A bipartisan proposal to eliminate taxes on tips has gained support, addressing the financial struggles of restaurant workers who often rely on government services for healthcare. The House and Senate plans allow workers to deduct tips from taxable income, with Senate limits set at $18,500 for individuals. Economists predict this change could increase federal deficits by $100 billion over the next decade. The plan has significant backing from restaurant workers and the National Restaurant Association, aiming to support over two million tipped employees while addressing the ongoing issue of subminimum wages.
The House plan lets workers deduct all reported tips from their taxable income, while the Senate version sets limits of $18,500 for individuals or $25,000 for joint filers.
Trump's plan has been endorsed by the National Restaurant Association, recognizing the value of our dedicated workforce, benefiting over two million tipped servers and bartenders.
Collection
[
|
...
]