From CNN :
President Donald Trump suggested developments could be imminent in Iran, telling a crowd to watch what happens in the coming week or so, as he spoke at a “No Tax on Tips” roundtable event on Thursday in Las Vegas.
He is making a big deal on this “No Tax on Tips” thing. Is this really his domestic policy win for US citizens ? Because looking into it, it does not appear to apply to many people. And I get it, the USA is a big tipping culture country. But really, this is his best ? The devil is in the detail as they say.
IRS publishes list of jobs that qualify for 'no tax on tips' provision (cnbc.com)
I tried to look for US federal revenue for tax on tips. Could not find it on my limited web. But according to the linked article above, only 6 million report tips on their returns. And this :
"More than a third of tipped workers didn’t earn enough to owe income taxes in 2022, according to the Yale Budget Lab, a non-partisan policy research center."
Looking at the T&Cs in that article, is this really as big a thing as the Turd Reich makes out ?
I also had a look to see if there is any stories in the news about the IRS fining or prosecuting workers for not reporting tips. I could not find any offhand. But I did find this :
IRS: Employers Will Not Be Penalized for Not Reporting Cash Tips (natlawreview.com)
The IRS do not prosecute anyway. Is this a nothing burger ?