Reuters Econ World Tax
Oct 2, 2024
Dan Burns, a U.S. Economics Editor, joins Donald Trump, the former President, and Kamala Harris, the current Vice President, to debate crucial tax policy shifts as 2017 cuts near expiration. They dive into the potential impact of proposed tax cuts and corporate rate reductions, along with the implications for the federal deficit. The discussion also touches on the debate over taxing tips in the hospitality industry, illustrating how these changes could affect both taxpayers and the economy in a rapidly changing political landscape.
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2017 Tax Cuts and Jobs Act
- The Tax Cuts and Jobs Act of 2017 lowered corporate and individual income tax rates.
- The corporate tax cuts are permanent, but individual cuts expire in 2026, impacting the next president's agenda.
Economic Impact of Tax Cuts
- The economic impact of the 2017 tax cuts is uncertain, with some evidence of initial growth.
- Extending the cuts could hinder the economy, while not extending them could also cause problems.
Trump's Tax Proposals
- Donald Trump proposes extending the Tax Cuts and Jobs Act and restoring state and local tax (SALT) deductions.
- He also suggests exempting tip income, Social Security income, and overtime pay from federal taxes.