The proposal establishes a new tax deduction of up to $25,000 for cash tips.
Lawmakers in the Republican-led Senate on Tuesday passed a proposal to eliminate federal taxes on tips, moving a step closer to fulfilling a campaign promise by President Donald Trump that has drawn support from both sides of the political spectrum.
The measure establishes a new tax deduction of up to $25,000 for tips—whether received in cash, by credit or debit card, or by check—that are earned by employees in occupations that customarily receive tips and are reported to their employers for purposes of withholding payroll taxes.
Original News Source Link – Epoch Times
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