Welcome to The Hill’s Business & Economy newsletter {beacon} Business & Economy Business & Economy The Big Story Biden backs bill to lift tip taxes President Biden would “absolutely” sign ...

WASHINGTON, Aug 12 (Reuters) - U.S. President Joe Biden supports the idea of eliminating taxes on tips for service and hospitality workers, the White House said on Monday. "Absolutely," said White ...

Biden Says He'll Return to Campaign Trail as Pressure Grows. Last Updated: July 19, 2024 at 3:34 AM. Trump Again Pushes No Taxes on Tips. By. Richard Rubin.

The No Tax on Tips Act would allow tipped workers to claim a tax deduction of up to $25,000 for the sum of all tips they earned in the previous year. The GOP's "Big Beautiful Bill" includes a ...

The U.S. Senate unanimously passed the "No Tax on Tips Act," a bipartisan bill that would exempt up to $25,000 in cash and non-cash tips from federal income taxes for eligible workers.

If passed, each worker would be able to receive a tax deduction on tips in 2026 and a credit for previously taxed tips dating as far back as Dec. 31, 2023, up to $25,000.

But one tax cut provision within the House majority’s plan is receiving an unusual level of public, bipartisan approval — a rule to eliminate federal income taxes on tips. “No Tax on Tips ...