{"id":126937,"date":"2024-11-17T15:52:19","date_gmt":"2024-11-17T08:52:19","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=126937"},"modified":"2024-11-17T15:52:19","modified_gmt":"2024-11-17T08:52:19","slug":"trump-made-a-lot-of-tax-promises-can-he-keep-them","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=126937","title":{"rendered":"Trump made a lot of tax promises. Can he keep them?"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div data-editable=\"content\" itemprop=\"articleBody\" data-reorderable=\"content\">\n<p>\n    <cite class=\"source__cite\"><br \/>\n      <span class=\"source__location\" data-editable=\"location\"\/><br \/>\n      <span class=\"source__text\" data-editable=\"source\">CNN<\/span><br \/>\n        \u00a0\u2014\u00a0<br \/>\n    <\/cite>\n<\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3dc4omu000u26p8cgvp32jl@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Seeking to woo targeted groups of voters during his campaign, President-elect Donald Trump rolled out plans for a <a href=\"https:\/\/www.cnn.com\/2024\/09\/21\/politics\/tax-cuts-donald-trump-election\/index.html\">sweeping array of tax breaks<\/a>, including promises to eliminate levies on <a href=\"https:\/\/www.cnn.com\/2024\/06\/09\/politics\/donald-trump-nevada-rally\/index.html\">tips<\/a>, <a href=\"https:\/\/www.cnn.com\/2024\/09\/12\/politics\/trump-overtime-pay-taxes\/index.html\">overtime pay<\/a> and <a href=\"https:\/\/www.cnn.com\/2024\/08\/01\/politics\/social-security-benefits-tax-trump\/index.html\">Social Security benefits<\/a>, for millions of Americans.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3dc7mk1000a356mg2vp66iy@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Now comes the harder part \u2013 actually keeping all those promises. Even though Republicans will control Congress, enacting the president-elect\u2019s broad tax agenda<strong> <\/strong>could be a heavy lift. The risk is that if the party is unable to deliver, some Americans who voted for Trump<strong> <\/strong>because they were yearning for <a href=\"https:\/\/www.cnn.com\/2024\/11\/06\/economy\/economy-trump-reelection\/index.html\">a little help with their high cost of living<\/a> may wind up disappointed.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3dc7mk2000b356mdk54g0vv@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Both Trump and GOP lawmakers have said that tax relief \u2013 including extending their signature 2017 tax cuts that are set to expire at the end of next year \u2013 is one of the top legislative priorities for the coming year.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3dc7mk2000c356mfvme1q9w@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            \u201cCutting taxes for the American people, cutting taxes on tips for hard working Americans, on Social Security for our seniors,\u201d Karoline Leavitt, a Trump transition spokesperson, said on Fox News\u2019 \u201cSunday Morning Futures.\u201d \u201cThese are things that can be done through Congress, and we\u2019ll be working with members on Capitol Hill to get that legislation drafted so President Trump can sign it into law immediately and make real changes for the American people.\u201d\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3dc7mk2000d356mda79wt6y@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            However, Trump\u2019s extensive tax wish list is very pricey and comes at a time when the <a href=\"https:\/\/www.cnn.com\/business\/live-news\/us-markets-fed-meeting-july#h_90ee9f311caa6d71195d726ce255c22e\">nation\u2019s debt is rising swiftly<\/a>. Extending the <a href=\"https:\/\/www.cnn.com\/2024\/06\/13\/politics\/tax-cuts-expiring-trump-biden\/index.html\">2017 Tax Cuts and Jobs Act<\/a> could cost more than $4 trillion, and the incoming president has promised more than $3.3 trillion in tax relief measures on top of that.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3dc7mk2000e356mg1wt5egh@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Although Trump claims that his plan to <a href=\"https:\/\/www.cnn.com\/2024\/09\/09\/politics\/fact-check-trump-vance-tariffs\/index.html\">raise tariffs<\/a> will replace the revenue lost to these tax breaks, experts say that\u2019s not possible. Instead, the <a href=\"https:\/\/www.cnn.com\/2024\/11\/06\/politics\/heres-what-trump-is-proposing-for-the-economy\/index.html\">president-elect\u2019s platform<\/a> will blow a nearly <a href=\"https:\/\/www.cnn.com\/2024\/10\/07\/politics\/debt-harris-trump-proposals\/index.html\">$8 trillion hole<\/a> into the federal budget over the next decade, according to the Committee for a Responsible Federal Budget.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3dc7mk2000f356mp1t9xl6n@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Enacting Trump\u2019s multitude of new tax proposals could be challenging given the revenue constraints and deficit concerns, Marc Gerson, a member of Miller &amp; Chevalier, a Washington D.C.-based law firm specializing in tax matters, told CNN.