Former President Donald Trump has promised to eliminate all taxes on overtime work if he is re-elected. Speaking to supporters in Tucson, Arizona, on Thursday, Trump stated that removing taxes on hours worked beyond 40 per week would encourage more people to work and simplify hiring for businesses.
At his first campaign event since the high-stakes debate with Vice President Kamala Harris, Donald Trump declared, “Overtime workers are some of the hardest-working citizens in our country, and for too long, Washington has ignored them. These are the people who truly put in the effort.” He highlighted that they include police officers, nurses, factory workers, construction workers, truck drivers, and machine operators, and emphasized that his plan is to give them a much-deserved break.
Trump’s latest pledge is part of a broader campaign promise for significant tax cuts. He has also vowed to extend the 2017 income tax cuts, eliminate taxes on tips in the service industry, remove taxes on Social Security, and reduce the corporate tax rate to 15 percent.
Trump did not outline how he would finance his proposed tax plan, which could significantly increase the nation’s $35 trillion debt. “I consulted some top economists, and they said, ‘It would be incredible. You’ll see a whole new workforce,’” Trump remarked.
Meanwhile, Vice President Kamala Harris has proposed her own tax cuts for working and middle-class families, including a $25,000 tax credit for first-time homebuyers, a $50,000 deduction for new small businesses, and a $6,000 child tax credit. She also plans to raise taxes on the wealthy by increasing the top personal income tax rate to 39.6 percent, raising the corporate tax rate to 28 percent, and boosting the capital gains tax to 28 percent for households earning over $1 million annually.
On Thursday, the Harris campaign accused Trump of being “desperate” and making unrealistic promises to win votes.
“If he returns to power, he will only serve his own interests and those of his billionaire friends and their large corporations,” campaign spokesperson Joseph Costello stated.
