Donald Trump’s return to the presidency could significantly impact taxpayers, particularly regarding the Tax Cuts and Jobs Act (TCJA) enacted in 2017, which is set to expire after 2025 without Congressional action. Trump aims to extend these tax breaks, but achieving this may be complicated by potential gridlock in Congress and concerns over the federal budget deficit, which exceeded $1.8 trillion in fiscal 2024. Extending the TCJA provisions could reduce federal revenue by $3.5 trillion to $4 trillion over the next decade.
Donald Trump and Kamala Harris are vying for support in Nevada by proposing to eliminate federal taxes on tipped income, a move aimed at attracting swing state voters. However, economists warn that the proposals disproportionately benefit a small segment of low-wage workers and could lead to inequities among similar job roles. Critics also express concerns about potential loopholes that high-income earners might exploit, while labor unions favor Harris's plan, which includes raising the minimum wage and eliminating the subminimum wage for tipped workers.
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