Trump does not ask for any tax on tips, no tax on overtime: what we know

WASHINGTON – – During the speech by President Donald Trump to the congress, he called for taxes at overtime and other things such as tips and social security.

“I do not ask for taxes for tips, no tax on overtime and no tax on social security benefits for our great seniors,” said Trump on Tuesday.

Trump does not require taxes for tips, overtime, social security benefits

The background story:

Trump wants the Republicans who control the congress to approved a massive legislative template that would extend the tax reliefs that he secured during his first term, but later exposed this year, and at the same time reduce the expenditure for federal programs and services.

During his campaign, he also promised to end taxes at overtime, tips and social security.

Trump's proposal from Trump

What we know:

Trump said he would support laws to eliminate taxes on overtime payments, and there is “more incentive to work”. “There is much easier for companies to get people,” he said in September at a campaign rally in Tucson, Arizona.

What we don't know:

Further details on Trump's proposal were not shared, including the question of whether they would actually reduce both income tax and salary billing taxes on overtime payments.

What you say:

“The people who work overtime are among the hardest working citizens in our country, and nobody in Washington was looking for them for too long,” said Trump during his rally on September 12, 2024.

Trump's proposal from Trump

What we know:

In June, Trump originally announced his plan to rule out the tips of the workers from federal taxes, and said he had received the idea of ​​a waitress in his hotel in Las Vegas.

“For these hotel employees and people who receive tips, they will be very happy, because when I come to the office, we will not raise any taxes on tips, people who give tips,” said Trump and added: “We will do so first.”

What we don't know:

Further details were not officially presented by the proposal, including the question of whether he would like to free tips from only income taxes or from the salary account tax.

Trump's proposal from Trump-on-social security

What we know:

Trump promised throughout his campaign for tax cuts for the elderly Americans and published in July that “seniors should not pay tax on social security!”

Grab deeper:

The challenge is that taxes on social security benefits help to pay the program. The loss of sales could mean that social security in 2033, two years before the current estimate, would not be able to pay out its full performance, said Brendan Duke from the Liberal Center for American Progress.

RELATED: Trump wraps speech in the congress with “struggle, fight, fight”, demands the golden age of America.

According to the social security management, the recipients currently have to pay federal income taxes if the combined income – 50% of the amount of benefits plus other earned income – are more than 25,000 USD a year if they are submitted individually, or $ 32,000 for joint submissions.

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