Trump’s “No Tax On Tips” Exposed As GIANT LIE скачать в хорошем качестве

Trump’s “No Tax On Tips” Exposed As GIANT LIE

Donald Trump promised “no tax on tips” during his campaign, and his “big, beautiful bill” actually followed through on that promise – until you read the fine print. While Trump is out bragging about no longer having tax on tipped wages, the REAL language of the bill shows that only the first $25,000 of tipped wages are eligible as a “deduction,” not a complete reduction on taxes. The whole thing was a scam from the beginning, as Ring of Fire’s Farron Cousins explains.   Link – https://www.wsj.com/personal-finance/... Subscribe to stay connected to our stories:    / theringoffire   Support us by becoming a member on YouTube:    / @theringoffire   Or Support us on Patreon:   / theringoffire   Buy Ring of Fire merch: https://www.buyrof.com/ Find us on social media! Facebook:   / ringoffireradio   Twitter:   / ringoffiremedia   Instagram:   / ringoffirenetwork   TikTok:   / ringoffiremedia   *This transcript was generated by a third-party transcription software company, so please excuse any typos. With the passage of his so-called one big, beautiful Bill, Donald Trump was finally able to fulfill one of his campaign promises that, of course, attracted a lot of, uh, lower income workers to his campaign. And that, of course was his promise back on the campaign. And now, of course, solidified and legislation to have no tax on tips. Four simple words. He campaigned on no tax on tips. He did not put a limit on it. He didn't say that only certain tips would not be taxed. He just said, no tax, no meaning none at all on tips, meaning any tip at all for any worker. You're not gonna pay taxes on it. And of course, the public ate it up, right? What a great proposal. This is amazing. He got it in his big beautiful bill that has of course been signed into law. And only now are these tipped workers who were persuaded by Donald Trump realizing that Uhoh, he lied to you once again. Now, here's the thing. There is in fact, to a degree, no tax on tips, but no tax is, is actually not accurate. 'cause there, there will be some tax, because you see, it's not that you get to report all of those tips as untaxed income. No, no, no, no. Uh, they're listed as deductions. Now, when you file your taxes next time, you don't get to write off the 25,000. Oh, I'm sorry. Did I just tell you the limit? Oh, man, I meant to build up to that. But, uh, anyway, it's only on the first 25,000 in tips. And again, you, uh, you get to write it off as a deduction, not as a full write off. So in most instances, for the few tipped workers who actually, uh, uh, qualify and oh, darn it, I just did it again, I absolutely spoiled the next part because not everybody qualifies either. As it turns out, it's gonna be up to, uh, um, what is it? The Treasury Department, I believe. Yeah, the Treasury Secretary. Um, Scott Besant is the guy who gets to now sit down according to the law, and he's gonna make out a list of which tipped workers, you know, which jobs will qualify and which tipped jobs do not qualify. So it's not no tax on tips for all tipped workers. It's some tax on most tips for some people in certain industries. But see, that doesn't roll off the tongue as, as quite easily as no tax on tips. But yeah, the whole thing was a farce from the beginning. Some tipped workers will be able to deduct up to $25,000 in tips If you fall within a specific industry, which is most likely going to be barbers, restaurant workers, uh, possibly baristas, nail technicians, maybe. Um, I would think that fall masseuses perhaps, who knows? But I mean, with our tipped culture here, we have, by the way, how many workers is it? Let me find that number. Um, 2.5% of all workers in America, which is a large percentage, believe it or not, rely on tips two and a half percent of the workforce. And that no tax on tips is not gonna apply to 2.5% of the workforce. It's gonna apply more to like 0.3%. So some people are gonna save a little money eventually if Scott Biant gets around to making his list. So let me ask you tipped Mago workers, you feel good about this, you happy about it? Or are you kind of on pins and needles wondering how much money you actually made if you're gonna qualify for this? And then of course, if you do qualify for it, then maybe you lose other benefits, like being able to purchase healthcare on the exchange. So to put it mildly, these workers who will get to deduct some of their tips, maybe, um, they're actually gonna end up more screwed than the other folks. So that's Trump's policy. Big Blu, you know, uh, comments, lovely talking points, but the execution of it as per usual only affects a tiny sliver of the workforce and really ends up screwing them over in the process.