Trump has proposed eliminating taxes on tips and Social Security benefits, and has also said he would think about exemptions for firefighters, police and military personnel.
Trump’s tax reform ideas could leave roughly 93.2 million Americans, or just under half of the U.S. electorate, off the hook for at least part of their income taxes.
These exemptions are part of Trump’s larger vision to transition away from the income tax system and replace it with the revenue he expects to generate from his hardline tariff proposals.
Source: https://www.cnbc.com/2024/10/21/trump-income-tax-plans-exempt-93-million-americans-harris-election.html
Does this mean the Internal Revenue Service (IRS) will shut its doors?
