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Trump's proposal to eliminate tip taxes could benefit Gen Z workers and waitstaff

share-iconTuesday, January 07 comment-icon2 weeks ago 11 views
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businessinsiderBUSINESSINSIDER
Trump's proposal to eliminate tip taxes could benefit Gen Z workers and waitstaff

Credited from: BUSINESSINSIDER

  • President-elect Donald Trump aims to eliminate federal taxes on tips for workers, particularly benefiting Gen Zers, waiters, and bartenders.
  • The proposal is part of a broader initiative to extend tax cuts from his first term and is expected to be funded through tariffs.
  • Economic analysis indicates that around 4% of families reported tips to the IRS from 2017 to 2022, with many low-earning workers already exempt from federal taxes.
  • While tipped workers, on average, could see an $1,700 tax cut, the benefits may not be uniform across different occupations.
  • Details remain uncertain as the Republicans and Trump are still drafting the tax policy, making the final outcome unpredictable.

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Atlas Winston

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