ALL THE MONEY NEWS YOU NEED TO KNOW | | | | | | Daniel de Visé | Personal Finance Reporter
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Good morning! It's Daniel de Visé with your Daily Money, Sunday tax edition. Between now and April 15, we'll be briefing some of our most popular stories about Tax Season 2025. |
Today, we'll look at some of the tax cuts President Donald Trump has proposed, and their potential costs. |
Let's start small: President Trump has repeatedly pledged to end taxes on tips. |
"If you're a restaurant worker, a server, a valet, a bellhop, a bartender, or one of my caddies ... or any other worker who relies on tipped income, your tips will be 100% yours," Trump said at a Nevada rally. |
Cutting taxes on tips has support from industry trade groups and politicians on both sides of the aisle. Economists and policy experts, however, are less enthused. |
A tax deduction for auto-loan interest |
During his recent address to Congress, President Trump said he wants to make interest payments on loans for vehicles made in America tax deductible. |
But experts are unclear on quite how one might apply that policy, because all automakers rely on parts from outside the U.S. In essence, few or no vehicles are entirely made in America. |
Renewing the 'Trump tax cuts' |
President Trump mandated sweeping tax relief, especially for corporations and the rich, with his Tax Cuts and Jobs Act of 2017. |
Many cuts are set to expire at the end of this year. With Trump and his party back in power, however, the path is clear for Republicans to extend them. |
📰 More stories you shouldn't miss 📰 |
Between now and April 15, The Daily Money will deliver weekly summaries of news, trends and all you need to know about Tax Season 2025. |
Daniel de Visé covers personal finance for USA Today. | | | | At a rally last month in Las Vegas, President Donald Trump pledged to work with Congress to end taxes on tips. | | | | The automotive industry won't be able to adapt its years-long production cycles to produce vehicles in the U.S. quickly, experts say. | | | | Most Americans like the Trump tax cuts. Now, Congress must decide what taxpayers would give up in order to keep them. | | | | Tax experts advise a 'wait-and-see' approach to planning when it comes to Trump's campaign promise to eliminate taxes on Social Security benefits. | | | | The IRS is distributing $2.4 billion worth of stimulus checks to taxpayers who didn't claim the Recovery Rebate Credit on their 2021 tax returns. | | | | Often federal tax returns are denied because of errors made by the taxpayer. These errors are often easily fixed if double-checked by taxpayer. | | | | April 15 is the drop-dead date for filing a 2021 federal income tax return, if you haven't done so. The IRS says many are owed $781 or even more. | | | | Tax extensions are far more common than you might realize - but there are some important things to keep in mind. | | | | Tax season usually brings a refund check for most workers, but if you're retired, you could wind up owing the IRS. | | | | Our app gives you award-winning coverage, crosswords, audio storytelling, eNewspaper and more. | | | | | | | Sign up for the news you want | Exclusive newsletters are part of your subscription, don't miss out! We're always working to add benefits for subscribers like you. | | | | | | |
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