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The No Tax on Tips Act that would exempt tips from federal income taxes has been introduced in the House and Senate as of Tuesday.
Sen. Ted Cruz (R-Texas), joined by Sens. Steve Daines (R-Mont.), Rick Scott (R-Fla.), and Kevin Cramer (R-N.D.) introduced the bill in the Senate, while Rep. Byron Donalds (R-Fla.) introduced the House version of the legislation.
“For far too long, Washington’s focus has been on how much of your paycheck politicians and unelected bureaucrats will take to fund their destructive agendas. Americans deserve to take home more of what they have earned, especially given the self-inflicted economic hardships created by the Biden administration,” Donalds said in a statement.
“That is why Senator Cruz and I have introduced the ‘No Tax on Tips Act.’ Our bill allows taxpayers to claim a 100% above-the-line deduction at filing for tipped wages. Policymakers must put the needs and financial interests of hardworking Americans first,” he added.
Cruz said the bill is a “common-sense, pro-worker legislation allows millions of tipped workers—including bartenders, waiters, and beauty professionals—to keep more of their hard-earned paycheck.”
He also said the bill is “more important” now than ever before, arraign that President Biden “continues to push failed policies that exacerbate inflation and hurt working families.”
Former President Trump, the presumptive GOP 2024 presidential nominee, has made “no tax on tips” a focus of his economic agenda. In Philadelphia prior to a campaign rally, Trump visited a restaurant, left a $500 tip and wrote “no tax on tips” on the receipt.
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The post ‘No tax on tips’: House and Senate Republicans introduce bill to exempt tips from federal income tax appeared first on Energy News Beat.
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