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Trump promised no taxes on tips and Social Security. But you still need to pay them this year


Published on 2025-03-31 14:21:31 - Fortune
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  • President Donald Trump's pledges to end taxes on tips and Social Security payments have caught the attention of workers across the country. But even if those policies do eventually become law, financial planners are reminding taxpayers that any changes won't affect the returns they must file by April 15 of this year.

The article from MSN discusses former President Donald Trump's campaign promises regarding tax exemptions on tips and Social Security, which have not been implemented as of the current tax year. Despite Trump's pledges to eliminate taxes on tips to benefit service industry workers and to protect Social Security from taxation, these changes have not been enacted into law. Therefore, individuals are still required to pay taxes on their tips and Social Security benefits in 2023. The article explains that tips are considered taxable income by the IRS, and Social Security benefits can be taxable depending on one's total income. It also highlights the ongoing debate and legislative hurdles in Congress concerning tax policies, noting that without new legislation, these taxes remain in place.

Read the Full Fortune Article at:
[ https://www.msn.com/en-us/politics/government/trump-promised-no-taxes-on-tips-and-social-security-but-you-still-need-to-pay-them-this-year/ar-AA1C0KJ5 ]
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