Trump proposes more tax cuts - and no way to fund them

And then complain about the poor state of roads.

 

While it would benefit waiters and waitresses it would benefit certain high income taxpayers like hedge managers to a much greater extent. The proposal would also lower future social security benefits for workers that rely on tips since the amount of social security benefits is based on the amount of FICA taxes paid into the system. When tips aren't counted income subject to the FICA tax is lowered. Affected workers would in effect be exchanging higher take home pay now for lower retirement benefits later.
No Taxes on Tips? A Trump Idea Gains Ground.

“Exempting tips from payroll tax actually would increase their take home pay,” Howard Gleckman, a senior fellow at the Tax Policy Center, a think tank. “The downside is they wouldn’t pay into Social Security and Medicare, and so they would get fewer benefits or maybe no benefits at all.”

Then there are broader questions. Some economists wonder whether the federal government should offer such a juicy tax break just to workers who depend on tips, leaving other low-wage employees without a similar benefit. Doing so could also create an incentive for all types of Americans, especially ones with sophisticated accountants, to try to classify their income as tips to avoid owing taxes. Investment managers, for example, could try to solicit gigantic, tax-free tips from clients instead of collecting taxable fees.​

 

Notice maga is no longer concerned about our debt.

 

Government allowed $500 million in property damage in Minneapolis in 2020. I'm supposed to pay for that?

 

Presumably the property owners who suffered from the vandalism had adequate insurance which would have paid for the damage and speaking of insurance do you think the government should end the practice of subsidizing flood insurance for property owners whose residences and business are on flood-prone areas. Similarly do you believe that the government should be providing assistance to those property owner following disasters since they should have had knowledge that they could suffer flood damage from natural disasters?

 

Besides that whole Jan 6th thing, this is my biggest issue with Trump. My ideal candidate is fiscally conservative and socially liberal. Trump's stance on both issues is what is best for Trump and his narcissistic needs.

Of course, Trump is going to have a policy that MAXIMIZES the national debt. It allows him to have his cake and eat it too. He gives zero eff's about the next loser and the American people having to repay any future debt.

 

Biden's 3 unpaid for spending plans exploded the national debt and caused the worse inflation in over 40 years. Only now do dems care about funding any of the spending. The word that covers this is hypocritical.

Cutting taxes places your bet on the American people to do better with their money than the federal government can.

The dems spent money they didn't have on all of the woke projects and now want to increase taxes.

The pubs will do the opposite leaving Americans with their money with better results. The American people know how much worse off they've been under Biden. They will vote that way in November on inflation, taxes, the border, foreign policy, etc.

Grade for democrats under Biden: F

 

Pension and annuity income is generally taxable. Why should SS income be treated differently just because of it's source? I'd argue SS already gets better tax treatment, since the taxable amount is based on total income, and only a max of 85% is considered taxable.

 

Sorry, not anymore you don’t. Repubs had a candidate that actually stood on stage and discussed it and called out both parties.

“Joe Biden is proving that reckless spending is the road to socialism. But he’s not the only culprit. Joe Biden, Donald Trump and Barack Obama added more to our national debt than the previous 42 presidents combined. They tripled the debt from $10 trillion to $33 trillion,”

But of course its maga follow trump no matter what, therefor exploding the deficit is no longer an issue.

 

Stop reading clown posts on twitter lol!!!

If you think Trump wants to allow attorneys and “rich people” to convert fees to tips and the standard deduction for a married couple is the reason he is proposing this…

You are naive or dishonest.

 

The fact that he is proposing to end the taxation of tips to boost his standing among workers who rely on tips especially in the swing state of Nevada a state with a large hospitality industry and a correspondingly large percentage of tipped workers and the likelihood that his proposed legislation will also provide a loophole for certain high income individuals to define income received for services as tips is not mutually exclusive. It's not one or the other, it's both.

 

What can you expect from the “bribe is a gratuity” crowd.

 

Not sure how to read the second sentence - "the govt gives you $ and asks for some of it back." Not sure if that is pro-SS, anti-tax, or what - in any event, it's not how SS is supposed to work. (Important note to keep in mind: gov't doesn't give "its" own money to anyone/anything. That money came from us through taxes, or the govt printing money which is another form of taxation by reducing the value of money.) SS is a forced savings on income earners. The gov't created a repayment plan of those SS funds back to the income earners and others at retirement age. There's been a lot of wrangling and dickering over the amounts, timing of payments, etc. over the decades. In short, a safety net was supposed to be created to help those poor retirees by giving them other people's money - and the people who contributed more to SS than they are repaid, well, tough luck and no one will thank you for "giving" money to others. Of course, that wasn't enough for the Dems. So they started to tax the money being "paid" to citizens under the SS plan. Furthermore, even suggesting that people keep their own money to fund their own retirement with their own money, and the Dems scream that you want to kill senior citizens. (Thus, why 401K and Roth IRA's became so important and popular because people know they'd never be repaid under the SS system.)

Those complaining that other tax cuts will cause the SS plan to go bankrupt have two problems. First, it was the Dems who opened the "lockbox" and commingled SS funds with the general budget to fund other gov't waste - and, yes, Reps deserve a lot of blame for their share of pork projects and bloated gov't spending, but that's like comparing a nuclear bomb to a shotgun blast. Second, tax cuts have historically lead to an increase in federal revenue in most instances. Again, the problem isn't raising money; the problem is spending.

 

Hilarious that people still believe this.

 

We have this in Colorado, where there is a Taxpayer Bill of Rights (TABOR). In each election, there is usually a referendum to use more tax money to fix the roads. It always fails.

 

Heeeeyyyy, you've been here before haven't you?

 

Maybe your state's bass ackwards way of charging for vehicle registration can take care of it.

 

Meh, Trump don't tip anyway so no skin off his back.