Trump lays out his vision for America, which includes no taxes on gratuities, overtime, or social security benefits.

According to US President Donald Trump, his government wants to permanently lower income taxes for those who have been negatively impacted by inflation. He made this claim in his speech to a joint session of Congress on Wednesday, March 5, 2025, when he called for "no tax on tips, no tax on overtime, and no tax on social security benefits for our great seniors."

Additionally, this occurs at a time when tariffs on China, Canada, and Mexico went into force on Tuesday, March 4, 2025, and prices of a variety of items in the US are expected to rise. In addition, Trump stated that he would like to make auto loan interest payments tax deductible—but only if the vehicle was manufactured in the United States.

This follows a warning from a trade group that represents almost all of the major automakers that the tariffs would result in sharp price increases. According to data issued by the US Commerce Department, the US Personal Consumption Expenditures price index increased 2.5% in January compared to the previous year, which was marginally lower than the 2.6% increase in December.