On Sunday, U.S. President Donald Trump announced the possibility that, once the tariffs take effect, there could be a reduction or elimination of income taxes for individuals earning less than US$200,000 a year.
“When the tariffs cut in, many people’s income taxes will be substantially reduced, maybe even eliminated entirely. Focus will be on those earning less than $200,000 a year,” the Republican president wrote today on his social media platform, Truth Social.
“Also, massive numbers of jobs are already being created, with new plants and factories currently being built or planned,” he added.
“It will be a bonanza for America!!! The External Revenue Service is happening!!!” the U.S. President concluded.
This week, a coalition of twelve states, led by the attorneys general of Oregon and Arizona, filed a lawsuit seeking to block the tariffs imposed by Trump, arguing that the tariffs are “illegal.”
The lawsuit aims to block the imposition of a 145% tariff on most products from China and a 25% tariff on most products from Canada and Mexico, important trading partners of the plaintiff states.
It also challenges the 10% tariffs on most products imported from the rest of the world, as well as the Trump’s plan to raise tariffs on imports from an additional 46 trading partners starting on July 9.
remember when he was going to get rid of the tax on tips?
there is no tax on tips if you don’t declare them!
wanna help a server, tip in cashhhhh
and overtime
Never thought about it before but yeah taxes on overtime are bullshit, you probably even get taxed at a higher rate than normal so you’re making less than that stated time and a half
Nah, overtime is taxed at the same rate because it’s just income. Even if it were to increase one’s income to the next tax bracket, only the portion of that income over that tax bracket would be taxed at a higher rate.
It is, but it’s extremely common to hear people complain that more OT = more taxes. Probably because of brackets
Really it’s just because of our piss poor education system not properly explaining these things. I’ve seen an adult decline a raise because he thought he’d get taxed more than the raise, even after over an hour of us walking him through why that wasn’t the case.