‘No tax on tips, overtime or seniors’: Donald Trump proposes tax cuts for ‘everybody’

President Donald Trump proposed tax cuts for ‘everybody’ during his address to the joint session of Congress today.

"I'm sure you are going to vote for those tax cuts", Trump says adding "because otherwise I don't think the people will ever vote you in to office".

"But I know this group is going to be voting for the tax cuts," he adds - pointing to the Republicans.

“We’re seeking permanent income tax cuts all across the board and to get urgently needed relief to Americans hit especially hard by inflation,” he said.

Further, Trump proposed, “No tax on tips, no tax on overtime, no tax on seniors.”

Earlier, US President Donald Trump promised to work with Republicans in Congress to reduce taxes for individuals and companies significantly.

"We're going to dramatically cut taxes for families and for workers and for companies, including no tax on tips and hopefully no tax on Social Security and no tax on overtime," Trump said at a conference hosted by Saudi Arabia's sovereign wealth fund in Miami.

"If you buy something that is going to be good for our country, we're going to let you expense it," Trump said.

The US President's new proposal comes after prices of various goods in the US are expected to rise with a 25% tariff imposed in Canada and Mexico from Tuesday, March 4, 2025, onwards.

In addition, Trump said that he wanted to make interest payments on car loans tax deductible for only the cars made in the US.

In January, the Personal Consumption Expenditures price index of the US rose 2.5% from the year before, a marginal fall from 2.6% rate in December, according to the US Commerce Department data released.

Trump also stated that the proposed Gold Card “goes on sale very, very soon” and will help “the most successful job-creating people from all over the world to buy a path to US citizenship.”

While describing the Gold Card, Trump stated that they “like the green card but better, more sophisticated."