Comment by trhway
2 days ago
It is interesting that the no tax on tips would expire in 2028, while the tax breaks, most affecting the wealthy, were made permanent in the same bill. A bit of political game i'd say.
2 days ago
It is interesting that the no tax on tips would expire in 2028, while the tax breaks, most affecting the wealthy, were made permanent in the same bill. A bit of political game i'd say.
Also, "The maximum annual deduction is $25,000 for individuals."
Taxes are still being assessed, and tips over $500 a week won't have their tax refunded.
Some rhetoric during BBB debate was a side effect of a similar political game; cuts for "middle class" in the Tax Cuts and Jobs act from 8 years ago were due to expire, benefits for corporations were not.