Former President Trump says if he wins the 2024 election, there will be “no taxes on tips.” But that would only happen if Congress passes a law.
Former President Trump says if he wins the 2024 election, there will be “no taxes on tips.” Here’s what would need to happen for tips to be tax-free.
There are only two ways to change federal law. One is for the courts to strike down the law as unconstitutional, which in this case would require a challenge to a law that’s been on the books for decades. The other is for Congress to pass a new law.– along with Sen. Steve Daines , Sen. Kevin Cramer and Sen. Rick Scott – that would allow workers to deduct any tips they earn from federal income tax.– along with Rep. Thomas Massie and Rep.
Both bills are brand new and have yet to be thoroughly debated. But one nonprofit group, the Committee for a Responsible Federal Budget, hasproposals like these could cost tens of billions of dollars a year, and encourage businesses of all kinds to change their fee structures in order to take advantage of the exemption.
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