On Thursday, the press spokesman for the White House, Karoline Leavitt, took a moment in the middle of a press outdoors to present the tax priorities of President Trump about whom he spoke about During the campaign.
.@Presssec explains the tax priorities of the Trump administration:
✅ no tax on tips
✅ no tax on the social security of the seniors
✅ no tax on overtime payments
✅ Renew the Trump tax cuts
✅ Setting the salt cap
✅ Removal of special tax breaks for billionaires sports team owners
✅ … pic.twitter.com/l6gazpfev– Fast answer 47 (@rapidresponse47) February 6, 2025
Leavitt said:
These are the tax priorities of the Trump government that the President today presented for the members in this meeting. No tax on tips, which is obviously a very public election campaign that the president made. No tax on the social security of the senior. No tax on overtime. Renewal of the mid -range tax reductions of President Trump 2017 -Again, these are the priorities of the president -adaptation of the salt cap, eliminate all special tax breaks for billionaires sports team owners, close the transferred interest tax deduction and the tax cuts for manufacturers in America products. This will be the greatest tax reduction in the history for working American Americans, and the president is obliged to work with the congress to achieve this.
On Thursday she referred to a lengthy meeting with the leaders of the Republican House, in which they discussed his priorities in the budget:
After a 5 -hour meeting with Trump, some House GOP -LDRs return to the Capitol, via the budget/reconciliation/tax cuts/expenses. Skalis: We narrowed the gap
– Chad -Pergram (@Chadpergram) February 6, 2025
See relatives: Trump reveals more about tax plans that make many people joyful to cheer on Nevada Rally
Let’s take a closer look at some of these ideas.
1) No tax on tips. Not all of these long tips were mostly cash and were probably robust taking into account. Nowadays, however, tips are generally added to a credit or debit card transaction and are therefore reported and reportable. This is not really a substantial problem of political/financing, but one thing that would probably cause would be an incentive in American restaurants, since tips would suddenly become more lucrative.
2) No tax on the social security of the elderly. This only seems to be fair because the income, which was partially confiscated in order to pay social security, has already been taxed. But admittedly, social security has a lot bigger problems as if it is taxed or not.
3) No tax on overtime. Again incentives; Add production and you will get more of it. People always work hardest in their own interest, and tax -free times are a great incentive.
4) Renewal of the Trump tax cuts from 2017. Why not cut off? Dispute: These should be referred to as “tax” rate Reasons, “not” tax cuts “, as the latter implies that tax revenue would decrease; this is not necessarily the case as if the cuts could land on the right side of the Laffer curve, the income could increase.
5) The salt cap. This is an upper limit for the amount of state and local taxes that can be deducted from federal taxes. It is not clear in which direction the president wants to adapt this upper limit.
6) Remove special tax breaks for billionaires sports team owners. Yes. You H.
7) Close the gap to the interest tax deduction. The participants are generally taxed with lower interest rates than other financial instruments, but there are not enough details here to know exactly what is proposed.
8) Tax cuts for American products. This is a good idea when the goal is to do our industrial and business base. Incentives important.
Can we talk about the termination of income tax, the replacement (if at all) through a consumption tax at retail levels and eliminate the IRS as a whole?
See relatives: Argentina unloaded her version of the IR – can we please do that?
So why tax cuts? Because incentives are important. It is not only our money, not just that of the government, but also that people keep more of their own money in order to do them with this money – such as expenses, invest new companies – to create new products – everything , what drives economically activity and growth. Although the first point is sufficient to reduce the confiscation by part of the income of each American – and if you do not believe the part “by force”, try not to pay your taxes for a while and see how long the government needs to send men with weapons they are looking for.
The trick is now to see what the president can bring about the congress – and that will not happen for some time.
Explanation of the President and CEO of NVCA, Bobby Franklin, in response to President Trump, said reported to the interest during his meeting during his meeting during his meeting: pic.twitter.com/h6uxkjs52n
– nvca (@nvca) February 6, 2025