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3dc7mk2000g356mqww1vs2x@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            \u201cWhat I imagine will happen is that one or more of the Trump campaign tax proposals will be included as a kind of tip of the hat,\u201d said Gerson, who previously served as tax counsel for the House Ways and Means Committee when it was led by Republicans. \u201cMaybe it\u2019s done on a more scaled back basis or maybe it\u2019s done on a temporary basis.\u201d\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3dc7mk2000h356mhyeec2r1@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Notably, when Trump vowed to eliminate taxes on tips, several GOP lawmakers swiftly introduced bills, Gerson noted. But exempting overtime pay is more complicated, and eliminating the levy on Social Security benefits can\u2019t be done under reconciliation, a procedure that allows Republicans to approve legislation in the Senate with fewer than the standard 60 votes. (Republicans will have at least 52 seats, with one race yet to be declared, so they will need to use reconciliation to pass the tax package.)\n    <\/p>\n<div data-uri=\"cms.cnn.com\/_components\/image\/instances\/cm3dcav1t0014356mzclzyywt@published\" class=\"image image__hide-placeholder\" data-image-variation=\"image\" data-name=\"c-GettyImages-2179016589.jpg\" data-component-name=\"image\" data-observe-resizes=\"\" data-breakpoints=\"{\" image--eq-extra-small=\"\" data-original-ratio=\"0.6666666666666666\" data-original-height=\"1600\" data-original-width=\"2400\" data-url=\"https:\/\/media.cnn.com\/api\/v1\/images\/stellar\/prod\/c-gettyimages-2179016589.jpg?c=original\" data-editable=\"settings\">\n<div class=\"image__container \" data-image-variation=\"image\" data-breakpoints=\"{\" image--eq-extra-small=\"\">\n       <picture class=\"image__picture\"><source height=\"1600\" width=\"2400\" media=\"(min-width: 1280px)\" srcset=\"https:\/\/media.cnn.com\/api\/v1\/images\/stellar\/prod\/c-gettyimages-2179016589.jpg?q=w_1110,c_fill\/f_webp\" type=\"image\/webp\"><source height=\"1600\" width=\"2400\" media=\"(min-width: 960px)\" srcset=\"https:\/\/media.cnn.com\/api\/v1\/images\/stellar\/prod\/c-gettyimages-2179016589.jpg?q=w_1015,c_fill\/f_webp\" type=\"image\/webp\"><source height=\"1600\" width=\"2400\" media=\"(min-width: 480px)\" srcset=\"https:\/\/media.cnn.com\/api\/v1\/images\/stellar\/prod\/c-gettyimages-2179016589.jpg?q=w_1160,c_fill\/f_webp\" type=\"image\/webp\"><source height=\"1600\" width=\"2400\" media=\"(max-width: 479px)\" srcset=\"https:\/\/media.cnn.com\/api\/v1\/images\/stellar\/prod\/c-gettyimages-2179016589.jpg?q=w_680,c_fill\/f_webp\" type=\"image\/webp\"><img decoding=\"async\" src=\"https:\/\/media.cnn.com\/api\/v1\/images\/stellar\/prod\/c-gettyimages-2179016589.jpg?q=w_1110,c_fill\" alt=\"Former President Donald Trump speaks during a campaign rally held at the Santander Arena, in Reading, Pennsylvania on Wednesday, Oct. 09, 2024.\" class=\"image__dam-img image__dam-img--loading\" onload=\"this.classList.remove('image__dam-img--loading')\" onerror=\"imageLoadError(this)\" height=\"1600\" width=\"2400\" loading=\"lazy\"\/><\/source><\/source><\/source><\/source><\/picture>\n    <\/div>\n<\/div>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3dc7mk2000i356mb9xoo9m5@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            GOP lawmakers in both chambers have already started exploring how to extend the 2017 tax package. Idaho Sen. Mike Crapo, who is expected to take the helm of the Senate Finance Committee in the coming term, has said that \u201ceverything in the tax code will be under consideration, including new ideas\u201d and that \u201cpro-growth tax policy does not need to be offset,\u201d Mandi Critchfield, his communications director, told CNN.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3dc7mk2000j356muefb8vli@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Spokespeople for Missouri Rep. Jason Smith, who could continue to lead the House Ways and Means Committee if Republicans keep control of the chamber, did not return a request for comment.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3dc7mk2000k356m6k5udm94@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Though cost will be an issue as the tax package is constructed, there are lots of different levers that lawmakers can use to adjust the cost of the provisions and remain consistent with Trump\u2019s campaign promises, said Chris Campbell, a former staff director of the Senate Finance Committee under Republican leadership and a former assistant Treasury secretary in the first Trump administration.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3dc7mk2000l356me0qgrkdo@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            \u201cCongress will have to work carefully to construct the legislative package that includes the president\u2019s tax promises in the most fiscally prudent way they could manage,\u201d Campbell, now CEO of Incamera Solutions, a global advisory firm, told CNN, adding he wouldn\u2019t be surprised if such a package becomes a priority during the first 100 days of the new administration.