HR 3664: Tax Free Tips!
Hat tip to Without Laws or Compulsion
I just caught wind that there is a bill that has been introduced in Congress that would make tips tax-exempt. This would be an excellent reform that would help many young people who hold down waitressing or bartending jobs to put themselves through college, or just support themselves on a whatever basis that they can manage.
And just who introduced this bill, known as H.R. 3664?
Yep, you guessed it…Ron Paul.
Go here and write your Congressman. Ask them to support this bill.
posted by Libertarian Jason at 3:11 PM
2 Comments:
I know my brother would KILL for tax free tips as 80% of his tips are from CC transactions and those are automatically taxed. He doesn't report (nor does anyone else I know) cash tips.
That's the only issue I see with the bill is that if you're not reporting cash tips it shouldn't be affecting you anyway.
I know you SHOULD report it but no one I know does.
It's good to see some common sense bills presented. Now how long do you think it will take Congress to shoot it down?
On the tips issue, the problem is currently that the IRS, "Estimates" how much you made in tips, and tax you on it. You may never have made that amount in tips, but you will have to pay it anyway.
That is the whole issue.
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