Posted on 06/21/2024 7:31:21 AM PDT by SeekAndFind
President Trump has focused his 2024 campaign on a number of issues that one would expect, but he shook up the game this summer by issuing a new policy proposal: “No Tax On Tips.”
While his campaign hasn’t released the usual detailed policy papers on it yet, the president made it clear what he means: “restaurant workers, hospitality workers, and anybody else who gets tips.”
The Left responded immediately with what they see as the downside: by reducing federal taxes on tips, federal revenues would drop by a huge amount of money, or at least, by an amount of money that sounds huge.
The Committee for a Responsible Federal Budget declared that this program would likely cost the federal government between $150 and $250 billion in revenues over ten years. The Democrats consider this terribly irresponsible.
But they happily spend that much in weaponry for a war between Russia and Ukraine, or for hotels, food, education, transportation and hospital bills for illegal aliens. At least President Trump’s proposal is for American workers.
And when you re-read that number, you see that the estimate is over ten years. That means the accountants are estimating a cost to the federal government averaging $15 to $25 billion per year, in a nation with a federal government currently running a $2 trillion deficit on a $6.5 trillion annual budget.
Viewed in that context, to describe President Trump’s proposal as being a drop in the bucket – a veritable rounding error -- would hardly be an exaggeration.
What’s the visual on this? The modern Left can’t bear to miss out on an opportunity to take the last dollar out of a waitress’ hand as she boards the city bus to go home at 1:00 a.m.
(Excerpt) Read more at americanthinker.com ...
You can twist words to make them suit your intent. The Government is in the business of equal justice under the law. The enumerated powers do not include control over all aspects of American life.
None of the enumerated powers suggest the Government should be in the business of setting wage levels of different occupations or mandating identical tax policies for various types of employment and earned income. Income tax law is already burdensome, inefficient, subject to political corruption, and distorts our economy.
I do not applaud any such Government intervention. What the Government touches it warps or destroys.
But...but...didn't Uncle Joe show us that all the pres hasta do is sign an ezecative order???
-PJ
The sweet part is that if the roofer has enough after tax money to go to dinner he is paying a guy who makes more than him and most of that officially tax free, and the roofer gets a nice meal in a comfortable air conditioned environment with soft music.
“ONLY above $17,000 the then the tax falls on the GIVER.”
Correct, $17,000 per year.
Or, I sell some asset for a couple of bucks, with a huge tip.
Take that, Capital Gains.
: )
The annual gift tax exclusion is a set dollar amount that you may give someone without needing to report it to the IRS. The threshold is typically adjusted to account for inflation each year. The IRS announced that the annual gift tax exclusion will be $18,000 in 2024, up from $17,000 in 2023.
Probably 19K 2025
That does it. From now on, I’ll only be charging tips in my shade-tree auto repair business.
True what you say.
A good server can
easily double their
normal hourly wage.
Income tax should be
abolished.
“The IRS announced that the annual gift tax exclusion will be $18,000 in 2024, up from $17,000 in 2023.”
Yes; thanks for the update.
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