Democratic Presidential Nominee Kamala Harris has embraced Republican Nominee Donald Trump’s plan to exempt tips from federal taxation. The policy is now embraced by both candidates, with some differences between the campaigns, and is expected to reduce federal revenues by anywhere from $100 billion to $200 billion over ten years.
Trump’s Announcement and Justification
Trump announced the initiative earlier this year, crediting a restaurant server. He said, “You will be very happy for those hotel workers and people that get tips.”
CRFB Revenue Loss Estimate
After Trump’s campaign promise, the Committee for a Responsible Budget (CRFB) estimated that tax revenues would decrease from $150 billion to $250 billion over ten years if tips were exempted from federal income and payroll taxes.
Harris’s Campaign Variation
Harris’s campaign promise differs in that campaign officials told the CRFB that tips would be exempt from income tax but not payroll tax, which averages close to 15 percent.
Harris’s Proposed Limits and Guardrails
The Harris campaign also said that Harris would impose rules on the exemption, including “establishing an income limit and various guardrails on the exemption of tip income from taxes.”
Preventing Abuse of the Tax Exemption
The limits would ensure that compensation schemes do not shift in ways that purposely allow wealthier individuals to take undue advantage of the bill’s intent to aid minimum—and lower-wage workers.
Harris’s Commitment to Income Limits and Wage Protection
A Harris campaign official spoke with the Washington Post about the proposal, saying, “As president, she would work with Congress to craft a proposal that comes with an income limit and with strict requirements to prevent hedge fund managers and lawyers from structuring their compensation in ways to try to take advantage of the policy.”
Harris’s Support for Minimum Wage Increase
In addition to supporting changes to exempt tips from income tax, Harris has also committed to increasing the federal minimum wage.
Harris’s Minimum Wage and Tax Exemption Plan
During her first tour, Harris announced that as President, she would “raise the minimum wage and eliminate taxes on tips for service and hospitality workers.”
Current Federal Minimum Wage
Since 2009, most workers’ federal minimum wage has been $7.25 per hour.
Projected Revenue Impact
According to the CRFB, raising the federal minimum wage and exempting tips from income tax would reduce federal revenues by $100 to $200 billion over ten years.
Potential Changes in Tipping Behavior
The CRFB estimates do not include “changes in tipping behavior,” which would likely accompany a change.
Impact of Future Administration on Payroll Taxes
Regardless of which future Administration takes office, tipping behavior will likely be affected as it permits workers to retain more of their wages.
Potential Worker Savings Under Trump Administration
If the Trump IRS does not impose payroll taxes on tip earnings, the savings to workers—and cost to the government—would be approximately 15 percent higher in a Trump Administration.
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