Photo: Alamy
President Donald Trump vowed on Sunday that the largest tax cuts in the nation’s history will be coming next year.
Trump shared the promise in a statement on his Truth Social account celebrating the seventh anniversary of his tax cuts during his first term.
“Today is the 7th Anniversary of the Trump Tax Cuts becoming Law. ‘Happy Birthday!’ Next year, we will deliver the largest Tax Cuts in the History of our Country. MAKE AMERICA GREAT AGAIN!” he wrote.
Several provisions of the Tax Cuts and Jobs Act, signed by Trump in 2017, are set to expire at the end of 2025. This will trigger over $4 trillion in tax increases starting January 1, 2026, placing the responsibility on the next Congress and administration to address these significant tax hikes.
Many provisions affecting businesses, including pass-through entities, are scheduled to phase out between 2025 and 2028.
Trump also argued for a strong American economy during his address at Turning Point USA’s event on Sunday in Phoenix.
“All over the world, they are calling it THE TRUMP EFFECT, because even before taking office, we are already bringing jobs, opportunity, safety, and Common Sense back to the USA!” he wrote.
“In the Election of 2024, our MOVEMENT not only won a MANDATE—WE built a New American Majority that will define our Country’s future for generations to come!” he added in another post from the event.
“Standing before you today, I can proudly proclaim that the GOLDEN AGE OF AMERICA IS UPON US!” still another post highlighted.
As RSBN also reported, Trump also called for immediate action for the Panama Canal to be reclaimed by the United States if the Panama Canal Authority does not reduce the cost of the tolls for shipping containers based on vessel measure parameters.
President Trump said to the crowd the Panama Canal charges “exorbitant prices” which is a “rip off” for U.S. shipping containers. He continued, “The Panama Canal is falling into the wrong hands. It was given to the people of Panama. We will demand that the Panama Canal will be returned to the United States.”