\n
![](\"https:\/\/fortune.com\/img-assets\/wp-content\/uploads\/2024\/08\/GettyImages-2166912020-e1724510860364.jpg?w=2048\")
<\/p>\n [ad_1]
\n<\/p>\n
Republican nominee Donald Trump said his plan to renew expiring tax cuts would pay for itself by spurring economic growth as he highlighted his agenda on taxes in a visit to a key swing state in November\u2019s election.<\/p>\n
\u201cGrowth, we\u2019re gonna have tremendous growth,\u201d Trump said when asked how he would pay for those tax cuts during a campaign stop in Las Vegas.<\/p>\n
The former president has said he will renew tax cuts from his 2017 tax law that are set to expire next year \u2014 a centerpiece of his economic agenda which has won him support from business leaders and many on Wall Street.<\/p>\n
But extending those cuts carries a $4.6 trillion price tag, and risks further growing a federal deficit Republicans have long vowed to tame.<\/p>\n
Trump has also promoted additional tax cuts \u2014 including eliminating federal taxes on tipped wages, which was the focus of his event Friday at a Mexican-Italian restaurant in Las Vegas. The Committee for a Responsible Federal Budget estimated that such an exemption would cost around $100 to $200 billion over a decade.<\/p>\n
Trump said he believed the policy would help win him support from workers in Las Vegas, where hospitality remains the dominant industry, and accused his Democratic rival Kamala Harris is pushing tax policies that would place more burdens on workers and small businesses.<\/p>\n
\u201cWe\u2019re going to let you keep 100% of your income and not be harassed,\u201d Trump said, calling his pitch the \u201cbiggest promise\u201d restaurant workers have \u201chad in a long time.\u201d<\/p>\n
He assailed Harris for also adopting the no-taxes-on-tips proposal, claiming that she was simply echoing his policy for political reasons and would not follow through.\u00a0<\/p>\n
At a rally later Friday in Glendale, Arizona, Trump reiterated his view that Harris wouldn\u2019t achieve the goal. \u201cIt\u2019ll never happen with her; it\u2019s guaranteed to happen with me, no tax on tips,\u201d he said.<\/p>\n
The bipartisan embrace of the idea comes as both campaigns are seeking to court key voting groups in Nevada and other battleground states.\u00a0<\/p>\n
Trump\u2019s comments come a day after Harris formally accepted her party\u2019s presidential nomination, setting the two candidates off on a sprint to Election Day. Harris used her acceptance speech to highlight some of her policy proposals in broad terms, saying she would be an advocate for the middle class and implement measures to bring down costs for households.<\/p>\n
Trump has made \u201cno tax on tips\u201d a centerpiece of his stump speech, and his campaign is employing guerrilla marketing tactics to promote the policy. Donors to his campaign can receive stickers that read \u201cVOTE TRUMP FOR NO TAX ON TIPS\u201d to put on their restaurant checks.\u00a0<\/p>\n
Harris, too, chose Las Vegas to make a similar campaign promise to cut taxes on tips \u2014 although her proposal would apply only to federal income taxes and leave payroll taxes for Social Security and Medicare intact.\u00a0<\/p>\n
Natalie DeNardo, a mortgage broker who attended the event on Friday, said her father is a bartender at the Bellagio hotel in Las Vegas and he would feel a \u201chuge impact\u201d from the proposed no-tax-on-tips policy. When asked about Harris supporting the same policy, she was skeptical.\u00a0<\/p>\n
\u201cShe\u2019s just jumping on the bandwagon,\u201d said DeNardo, 41. \u201cShe could have done this in the past three and a half years if she really wanted to.\u201d<\/p>\n
Exempting tipped wages from federal levies has the potential to trim the tax bills of the more than six million hospitality workers who reported a total of $38.3 billion in tipped income in 2018, the latest year for which Internal Revenue Service data are available. That averages out to about $6,250 per tipped worker.<\/p>\n
Despite their overlap on the so-called no-tax-on-tips policy, Trump is pushing for sweeping tax cuts aimed at corporations and higher earners, while Harris is taking over President Joe Biden\u2019s lead, championing proposals to raise the corporate rate to 28% from 21% and hiking taxes on the wealthy, while pledging not to raise taxes on earners making less than $400,000.\u00a0<\/p>\n<\/div>\n