by Rebecca Picciotto at CNBC
- Donald Trump’s tax reform ideas could leave roughly 93.2 million Americans off the hook for at least part of their income taxes.
- Trump has proposed eliminating taxes on tips and Social Security benefits, and said he would think about exemptions for firefighters, police and military personnel.
- Trump has said he would replace the lost tax revenue with revenue from tariffs, but tax experts say tariffs would not offset the tax losses.
Former President Donald Trump‘s tax reform ideas could offer total or partial income tax exemptions to roughly 93.2 million Americans, a meaningful chunk of the U.S. electorate, according to CNBC’s analysis of several estimates.
As part of his economic pitch to voters, Trump has floated a sweeping tax overhaul, including a slate of income tax breaks.
So far, the Republican presidential nominee has officially proposed eliminating income tax on tips and Social Security benefits, along with overtime pay. And last week, in an interview on the sports media site OutKick, Trump said he would consider tax exemptions for firefighters, police officers, military personnel and veterans.
These exemptions are part of Trump’s larger vision to transition away from the income tax system and replace it with the revenue he says would be generated by his hardline tariff proposals.
“In the old days when we were smart,…