Taking Stock Of Trump's Second Term Tax Plans

Contributing sentiments towards policy:

84% : Trump said he expected that to create a "tremendous buzz."
65% : Section 3 orders an immediate review of all existing agency actions that might burden the development or use of domestic energy resources, identifying "oil, natural gas, coal, hydropower, biofuels, critical mineral, and nuclear energy resources" as resources to which the agency heads should pay "particular attention.
63% : Achieving leadership in the market for minerals like these will likely require even more investment by the United States, and Trump knows it.
55% : The executive order announced that the administration's policy is "to establish our position as the leading producer and processor of non-fuel minerals, including rare earth minerals."
55% : The possibilities floated for individual tax cuts are largely mundane, albeit with some semi-novel twists.
54% : (Prior analysis: Tax Notes Federal, Feb. 19, 2024, p. 1356.)
54% : (Prior analysis: Tax Notes Federal, Jan. 27, 2025, p. 677.)
54% : Trump is still talking about eliminating income taxes on tips, a promise that the campaign of then-Vice President Kamala Harris and her running mate, Minnesota Democratic Gov. Tim Walz, also adopted.
53% : In his January 23 teleconferenced remarks at the World Economic Forum in Davos, Switzerland, Trump invited "every business in the world" to "come make your product in America, and we will give you among the lowest taxes of any nation on Earth."
53% : And children who don't earn more than the standard deduction amount ($14,600 for 2024) wouldn't benefit, because they don't owe federal income tax anyway.
50% : Today we'll examine an executive order, a White House memorandum, and some scripted remarks to consider what may be in store for tax legislation in 2025.
49% : Trump followed this up by declaring that he would establish the External Revenue Service to collect tariffs, duties, and revenues.
47% : The Green New Deal wasn't passed in its original form as introduced by Democrats, but many of its elements were incorporated into the Inflation Reduction Act.
45% : Trump's off-the-cuff remarks on tax policy were one instance when taking him at his word was likely to give listeners a headache, and that is still true today.
44% : "Your tips will be 100 percent yours," Trump told a crowd in Las Vegas on January 25. Other exemptions may be proposed too.
41% : Trump repudiated the Green New Deal in his January 20 executive order, "Unleashing American Energy."
36% : The executive order criticized "burdensome and ideologically motivated regulations [that] Because the IRA is not synonymous with the Green New Deal, most of the energy tax credits probably aren't in much danger.
36% : by considering the elimination of unfair subsidies and other ill-conceived government-imposed market distortions that favor EVs over other technologies and effectively mandate their purchase by individuals, private businesses, and government entities alike by rendering other types of vehicles unaffordable."
33% : Trump can't unilaterally bring bipartisan tax legislation back, but he can at least court the opposition.
28% : According to his famously short-lived communications director, Anthony Scaramucci, the key to understanding President Trump back in 2016 was not to take his impromptu statements literally but to take them "symbolically." Either way, it turned out the biggest mistake was not taking them seriously.
25% : Trump said on the campaign trail that he'd restore the deduction.
20% : The caveat about taking Trump literally does not apply with equal force to the statements he puts in writing.

*Our bias meter rating uses data science including sentiment analysis, machine learning and our proprietary algorithm for determining biases in news articles. Bias scores are on a scale of -100% to 100% with higher negative scores being more liberal and higher positive scores being more conservative, and 0% being neutral. The rating is an independent analysis and is not affiliated nor sponsored by the news source or any other organization.