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What’s all the fuss about tips and taxes?

What’s all the fuss about tips and taxes?

By Anna Helhoski | NerdWallet

When electioneering, the best pledges are catchy enough to get stuck in a voter’s head. During this election, “no tax on tips” seems to be the phrase fitting that bill.

Both presidential candidates are embracing the promise to exempt workers from paying taxes on their tips. But the problem with no-tax-on-tips proposals, experts say, is that they’re clearly a bid for votes rather than a substantive solution to address the fundamental needs of tipped workers.

“This wouldn’t help very many workers, and it could actually be very harmful to millions more, with the real benefits of this policy change going to employers and the wealthy at the expense of working people,” says David Cooper, researcher from EPI Action, a nonpartisan research and advocacy organization.

How a no-tax-on-tips promise entered the election

On June 9, former President Donald Trump made a promise to end taxes on tips in front of service workers in Las Vegas. Last weekend, in Las Vegas, Vice President Kamala Harris made a similar pledge. It’s no coincidence that both candidates made the announcement in Las Vegas — leisure and hospitality is the dominant industry in the metro area, Bureau of Labor Statistics data shows. read more

Tips to keep back-to-school budgeting on track

Tips to keep back-to-school budgeting on track

In 1996, Staples ran a back-to-school advertisement, using the classic 1963 Christmas song “It’s the Most Wonderful Time of the Year.”  My children are now in their 20s and 30s, but I still smile when I hear that song.

As a parent, I am reminiscent of the time when summer was over, and the new school year was about to begin. I loved our time off, but I also looked forward to the end of summer. The days would fall back into a routine, filled with structure and planned activities.

In May 2024, Deloitte surveyed about 1,200 parents of school-aged children to learn about their back-to-school shopping plans. The parents surveyed estimated that on average, they will spend $586 per child on school supplies and clothing. Additionally, the same parents estimated they will spend another $582 on extracurricular activities per child.

As a financial planner, I used back-to-school shopping as a learning opportunity for our children.

During the summer, we would establish a budget, identify what needed to be purchased, and estimate the cost for each item. read more

New-fangled internet dazzled 1996 DNC in Chicago. Today, experts debate the benefits — and dangers — of online influence.

New-fangled internet dazzled 1996 DNC in Chicago. Today, experts debate the benefits — and dangers — of online influence.

During the summer of 1996, Scott Albert Johnson was covering the Democratic National Convention in Chicago in a highly unconventional manner for the era on his website, Publius ’96: A Virtual Walk Down the Campaign Trail.

The internet was just emerging as a political and media tool. The 26-year-old, who’d recently finished his journalism graduate degree at Columbia University, had no media credentials or steady funding. At night he often crashed on couches in the homes of friends.

Yet the site earned the acclaim of The New York Times, Wall Street Journal  and other major media outlets, mainly for its novel approach to political coverage, a phenomenon then dubbed “micro-journalism.” Most of Johnson’s interviews were with ordinary folks in bars, cafes and along the streets of Chicago outside the United Center, in stark contrast to the candidate-centered stories that filled traditional print newspapers and broadcast reports.

“You could argue it was one of the very first political blogs,” recalled Johnson, who now lives in Mississippi and works as a college admissions counselor and professional musician. “I was kind of a gadfly. I was kind of on the periphery of it all. It was a man-slash-woman on the street kind of thing.” read more