NYT’s Brooks: $32 Billion Tax Reduction on Tips ‘Peanuts’, Sounds Good ‘If You’re Not Paying Attention’

On Friday’s “PBS NewsHour,” New York Times columnist David Brooks stated that the tax reductions for tips in the reconciliation bill are “32 billion, which in this kind of bill is peanuts. But it’s theatrical, no taxes on tips. Sounds pretty good. If you’re not paying attention, oh, that sounds good, no taxes on tips.”

Brooks said the tax provisions “will produce some growth. It’s highly stimulative to cut that much taxes. But the growth effects are, if you look at most of the serious estimates, like, under 1% added growth to the economy, sometimes significantly under 1%. So, that stuff is not measurable. It’s going to feel like status quo.”

He continued, “There will be a few theatrical things. And so, one of the

Continue reading