Donald Trump and Kamala Harris both now want to exempt tip income from tax, knowing there's basically no chance it will ever happen. Here's why.
Sorry, servers. The presidential candidates obviously want your vote, but don’t expect them to deliver on what is a dubious, if trendy, campaign promise.Oh, right. Nevada happens to be one of seven swing states up for grabs in this year’s election, and it employs more than 350,000 hospitality workers in Las Vegas and Reno, many of them dependent on tips for much of their income. Joe Biden won Nevada in 2020 by.
Just say no to tip taxes: Democratic presidential nominee Vice President Kamala Harris speaks at a campaign rally on Aug. 7, 2024. Here’s an extreme example of how far awry this idea could go. After Trump raised his idea of exempting tip income at the Republican convention in July, two GOP senators introduced the “No Tax on Tips Act.
There’s a rebel ethos to stiffing the man and beating the government on taxes, but the simple reality is that people who pay less than they owe are screwing the millions of honest Americans who play by the rules., mainly because workers simply pocket the money without having to report it. That’s an old estimate that pegged the amount of untaxed tip income at $23 billion in 2006. If you adjust that amount for inflation and population growth, it would be around $42 billion today.
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