Breaking Down Trump's New Tax Proposal for Tips

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Finance & Crypto taxes tax expert karlton dennis tax strategies tax planning how to save on taxes donald trump finance news business news 2024 election

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With presidential campaigns heating up on both sides of the aisle, politicians are making a lot of proposals. Former President Trump recently proposed that he wants to eliminate taxes on tips. This new tax change would apply to many different workers including caddies, bartenders, waitresses, and more.

In this video, tax expert Karlton Dennis explains how this new tax elimination for tips might work if it becomes law. He also explains other key details about Trump’s tax cuts for tipped wages including how Trump came up with the idea, and gives his opinion on what the implications are for the economy at large and for federal tax revenue.

It is important to note that this tax change has not become law yet, so it is not a guarantee that it will happen. But, if it does, then tipped workers will need to understand the tax implications so that they can take full advantage of this change. So, if you are a tipped worker, then this is a good video for you to watch.

CHAPTERS:
0:00 Intro
0:37 Trump Announces Plan to Abolish Taxes on Tips
1:50 How Would Trump's Tax Cuts on Tips Work?
3:08 The Potential Impact of Trump's Tax Proposal
4:17 Could the Government Spend Less Money?
7:47 How Could No Taxes on Tips Affect Other Jobs?
8:30 Outro

*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.

#donaldtrump #taxproposal #notaxontips

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