US EditionTrump plan to nix taxes on tips could cost $250 billion: analysis
- Former President Donald Trump's proposal to exempt tips from tax may increase the federal budget deficit by $150 billion to $250 billion over the next decade, per the nonpartisan Committee for a Responsible Federal Budget .
- The CRFB warned that the cost could rise further if compensation shifts from wages to tips in response to the tax exemption.
- If there is a 10% increase in tip income, the expense could reach $275 billion.
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Trump floats more tariffs and eliminating taxes on tips. Here's the price tag.
The 2024 presidential campaign is in full swing and former President Donald Trump is making headlines with his economic policy proposals. Eliminating taxes on tips is one he introduced while campaigning in Nevada, aiming to gain support from Americans in the service industry who may directly benefit. Another campaign proposal revolves around expanding tariffs on foreign-made goods. Economists and policy analysts crunching the numbers point out t…
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Total News Sources18
Leaning Left6Leaning Right5Center5Last UpdatedBias Distribution38% Left
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- 38% of the sources lean Left
38% Left
L 38%
C 31%
R 31%
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