Trump talks tariffs throughout Congressional handle
Throughout his handle to a joint session of Congress, President Trump mentioned the tariffs technique he shall be rolling out on numerous international locations.
WASHINGTON – Throughout President Donald Trump’s handle to Congress, he referred to as to finish taxes on time beyond regulation pay, in addition to different issues like suggestions and Social Safety.
“I am calling for no tax on suggestions, no tax on time beyond regulation and no tax on Social Safety advantages for our nice seniors,” Trump mentioned Tuesday.
Trump requires no tax on suggestions, time beyond regulation, Social Safety advantages
The backstory:
Trump desires the Republicans who management Congress to approve a large invoice that will prolong tax breaks, which he secured throughout his first time period however are expiring later this yr, whereas additionally slicing spending on federal applications and providers.
US President Donald Trump, backside proper, throughout a joint session of Congress within the Home Chamber of the US Capitol in Washington, DC, US, on Tuesday, March 4, 2025. Donald Trump’s primetime handle Tuesday night time from Capitol Hill, billed as a persistent
Throughout his marketing campaign, he additionally pledged to finish taxes on time beyond regulation pay, suggestions and Social Safety.
Trump’s no-tax-on-overtime proposal
What we all know:
Trump has mentioned he would help laws to get rid of taxes on time beyond regulation pay, saying it provides individuals “extra of an incentive to work.” “It provides the businesses so much, it’s so much simpler to get the individuals,” he mentioned in September at a marketing campaign rally in Tucson, Arizona.
Trump discusses ‘no tax on suggestions’ in Las Vegas
President Trump delivered remarks Saturday in Las Vegas, Nevada, the place he mentioned his “no tax on suggestions” plan.
What we do not know:
Additional particulars about Trump’s proposal haven’t been shared, together with whether or not it could certainly lower each revenue tax and payroll taxes on time beyond regulation pay.
What they’re saying:
“The individuals who work time beyond regulation are among the many hardest working residents in our nation and for too lengthy, nobody in Washington has been searching for them,” Trump mentioned throughout his Sept. 12, 2024, rally.
Trump’s no-tax-on-tips proposal
What we all know:
In June, Trump initially introduced his plan to exclude employees’ suggestions from federal taxes, saying he acquired the concept from a waitress at his Las Vegas lodge.
“To these lodge employees and individuals who get suggestions, you’ll be very completely happy, as a result of after I get to workplace we’re going to not cost taxes on suggestions, individuals making suggestions,” Trump mentioned, including: “We’re going to do this immediately, very first thing in workplace.”
What we do not know:
Additional particulars haven’t formally been unveiled concerning the proposal, together with whether or not he desires to exempt suggestions from simply revenue taxes or from the payroll tax as effectively.
Trump’s no-tax-on-Social-Safety proposal
What we all know:
Trump pledged all through his marketing campaign for tax cuts for older People, posting on Reality Social in July that “SENIORS SHOULD NOT PAY TAX ON SOCIAL SECURITY!”
Dig deeper:
The problem is that taxes on Social Safety advantages assist to pay for this system. The lack of income might imply that Social Safety could be unable to pay out its full advantages in 2033, two years forward of the present estimate, in line with Brendan Duke of the liberal Middle for American Progress.
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In keeping with the Social Safety Administration, recipients should at the moment pay federal revenue taxes if mixed revenue — 50% of the profit quantity plus some other earned revenue — is larger than $25,000 yearly if submitting individually, or $32,000 if submitting collectively.
