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Senate unexpectedly passes the No Tax on Tips Act in a unanimous vote (www.nbcnews.com)

submitted 3 days ago by Amoxtli to c/[email protected]

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[–] [email protected] 2 points 3 days ago (1 children)

Yeah, but if that's the reasoning, this bill does nothing. A tax deduction just reduces your taxable income. So you can volunteer to report your cash tips in order to not pay taxes on them. Or continue to not report and also not pay taxes. Or just report $25k. They all lead to the same tax burden.

[–] [email protected] 1 points 2 days ago

It's for show, 'he helps the little people!' while the actual deductions are all funneled to the top.