Saturday, February 8, 2025
spot_imgspot_img

Top 5 This Week

spot_imgspot_img

Related Posts

Trump promises to include ‘no tax on tips’ in reconciliation bill


President Trump has pledged to eliminate taxes on tips as part of a legislative package he is working on with Republican lawmakers to enact his domestic agenda. He made the announcement during a speech in Las Vegas, a city with many culinary and hotel workers who rely on tips. Trump’s plan to eliminate taxes on tips has been credited with helping him win Nevada in the 2024 election. The proposal is expected to be included in a budget reconciliation process, which would allow Republicans to pass sweeping proposals on energy, the border, and taxes without needing 60 votes in the Senate. Trump’s goal is to extend his 2017 tax cuts, including plans for further tax cuts in the future.

The Committee for a Responsible Federal Budget estimates that eliminating taxes on tips could reduce federal revenues by $150 billion to $250 billion over the next decade. Some conservative Republicans are calling for steep tax cuts in exchange for their support to raise the debt ceiling. The Republican-controlled Congress must also act before March 14 to fund the government and avoid a shutdown.

There are disagreements within the Republican Party on how to pass Trump’s agenda through reconciliation, with some advocating for one comprehensive bill and others preferring multiple pieces of legislation. The outcome of these negotiations will shape the future of Trump’s tax proposals and the broader domestic agenda.

Note: The image is for illustrative purposes only and is not the original image of the presented article.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Popular Articles