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Published 1 month ago

Trump 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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