What a no-tax-on-tipped income president would mean for minimum-wage workers and the U.S. economy
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Donald Trump and Kamala Harris propose no federal taxes on tipped income; Nevada is a key swing state with high tipped worker population; 4 million tipped workers in the U.S. as of 2023, only 2.5% of total workforce; Trump's proposal made in Las Vegas on August 23, 2024; Harris made similar promise two months later; Critics argue the policy benefits a small fraction of low-wage workers; 37% of tipped workers faced no federal income tax in 2022; Proposed bills include Cruz's No Tax on Tips Act and Horsford's TIPS Act; Estimated fiscal impact of tax cuts ranges from $107 billion to $250 billion over 10 years; Debate on federal minimum wage expected in 2025; Union support for Harris's plan, skepticism towards GOP proposals.

#Taxes #MinimumWage #TippedWorkers #Trump #Harris #Nevada #Economy #Legislation #2024Election #Labor

https://www.cnbc.com/2024/11/04/no-taxes-on-tips-president-us-economy.html