Tips, overtime, Social Security: A look at Donald Trump’s no-tax pledges and what they might cost
Donald Trump has pledged to end taxes on everything from tips to Social Security and overtime pay if he’s elected to the White House again. But he hasn’t detailed how he would fund those ideas and avoid creating a huge budget shortfall, beyond arguing he will usher in an economic boom.
He argues his ideas would improve Americans’ personal financial standing and the overall U.S. economy. A debate about the tax code will be a dominant legislative issue next year given that tax cuts Trump signed in 2017 will be set to expire. If he’s elected again, Trump could push Congress to enact some or all of his proposals, though that might be difficult if Democrats end up in control of either the House or the Senate.
Estimates from outside economic analyses of the costs of the various tax cuts ranged between nearly $6 trillion and $10 trillion over 10 years, depending on which ideas become policy and how they’re implemented.
A look at Trump’s various tax-related ideas:
‘No tax on tips’
In June, Trump announced his plan to exclude workers’ tips from federal taxes, saying he got the idea from a waitress at his Las Vegas hotel.
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