Will workers benefit from Trump's pledge to end taxes on tips?

Wed, Nov 6, 2024, 11:30 AM

Former President Donald Trump secured an election victory in the 2024 US presidential race against current Vice President Kamala Harris. One issue he campaigned on was his stance on taxes tied to worker tips.

Trump pledged to cease taxes on tip income, a proposal that resonated with many service industry workers. However, two states — Massachusetts and Arizona — held votes on minimum wage increases for tipped employees, both initiatives rejected by voters.

Yahoo Finance's Rachelle Akuffo breaks down the potential implications of Trump's pledge to end tip taxes and how it could impact the broader economy.

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This post was written by Angel Smith