WASHINGTON, D.C. — Florida Sen. Rick Scott joined Texas Sen. Ted Cruz to introduce legislation that would exempt tips from being subject to taxation under the federal income tax, the "No Tax …
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WASHINGTON, D.C. — Florida Sen. Rick Scott joined Texas Sen. Ted Cruz to introduce legislation that would exempt tips from being subject to taxation under the federal income tax, the "No Tax on Tips" Act. Joining Scott and Cruz are senators Steve Daines and Kevin Cramer and the support of industry groups, including the National Restaurant Association.
“Under Biden’s administration, families struggle to make ends meet with 20% inflation and policies that make their lives harder. We must take action now to lower costs for hardworking Americans and get our economy back on track. As Governor of Florida, we cut taxes over 100 times to help businesses thrive and families keep more of their hard-earned dollars. It’s time we do that on the federal level with our No Tax on Tips Act," Scott said in a press release.
The bill exempts “cash tips” — cash, credit and debit card charges, and checks — from federal income tax by allowing taxpayers to claim a 100% above-the-line deduction at filing for tipped wages.
You can read the full bill at cruz.senate.gov/imo/media/doc/MCG24304.pdf.
