No Tax on Tips Act passed unanimously in the Senate
💰 Sen. Ted Cruz introduced the "No Tax on Tips Act" in January, passed unanimously in the Senate on Tuesday. If enacted, it offers a $25,000 tax deduction for tipped employees earning $160,000 or less. However, 37% of tipped workers in 2022 did not qualify for federal income tax. The bill requires employer payroll taxes and state taxes on tips. Nevada has the highest per capita tipped workers, which Sen. Catherine Cortez Masto emphasized in her support.
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