Sen. Ted Cruz reintroduced the bipartisan No Tax on Tips Act, aiming to exempt tips made by service workers from federal income taxation. If passed, the bill would amend the Internal Revenue Code to allow Americans in the food and beverage and beauty service industries to claim a 100% deduction for cash and non-cash tips on wages up to $25,000.
One of President-elect Trump 's most popular election promises was to eliminate taxes on tips for working Americans. Now, Congress is helping him deliver on that promise, FOX Business has learned. On Thursday, Sen. Ted Cruz, R-Texas, reintroduced the No Tax on Tips Act, a bipartisan bill he first pushed last year that aims to exempt tips made by service workers from federal income taxation. The text of the revamped bill was obtained exclusively by FOX Business.
Cruz told FOX Business he’s confident the revamped legislation will pass into law quickly, given the Republican Party's control over the House and the Senate and its eagerness to address the economic needs of working Americans impacted by inflation. Proponents of the No Tax on Tips Act believe the costs associated with it will be insignificant compared to the savings for working-class people.
TAX CUTS TRUMP TIPS CONGRESS LABOR
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Congress Takes Aim at Trump Promise: No More Taxes on TipsSenator Ted Cruz reintroduces the No Tax on Tips Act, aiming to exempt tips from federal income tax for workers in service industries. The bill, with bipartisan support, seeks to fulfill a Trump campaign promise and provide relief to working Americans impacted by inflation.
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