Trump Mulls Over Tax Exemptions for Police Officers, Firefighters, and Military Personnel
As the November 5 election draws near, the competition to offer the most tax cuts is heating up. Donald Trump, the Republican nominee, has suggested that he might consider exempting police officers, firefighters, active duty military, and veterans from paying taxes. This is his latest campaign idea to provide tax breaks to key groups of supporters.
Trump made this statement in response to a question about excluding first responders and military members from tax bills on an online show called Maintaining with Tyrus that aired on Friday. He said, "It’s something I would think about. You’re like my tax person there, but yeah. I mean something has to be done. It’s almost an incentive to where you can get people interested."
Trump's Tax Proposals
Trump's idea to exempt members of the military and first responders from taxation is the latest in a series of tax proposals he has discussed while campaigning against Kamala Harris. He has pledged to eliminate taxes on tipped wages, overtime pay, and Social Security benefits.
However, Trump did not provide further details about the service member tax exclusion. Any such ideas would require congressional approval to become law. Therefore, unless the Republicans sweep the elections, most of Trump's promises may not be realized.
The Potential Impact of the Proposed Tax Cuts
The proposal to exempt military and first responders from taxes could be one of the largest new tax cuts discussed by Trump to date. It could exempt more than 20 million people from federal tax payments. According to Bloomberg, there are about 18 million living veterans in the US, roughly 1.3 million active duty troops, approximately 1 million police offers in the US, and more than 300,000 professional firefighters. The US does offer some broad tax exemption to military members, but this is largely limited to people serving in active combat zones.
Over the last several months, Trump has proposed a series of politically beneficial tax cut plans focused on key election constituencies. This is a strategy to appeal to voters in an extremely tight election, particularly low-and-middle-income Americans frustrated by high prices. The Republican nominee has proposed such a wide range of tax proposals that even his own advisers are unsure about which ones he intends to enact if elected.
Trump's Other Campaign Promises
Trump is also campaigning on extending the tax cut first passed during his presidency. Major portions of this law, including lower tax brackets for households and deductions for small businesses, are set to expire at the end of 2025. Trump has also pledged to further lower the corporate rate to 15% from 21% and expand the state and local tax deduction, a write-off popular in New York and California where Republicans face close House elections to keep their majority in the chamber.
Economists have warned that his policy portfolio may significantly increase the federal debt, adding as much as $15 trillion to the debt over the next decade, according to an estimate from the Committee for a Responsible Federal Budget. However, Trump contends that economic growth and energy production would offset the loss in tax revenue.
In a Friday interview, Trump also suggested that military members should become teachers as a measure to secure schools. Some states, including Iowa and Tennessee, have passed laws allowing teachers to carry concealed weapons on school campuses. This measure has faced broad criticism from teachers unions and some parents, who argue that it will make schools less safe.
Bottom Line
As the election draws near, candidates are making bold promises to win over voters. Trump's proposal to exempt police officers, firefighters, active duty military, and veterans from paying taxes is one such promise. While this could potentially benefit over 20 million people, it's important to remember that such proposals would require congressional approval to become law. What are your thoughts on this? Do you think this is a feasible plan or just another campaign promise? Share your thoughts and this article with your friends. Don't forget to sign up for the Daily Briefing, which is delivered every day at 6pm.
Trump Mulls Over Tax Exemptions for Police Officers, Firefighters, and Military Personnel
As the November 5 election draws near, the competition to offer the most tax cuts is heating up. Donald Trump, the Republican nominee, has suggested that he might consider exempting police officers, firefighters, active duty military, and veterans from paying taxes. This is his latest campaign idea to provide tax breaks to key groups of supporters.
Trump made this statement in response to a question about excluding first responders and military members from tax bills on an online show called Maintaining with Tyrus that aired on Friday. He said, "It’s something I would think about. You’re like my tax person there, but yeah. I mean something has to be done. It’s almost an incentive to where you can get people interested."
Trump's Tax Proposals
Trump's idea to exempt members of the military and first responders from taxation is the latest in a series of tax proposals he has discussed while campaigning against Kamala Harris. He has pledged to eliminate taxes on tipped wages, overtime pay, and Social Security benefits.
However, Trump did not provide further details about the service member tax exclusion. Any such ideas would require congressional approval to become law. Therefore, unless the Republicans sweep the elections, most of Trump's promises may not be realized.
The Potential Impact of the Proposed Tax Cuts
The proposal to exempt military and first responders from taxes could be one of the largest new tax cuts discussed by Trump to date. It could exempt more than 20 million people from federal tax payments. According to Bloomberg, there are about 18 million living veterans in the US, roughly 1.3 million active duty troops, approximately 1 million police offers in the US, and more than 300,000 professional firefighters. The US does offer some broad tax exemption to military members, but this is largely limited to people serving in active combat zones.
Over the last several months, Trump has proposed a series of politically beneficial tax cut plans focused on key election constituencies. This is a strategy to appeal to voters in an extremely tight election, particularly low-and-middle-income Americans frustrated by high prices. The Republican nominee has proposed such a wide range of tax proposals that even his own advisers are unsure about which ones he intends to enact if elected.
Trump's Other Campaign Promises
Trump is also campaigning on extending the tax cut first passed during his presidency. Major portions of this law, including lower tax brackets for households and deductions for small businesses, are set to expire at the end of 2025. Trump has also pledged to further lower the corporate rate to 15% from 21% and expand the state and local tax deduction, a write-off popular in New York and California where Republicans face close House elections to keep their majority in the chamber.
Economists have warned that his policy portfolio may significantly increase the federal debt, adding as much as $15 trillion to the debt over the next decade, according to an estimate from the Committee for a Responsible Federal Budget. However, Trump contends that economic growth and energy production would offset the loss in tax revenue.
In a Friday interview, Trump also suggested that military members should become teachers as a measure to secure schools. Some states, including Iowa and Tennessee, have passed laws allowing teachers to carry concealed weapons on school campuses. This measure has faced broad criticism from teachers unions and some parents, who argue that it will make schools less safe.
Bottom Line
As the election draws near, candidates are making bold promises to win over voters. Trump's proposal to exempt police officers, firefighters, active duty military, and veterans from paying taxes is one such promise. While this could potentially benefit over 20 million people, it's important to remember that such proposals would require congressional approval to become law. What are your thoughts on this? Do you think this is a feasible plan or just another campaign promise? Share your thoughts and this article with your friends. Don't forget to sign up for the Daily Briefing, which is delivered every day at 6pm.
