By Hicbd
Thu Jul 18 2024 11:37 am
"Tax-free tips might help a relatively small number of waiters at high-end restaurants. And they could reward hotel owners such as Trump by slowing efforts to raise the minimum wage for tipped workers. But many tipped workers make so little income that they already pay little or no income tax. Trump’s idea also would create many new opportunities to game the tax system, which inevitably would result in new IRS regulations aimed at curbing tax avoidance. And a tax-exemption for tips violates every rule of tax equity. Why should a service worker avoid tax on tips while a warehouse employee earning exactly the same income must pay tax on wages?"
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