In President Donald Trump's March 4, 2025, address to Congress, he outlined several tax-related initiatives. Below are the verbatim quotes from his speech for each mentioned item:
Broad Tax Cuts
"And the next phase of our plan to deliver the greatest economy in history is for this Congress to pass tax cuts for everybody. They're in there, they're waiting for you to vote."
Permanent Income Tax Reductions
"We're seeking permanent income tax cuts all across the board."
No Tax on Tips, Overtime, and Social Security Benefits
"I'm calling for no tax on tips, no tax on overtime, and no tax on social security benefits for our great seniors."
Tax-Deductible Car Loans for American-Made Vehicles
"And I also want to make interest payments on car loans tax-deductible, but only if the car is made in America."
Tax Cuts for Manufacturing and 100% Expensing
"In addition, as part of our tax cuts, we want to cut taxes on domestic production and all manufacturing, and just as we did before, we will provide 100% expensing. It will be retroactive to January 20th, 2025."
Shipbuilding Tax Incentives
"...and offer special tax incentives to bring this industry home to America where it belongs."
Tariff Policy ("Reciprocal Tariffs")
"April 2nd, reciprocal tariffs kick in, and whatever they tariff us, other countries, we will tariff them. That's reciprocal, back and forth. Whatever they tax us, we will tax them."
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