Republicans rush to draft bills enshrining Donald Trump's idea of ​​not taxing tips

WASHINGTON Republicans have never proposed a tax break on tipping before, but now that Donald Trump has embraced the idea, several lawmakers are writing it into legislation.

Sen. Steve Daines (R-Mont.) said Wednesday he will soon draft a bill to eliminate federal taxes on tips.

This is a stroke of genius on the part of President Trump, and it shows the American people how sensitive he is to the challenges of the working class in our great country, said Daines, leader of the Republican Senate campaign. , on Fox Business Wednesday.

Reps. Matt Gaetz (R-Fla.) and Thomas Massie (R-Ky.) have a head start on Daines, having already introduced a bill Tuesday that would reduce federal taxes on tips, which are treated as same way as the ordinary wages of workers. for tax purposes.

As the cost of living continues to rise, hardworking men and women in the service industry, many of whom may be working second jobs to make ends meet, must be allowed to keep every tipped dollar that they win, Gaetz said in a statement. release.

Trump first floated the idea earlier this month in Nevada, a battleground state with a strong leisure and hospitality sector, where tipping is most common.

“For the hospitality workers and the people who receive tips, you will be very happy because when I take office, we will not impose taxes on tips,” Trump said at a rally in Nevada on June 9.

Trump narrowly lost Nevada to Joe Biden in 2020, and the tipping proposal is a clear effort to improve his chances in their rematch in November.

The proposal has some potential downsides for Republicans, including its cost. An analysis by the Committee for a Responsible Federal Budget, a group that opposes deficit spending, said making taxes tip-free would cost the government between $150 billion and $250 billion over 10 years.

The fiscal cost could reach $500 billion if tipping becomes more common, which would be likely if the government gives tips such favorable tax treatment. Social Security, Medicare, and income taxes typically take a significant portion of each W-2 employee's paycheck.

In practice, exempting tips from tax would lead workers and employers to reclassify ordinary income as tips where possible and could lead to a broader shift toward lower base pay and higher tips, more broadly, said the CRFB in its analysis.

Already, Americans are telling pollsters that requests for advice have expanded to more types of businesses, with a large majority saying they don't like the practice.

It's unclear whether tipping bills will become a Republican priority next year, as the sweeping tax cuts signed by Trump in 2017 expire (and Nevada's electoral votes have been counted). Republicans have previously said they want to make the cuts permanent, which would cost a staggering $4 trillion over a decade. Lawmakers might be reluctant to add several hundred billion to that total.

There are all kinds of dynamics that aren't even known yet, so we're evaluating what we know now and discussing different approaches that might be possible, said Sen. Mike Crapo (R-Idaho), the top Republican in the House. Senate Tax Committee, at HuffPost. Tuesday.

Sources 1/ https://Google.com/ 2/ https://www.huffpost.com/entry/donald-trump-no-tax-on-tips_n_6672fb6be4b043a634bce62b The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos