Latest Promises In Taxes

Donald Trump

End taxation on overtime

Overtime pay receives tax break in megabill | July 15, 2025

Donald Trump

Restore the state and local tax deduction (SALT)

Trump megabill temporarily increases state and local tax break | July 15, 2025

Donald Trump

End taxation on tips

Trump’s tax bill includes broad exclusion for tip income. It expires in 2028 | July 14, 2025

Donald Trump

Reduce corporate tax rate for companies making products in the U.S. to 15%

Trump megabill includes benefits for domestic investment, but no corporate rate cut | July 14, 2025

Donald Trump

Provide a middle-class, upper-class, lower-class, business-class big tax cut”

Trump signs extension of 2017 tax law, plus new cuts | July 14, 2025

Donald Trump

Enact tax credit for family caregivers

No tax credit for caregivers in Trump’s megabill | July 10, 2025

Donald Trump

End taxation on Social Security

Older Americans get a tax deduction, but no elimination of Social Security taxation | July 7, 2025

Joe Biden

Require all federal candidates to release tax returns

Twin efforts to require tax return disclosure fail to make it to Biden’s desk | December 9, 2024

Joe Biden

Offer up to $8,000 tax credit for child care

Joe Biden expanded the child care tax credit as promised, but only for one year | December 4, 2024

Joe Biden

No tax increase for anyone making less than $400,000

Biden keeps his pledge not to raise taxes on people earning under $400,000 | December 2, 2024

Joe Biden

Establish an offshoring tax penalty

Laws targeting overseas tax dodges fail to emerge from Congress | December 2, 2024

Joe Biden

Raise corporate tax rate to 28%

Provisions targeted at biggest companies replace hike to overall corporate tax rate | August 10, 2022

Donald Trump

Create a health savings account

Health Savings Accounts much the same as when Trump took office | July 15, 2020

Donald Trump

Allow individuals to deduct health care insurance premiums from taxes

No go on premium tax deduction | January 4, 2019

Donald Trump

Eliminate the marriage penalty

Marriage penalty mostly eliminated, but not entirely | December 21, 2017

Donald Trump

Create targeted child care tax credits

Tax bill doesn’t increase deductions for dependent care expenses | December 21, 2017

Donald Trump

Cut taxes for everyone

All income groups get cuts early on, but not ‘everyone’ | December 21, 2017

Donald Trump

Eliminate the carried interest loophole

Despite repeated pledges to get rid of carried interest tax break, it remains on the books | December 20, 2017

Donald Trump

Repeal the alternative minimum tax

3.8 percent Obamacare tax remains law, as does a more limited individual AMT | December 20, 2017

Donald Trump

Cut the number of tax brackets

Number of brackets remains at seven in final tax bill | December 20, 2017

Donald Trump

Create a 10-percent repatriation tax

The new repatriation tax rate isn’t 10 percent, but it’s close | December 20, 2017

Donald Trump

Lower the business tax rate

Corporate rate drops to 21 percent, but not all the way to 15 percent | December 20, 2017

Donald Trump

Eliminate the estate tax

Final bill raises threshold for estate tax rather than eliminating it | December 20, 2017

Donald Trump

Release his tax returns after an audit is completed

Trump ‘might’ release returns ‘when I’m out of office’ | May 12, 2017