Larry Kudlow reacts to Trump's tax refund advice

FOX Business host Larry Kudlow reacts to the economic impact of ending tipping taxes on “Kudlow.”

No more taxes on tips! How about a tax cut for blue-collar workers? That's what the riff is about. Donald Trump's proposal for tax-free tipping is pure genius. He blew it at his Las Vegas rally on Sunday. Listen :

DONALD TRUMP: “This is the first time I've ever said this and for the hotel workers and the people who get tips, you'll be very happy, because when I get to the office, we won't impose taxes on tipping, people tip… It's been a point of contention for years and years, and you do a great job of serving people, taking care of people, and I think that's going to be something. which is truly deserved.”

It's really similar to a reduction in payroll taxes. It cuts taxes on employment, but without all the complications of large welfare programs. Unfortunately, tips are now taxable income – they are part of wages, tips and other compensation under the IRS W-2 form and the Democratic Congress a few years ago, in its war on workers, passed a bill IRS of $80 billion which, in theory, sponsor 87,000 new agents. Guess what? So far they've hired 34, but Biden's Democrats have tried to convince us they're really after millionaires. Don't buy it, folks.

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Rep. Byron Donalds, R-Fla., said President Biden took advantage of his position to enrich himself and his family on “Kudlow.”

Millionaires have several high-priced tax lawyers to protect them, but waitresses, service-oriented workers, people in the gig economy – those are the ones the IRS is really targeting and tax-free tips are going to help them a lot. .

Think about your Uber driver's 20% tip, your favorite waitress at your local restaurant, or the kind maids who clean your hotel room. They will all get more money. It's a big part of Las Vegas, isn't it? Where around a quarter of workers work in the leisure and hospitality sectors.

Las Vegas is a large part of Nevada, and Nevada is an important swing state that plays a significant role in Trump's presidential victory. From now on, Joe Biden is content to tax tips. Additionally, Biden has tried to get federal contractors to raise the minimum wage, which would have the effect of excluding marginal workers altogether.

Moreover, according to an article in the Wall Street Journal, the chef of the Las Vegas Culinary Union liked the idea, but then he started criticizing Trump. Kind of like the UAW – left-wing union officials don't like Trump, but the base will vote for Trump. You wait and see.

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By the way, the tax-free tipping benefit is a lot like the employer-sponsored health insurance exemption. This is a tax-exempt benefit used by millions and millions of businesses.

President Trump is up five points in the RealClearPolitics polling average for Nevada, but his idea of ​​tax-free tips will increase the take-home pay of tens of millions of workers across the country. Like I said, pure genius.

This article is adapted from Larry Kudlow's opening commentary in the June 11, 2024 edition of “Kudlow.”

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