OPINION: This article may contain commentary which reflects the author's opinion.
Former President Donald Trump has announced a plan that could win him a higher percentage of middle-class workers’ votes.
Speaking at a rally in Arizona on Thursday, he said that if he became president again, he would spearhead an effort to end taxes on overtime pay, The Daily Wire reported.
“As part of our additional tax cuts, we will end all taxes on overtime,” he said as he stood in front of a sign that read “No Tax On Tips.”
“It’s time for the working man and woman to finally catch a break,” the former president said. “I think it’s going to be great for the country. So that’s why we will be saying that if you’re an overtime worker when you’re past 40 hours a week, think of that, your overtime hours will be tax-free.”
“The people who work overtime are among the hardest working citizens in our country and for too long no one in Washington has been looking out for them,” he said. “Those are the people, really work. They are police officers, nurses, factory workers, construction workers, truck drivers, and machine operators.”
The campaign of Vice President Kamala Harris , which previously copied the no tax on tips policy. Called the former president a “snake oil salesman” in response.
“No matter how much he lies now, Donald Trump’s record and agenda are clear — as president, he stole millions of dollars of wages from the workers he purports to represent,” spokesperson Joseph Costello said.
When it comes to taxes, the Democrat nominee has a plan for the taxes that could cripple the economy of the United States, investor and “Shark Tank” star Kevin O’Leary believes.
The O’Leary Ventures chairman said that the vice president’s plan could have “multiple effects” for businesses and for average Americans, Fox Business reported.
“Taxes will go up with their proposals,” he said Thursday on “The Big Money Show,” “she’s admitting that, she’s not denying it.”
“That’s a debate that’s going on in terms of the classic, ‘make the rich pay their fair share,’” he said. “That’s a narrative that goes into every single election cycle.”
“The more concerning one for the economy, not just personal taxes, is corporate tax rates. That, at her proposed 28%, would put the U.S. economy in an uncompetitive position,” the investor said.
The vice president has promised a $50,000 tax break for startup small businesses but he said the higher corporate tax rate could drive investments and businesses to leave the United States.
“Last time we did this to ourselves, we started to see dislocation of headquarters moving to places like Ireland and other lower tax jurisdictions,” the “Shark Tank” star said. “That, we shouldn’t do. That’s a mistake for either party. That’s a huge mistake.”
“We’re right in the middle, right now, in the G7, G20. So if all of a sudden we start charging [a] 28% corporate tax rate, plus add on state [taxes], in some cases, you’re in the 30 [percentile], and that’s just not competitive anymore in terms of the G20 or G7,” the investor said.
“That’s, to me, the most horrific outcome, and I’m very nervous about that,” he said.
He said that no matter who is elected the uncertainty over policy is concerning for business owners.
“This [is] a policy-lite election. I’m disappointed that Harris doesn’t give us more policy specifically on taxes, specifically on corporate taxes. I need to know that. So does everybody else,” the “Shark Tank” star said.
“Remember, this is the No. 1 economy on Earth… 50% of capital invested worldwide comes here,” he said. “We don’t want to do anything to change that.”