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3dc7mk2000m356mi7oqv8ud@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            In addition to eliminating taxes on certain income, Trump also floated making <a href=\"https:\/\/www.cnn.com\/2024\/10\/10\/politics\/donald-trump-tax-relief\/index.html\">interest paid on car loans<\/a> fully tax deductible; getting rid of the <a href=\"https:\/\/www.cnn.com\/2024\/09\/17\/politics\/donald-trump-salt-tax\/index.html\">controversial cap on state and local tax deductions<\/a>; ending the double taxation on Americans who live abroad; exempting police officers, firefighters, veterans and active-duty military from federal income tax; and even exploring <a href=\"https:\/\/www.cnn.com\/2024\/10\/26\/politics\/trump-income-taxes-tariffs\/index.html\">jettisoning the federal income tax<\/a> itself.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3dc7mk2000o356m8myhmxs5@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Among Trump\u2019s most repeated promises was an end to taxes on tips, which he unveiled at a June rally in Nevada, a swing state that\u2019s home to many hospitality workers. Though his campaign didn\u2019t release details on the proposal, Trump indicated that he would eliminate both federal income taxes and payroll taxes, which fund Social Security and Medicare.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3dd12ny00063b6mvmdlf1gh@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Also unclear is how much tipped income would be free of taxes, whether the relief would only apply to workers in certain industries and whether any guardrails would be put in place to prevent others from gaming the system.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3dc7mk2000p356mgjumj5j5@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Many tipped workers would not benefit from eliminating federal income taxes on tips since they don\u2019t earn enough to pay income tax, according to The Budget Lab at Yale University.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3iw2rfb00013b6mqzyy76pe@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Virtually all tipped workers would get some tax relief if Trump also gets rid of payroll taxes on tips, the Tax Policy Center found. However, these workers would then get smaller Social Security payments after they retire.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3dc7mk2000q356mf707mqhj@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Soon after Trump promised to get rid of taxes on tips, Republican Sen. Ted Cruz of Texas introduced a bill titled \u201cNo Tax on Tips Act,\u201d which would allow workers to deduct tips paid by cash, check, credit card and debit card on their federal income taxes. However, it would not eliminate federal payroll taxes, which total 15.3%, half of which is paid by employers. Rep. Byron Donalds, a Republican from Florida, introduced companion legislation in the House.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3dc7mk2000r356m9o7yv13x@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            However, the legislation contains few, if any, guardrails to stop high-income workers from shifting their pay to tips to try to escape taxes, according to the Center for American Progress, a left-leaning policy institute.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3dc7mk2000s356mdjg0br3j@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            \u201cSen. Cruz\u2019s bill would open the door to tax abuse that could provide a windfall to hedge fund managers, lawyers, and other high-income professionals,\u201d <a href=\"https:\/\/www.americanprogress.org\/article\/sen-ted-cruzs-no-tax-on-tips-act-does-little-for-low-and-moderate-wage-workers-but-opens-door-to-tax-abuse-by-wealthy\/\" target=\"_blank\" rel=\"noopener\">wrote Brendan Duke<\/a>, senior director for economic policy at the center.\n    <\/p>\n<\/p><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cnn.com\/2024\/11\/16\/politics\/taxes-tips-trump-campaign-promises\/index.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>CNN \u00a0\u2014\u00a0 Seeking to woo targeted groups of voters during his campaign, President-elect Donald Trump rolled out plans for a sweeping array of tax breaks, including promises to eliminate levies &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=126937\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8629],"tags":[],"class_list":["post-126937","post","type-post","status-publish","format-standard","hentry","category-u-s","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/126937","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=126937"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/126937\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=126937"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=126937"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=126937"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}