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The closing of loopholes for billionaire sports team owners and the carried interest deduction stand as significant measures aimed at addressing wealth inequality. While major loopholes may be difficult to erase entirely, smaller deductions could be eliminated to create the illusion of reform, providing some elusive yet vital relief for tax equity advocates.
Tax Cuts for Domestic Products
Lastly, proposed corporate tax breaks for domestically produced goods are pivotal for Trump’s strategy to bolster American manufacturing. These cuts could attract companies to invest in the U.S. economy, although skepticism remains about whether these savings would be passed on to consumers or simply enrich the corporations themselves.