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No Tax On Tips Act PASSES Senate - What it Means for YouThe Senate has unanimously passed the No Tax on Tips Act, moving one step closer to becoming law. Introduced by Senator Ted Cruz with bipartisan support, the bill allows workers to deduct up to $25,000 in annual cash tips from taxable income,
There are three separate bills that would make tips tax-free. Here's the differences between the no tax on tips bills and what tipped workers think.
In an unexpected move, the Republican-led Senate unanimously passed the No Tax on Tips Act, legislation that was brought to a vote by a Democratic senator. Originally introduced by Sen. Ted Cruz (R-Texas) earlier this year,
Congress could pass legislation that includes eliminating taxes on tips as soon as this month. But what the legislation will look like — and its effects — are still up for debate.
Senate Republicans are not planning drastic changes to the White House’s tax priorities despite talk of stripping them out of President Donald Trump‘s “big, beautiful bill.” Senate Majority Leader John Thune (R-SD) said Tuesday that he expects “no tax on tips” and other exemptions Trump promised on the campaign trail will stay in the megabill,