interest paid on your loan. This would make American-made vehicles even more attractive and financially appealing.

3.no tax on social security benefits

This proposal is particularly impactful for retirees. By eliminating taxes on Social Security benefits, it could provide much-needed financial relief and boost retirement income.

4.Changes to the Tax Cuts and Jobs Act (TCJA)

Trump is looking to make the tax cuts from the TCJA permanent, and there’s even talk of reducing or eliminating income taxes. To offset this, there could be an increased reliance on tariffs:

• 10–20% on imported goods

• 60% on goods from China

• 200% on imported vehicles from Mexico

5.A Drop in Corporate Tax Rates

Corporate tax rates could drop again, from 21% to 20%, with a further decrease to 15% for companies manufacturing goods in the U.S. This could incentivize domestic production and impact the business landscape significantly.

6.SALT TAX CHANGES

Currently, there’s a $10,000 cap on the state and local tax (SALT) deduction. Under this proposal, the cap would be lifted, allowing taxpayers to deduct all state and property taxes without limits—a big win for those in high-tax states.

7.RELIEF FOR OVERSEAS AMERICANS

For Americans living abroad, there’s a proposal to eliminate double taxation. This change would simplify tax filings and provide relief for expats.

What’s Next?

With so much uncertainty, now is the time to start thinking about how these potential changes could affect you. The key is to stay proactive and make informed decisions that align with your financial goals.

If you’re ready to dive deeper into tax-saving strategies—whether to prepare for these potential changes or to optimize your finances under current regulations—my Tax Playbooks are here to help.

Inside, you’ll find actionable strategies for:
✔️ Maximizing personal tax savings
✔️ Structuring your business for better deductions
✔️ Navigating real estate investment tax strategies

Don’t wait for tax season to catch you off guard. Grab your Tax Playbook today and start planning ahead.

Let’s work smarter, save bigger, and prepare for whatever comes next. Your financial success starts here!

Jen

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