The week has been a whirlwind of economic news, with President Donald Trump’s administration making headlines for its tax proposals and plans for the Internal Revenue Service (IRS). Meanwhile, gold is nearing the $3000 mark, and billionaire investor Ray Dalio has proposed a solution to America’s mounting debt crisis. Here’s a recap of the top stories.
Trump’s Plan to ‘Abolish’ IRS
Howard Lutnick, the newly confirmed Commerce Secretary under President Donald Trump‘s administration, has reiterated the President’s proposal to abolish the IRS. During an appearance on Fox News, Lutnick stated that Trump’s goal is to “abolish the Internal Revenue Service and let all the outsiders pay.”
Trump’s Tax Cut Could Add $4.6 Trillion To Deficit
Former U.S. Secretary of Labor Robert Reich has criticized the tax reduction plans of the Trump administration, terming them as an “absolutely shameless giveaway,” that could increase the deficit by $4.6 trillion. The proposed tax cuts for wealthy individuals and lower corporate tax rates are likely to widen the U.S. trade deficit.
Trump’s ‘DOGE Dividend’ Proposal Criticized
President Donald Trump’s idea of using part of his cost-cutting efforts to reward taxpayers has been criticized by economist Craig Shapiro. Shapiro argues that all savings from the Department Of Government Efficiency (DOGE) should be dedicated to reducing the deficit, debt reduction, and inflation control.
Gold Nears $3000 Mark
As gold nears the $3000 per ounce mark, experts are highlighting the importance of the precious metal in investment portfolios. Despite trading flat at $2,930.62 per ounce, gold has been testing the $3,000 level after hitting fresh records.
Ray Dalio’s Solution to America’s Debt Crisis
Billionaire investor Ray Dalio has called for urgent measures to address the mounting U.S. federal debt crisis. Dalio proposes reducing the deficit to 3% of gross domestic product from its current level of nearly 7%.
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