(TheProudRepublic.com) In a bombshell tax policy announcement, former President Donald Trump boldly promised that eliminating taxes on tips would be one of his top priorities if reelected.
Watch the video further down this post.
Speaking at a rally in Las Vegas, he assured service industry workers that this move would greatly benefit them.
“For those hotel workers and people that get tips, you’re going to be very happy. Because when I get to office, we are going to not charge taxes on tips,” Trump said.
He further added, “[W]e’re not going to do it, and we’re going to do that right away, first thing in office, because it’s been a point of contention for years and years and years.”
However, any changes to taxation on tipped income would require congressional approval. With Trump’s 2017 Tax Cuts and Jobs Cut Act (TCJA) expiring next year, lawmakers will reassess the nation’s tax policy.
Under the current law, service workers must report their tips to the IRS, which considers tips regular taxable income. The 2017 Trump tax cuts did not specifically address tips.
In a later post on Truth Social, the GOP nominee contrasted his tax policy with Joe Biden’s, accusing him of aiming to tax more of workers’ tips and hiring more IRS agents for collection.
“Hopefully Rank and File Union Members, Union Leadership itself, and Workers all over the Country, both Union and Non-Union, will support Donald J. Trump, because I’m NO TALK AND ALL ACTION! TRUMP KEEPS HIS PROMISES, AND STANDS WITH OUR GREAT WORKERS. PROMISES MADE, PROMISES KEPT!” he concluded.
In contrast, Biden has proposed several tax hikes on wealthy individuals and large corporations, which include establishing a wealth tax on individuals worth over $100 million and raising the corporate tax rate closer to pre-Trump levels.
He also has also advocated for raising the federal minimum wage and phasing out the tipped minimum wage for restaurant service workers.
WATCH: In big policy announcement, Trump announces he will end taxing tips for service workers: “For hotel workers and people who get tips you’re going to be really happy.” pic.twitter.com/744dHB750G
— TV News Now (@TVNewsNow) June 9, 2024
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