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The Trump Tax Plan for 2025: Social Security, Tips, Overtime, SALT Cap, and more…

📋 Video Summary: It looks like the most likely outcome of the 2024 presidential elections will be a Trump win and potentially full control of the Senate and House by the Republicans to complete the “full sweep”. As I write this article at 6am the day after election day, it looks like Trump will be president, the Senate will be controlled by the Republicans, and the House is too close to call. If the Republicans complete the full sweep, there is a higher probability that the tax law changes that Trump proposed on his campaign trail will be passed by Congress and signed into law as early as 2025. Here are the main changes that Trump has proposed to the current tax laws: • Making Social Security Completely Exempt from Taxation • Exempting tips from income taxes • Exempting overtime pay from taxation • A new itemized deduction for auto loan interest • Dropping the corporate tax rate from the current 21% down to 15% • Eliminating the $10,000 SALT Cap • Extension of the Tax Cut & Jobs Act beyond 2025 Even if the Democrats end up hanging on to the House by a narrow margin, there is still a chance that some of these tax law changes could be passed in 2025. 💰 For More Financial Education: Visit my YouTube Channel: Greenbush Financial Group Check out my Website: greenbushfinancial.com ❓ Have Questions About This Video? Contact Michael Ruger with Questions: 518-477-6686 or [email protected] Visit our website: https://www.greenbushfinancial.com/ Subscribe to our channel for more financial planning tips:    / @greenbushfinancialgroup   Leave a comment below! 🔔 Stay Updated If you found this video helpful, please like, comment, and subscribe! Don't forget to hit the bell icon for notifications on new uploads. #michaelruger #greenbushfinancial