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NEW TAX CUTS:
According to the Wall Street Journal, Trump highlighted six tax priorities, with the first being:
1. No Tax on Tips.
If passed, this would either change the definition of tips so that it’s not treated as income…provide a tax exemption or exclusion up to a certain amount – or provide a deduction against tips when a person files their tax return.
2. No Tax On Social Security.
Trump revisited his desire to eliminate federal income tax for social security recipients – and, even though current taxes bring in $50.3 billion – the reality is: around “half of all Social Security beneficiaries do not pay federal income tax on their Social Security benefits” – because, they don’t make enough money to begin with, at less than $25,000 per year.
3. No Tax On Overtime
Removing these taxes – entirely – could be a huge incentive for employees to take on more hours…or, as Trump Says: “The people who work overtime are among the hardest working citizens in our country and for too long, no one in Washington has been looking out for them.”
Of course, this would come at a cost of $1.7 trillion dollars of lost tax revenue over 10 years, but – if DOGE can successfully cut down on Government spending – then I see no reason why lost revenue would matter (especially when they’ve already saved over $1 billion dollars per day).
4. Renewing 2017 Tax Cuts
This means the tax top tax bracket will remain at 37% (versus the previous 39.6%) those amounts will more or less be adjusted to inflation every year, and we’ll get another round of 2017 tax cuts that were REALLY good for business owners.
5. Adjusting The SALT cap
This encompasses things like your state income tax, property tax, or anything else you pay within your specific city. Prior to 2017, this was completely deductible against your Federal Income – but not anymore. Starting in 2018, the MAXIMUM deduction you could take – for all state and local taxes – was $10,000 (not adjusted to inflation) which meant that residents in states like California, New York, and New Jersey were hit pretty hard. Now, these amounts could be raised to a higher level.
6. Eliminate Tax Breaks For Billionaire Sports Team Owners
When someone buys a business, they’re allowed to use the cost of the business to deduct against their personal income – and, if the “loss” is great enough – it could be carried forward into future years….guess what happens when you buy a $1 billion dollar sports team? Exactly: a potential $1 billion dollar write off.
Normally, this rule is meant to help business owners offset the cost of materials, equipment, and buildings that degrade and wear down over time – but in sports, you don’t have those worries – and, most of the money is made through advertising. This is why it’s suggested to remove these write offs.
7. Carried Interest Loophole
This allows private equity, venture capital, and hedge fund managers to treat their income as ‘long term capital gains’ instead of ‘ordinary income’ – and the difference is massive. This isn’t the first time that the Carried Interest Loophole is up on the chopping block – and, it’s been CONSISTENTLY shut down time and time again – but maybe this time is different.
8. Tax cuts on products made in America
It’s unclear exactly how this would work, but my guess is that this would entail some tax breaks for companies who manufacture their products domestically, or it could be some other type of incentive for people to purchase locally made goods and services.
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