No Tax on Tips Act reintroduced to Congress and local business owners are speaking up

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No Tax on Tips Act reintroduced to Congress and local business owners are speaking up

//business-finance.news-articles.net/content/202 .. s-and-local-business-owners-are-speaking-up.html

Published in Business and Finance on Friday, January 24th 2025 at 23:21 GMT by MSN

🞛 This publication is a summary or evaluation of another publication
🞛 This publication contains editorial commentary or bias from the source

U.S. Senator Catherine Cortez Masto (D-Nev.) helped reintroduce the No Tax on Tips Act to exempt tipped wages from federal income tax. Nevada has the highest concentration of tipped workers in the nation,

2025-01-24 173 x 130 / 5477 Bytes

The "No Tax on Tips Act" has been reintroduced in Congress, aiming to exempt tips from federal income taxes. This legislative proposal has garnered attention from local business owners, particularly in the hospitality sector, who argue that such a tax relief would significantly benefit service industry workers. The bill, if passed, would provide direct financial relief to tipped employees by allowing them to keep more of their earnings, potentially boosting their income and morale. Business owners and workers alike are vocalizing their support, highlighting the struggles of service workers amidst economic recovery efforts and rising living costs. The initiative reflects a broader discussion on tax policy and its impact on the working class, with proponents arguing that it would encourage better service and customer satisfaction. However, the article also notes that the bill faces scrutiny regarding its implications for federal revenue and potential inequities in tax treatment across different income groups.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/money/other/no-tax-on-tips-act-reintroduced-to-congress-and-local-business-owners-are-speaking-up/ar-AA1xOndk ]

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No Tax on Tips Act reintroduced to Congress and local business owners are speaking up