Investing.com -- Uber (NYSE: UBER )'s CEO, Dara Khosrowshahi, expressed the company's support for U.S. President Donald Trump's initiative to eliminate taxes on tips received by drivers. Khosrowshahi voiced his approval of the initiative on Friday at a conference in Miami, hosted by Saudi Arabia's sovereign wealth fund.

President Trump had previously promised to cut taxes on tips during his campaign in Las Vegas. This proposal was first made in June of the previous year, as part of his efforts to win over service workers in the crucial state of Nevada. The state's economy is heavily reliant on the hospitality industry, which accounts for over a fifth of all jobs.

On Wednesday, President Trump stated his intention to collaborate with Republicans in Congress to significantly lower taxes for individuals and companies. His proposed tax cuts would cover families, workers, and companies, and would hopefully include the elimination of taxes on tips, Social Security, and overtime.

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