A recent Wall Street Journal poll reported widespread support for three of President Trump’s campaign ideas that Congress added to the budget bill it passed on July 3 rd . While respondents generally opposed the overall law, new tax deductions for tip and overtime income and for older adults were quite popular. But respondents may have been unaware of one key fact: Few will gain from these tax changes.
The Tax Policy Center estimates:
All three tax breaks will be available from 2025 through 2028. Tips and overtime pay still will be subject to payroll taxes.
TPC estimates about 30 percent of households would benefit from all of Trump’s add-ons…
Read the full article at FORBES.COM
