Trump wooed middle class Americans with tax breaks. What are they and are they realistic?
President-elect Donald Trump campaigned to put money back into the pockets of middle-class families by lowering their tax burden, but how realistic are his promises?
Some experts shared their thoughts about Trump’s major proposals, including eliminating taxes on tips, overtime and Social Security, capping interest rates on credit card debt, deducting auto loan interest, lifting the cap on state and local taxes (SALT) and increasing the child tax credit. Here’s what they said:
No tax on tips for restaurant and hospitality workers: Bipartisan support could help pass this, said Jim Czerniak, chief investment officer at Ambassador Wealth Management in Warrenville, Illinois.
Democratic presidential nominee Vice President Kamala Harris also adopted this idea during her campaign.
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