August 1, Michael Davis, economics professor at the Cox School of Business, SMU Dallas, for an op-ed analyzing the economic impact of ‘No Tax on Tips’ as proposed by former President Trump. Published in The Hill under the heading The unintended consequences of Trump’s ‘No Tax on Tips’ plan: https://tinyurl.com/mu9dtjm2
No matter what you thought about President Biden’s fitness to serve another term, we’re past that. Now we can focus on what the frontrunner candidates for 2024 actually want to do.
This is, sadly, not always easy.
Policy questions are complicated. It’s hard for regular voters — people with, you know, jobs, bills and maybe kids — to figure out what will be best. And because the candidates want to win, they don’t want to tell people about tradeoffs of their policy pitches. They don’t want you to know that if the government does more of one thing, by necessity it must do less of something else.
So, let me suggest that you consider one small change in the tax code that may be up for grabs.
It’s nothing big and complex like abolishing the income tax in favor of a consumption tax (a terrific idea that will never happen). But it is something Donald Trump floated in detail in his RNC convention acceptance speech last month — and something Vice President Kamala Harris will have to address: “No Tax on Tips.”
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