Econ nerd @amprog | Former Biden-Harris National Economic Council tax/budget/supply chains |@SenatorBennet/@JECDems/@CenterOnBudget alum | Tweets are 100% mine
Jun 21 • 8 tweets • 3 min read
Trump's tip proposal as embodied in this bill is a scam:
1.) Essentially no or very little tax cut for many tipped worker parents because of Trump tax cut CTC design.
2.) A net tax increase for tipped workers once you consider Trump's proposal to tax all imports.
This proposal essentially provides a deduction from income taxes for tips. So it won't reduce workers' EITC or reduce their payroll taxes to Social Security, which would reduce their benefits in the long run.
But this provides complications with the Child Tax Credit.
Mar 7 • 7 tweets • 3 min read
It's worth diving into how President Biden's tax proposals released today could require Elon Musk and Tesla to pay more in taxes.
I'll leave it to readers to decide whether Musk is saying these pro-GOP TPs because of sincere immigration beliefs or to keep his taxes low. 🧵
#1: Billionaire minimum tax: Perhaps the most straightforward--most of Elon Musk's $200B net worth comes from ownership of stock in startups like Tesla and SpaceX. Most of his income comes from stock appreciation, but he doesn't pay taxes on the stock unless he sells it.
