Sen. Ted Cruz is introducing legislation called the 'No Tax on Tips Act' on Thursday, which would exempt cash tips from federal income tax by allowing it as a deduction.
EXCLUSIVE: Sen. Ted Cruz introduced legislation Thursday that would exempt tips from the federal income tax. The text of the "No Tax on Tips Act," was obtained exclusively by FOX Business, days after the Texas Republican announced his plans to file it this week on "Sunday Morning Futures." The bill is co-sponsored by fellow Republican Sens. Steve Daines of Montana, Rick Scott of Florida and Kevin Cramer of North Dakota.
If passed and signed into law, the legislation would amend Internal Revenue Service to exempt cash tips from federal income tax by allowing taxpayers to claim a 100% above-the-line deduction at filing for tipped wages. Cruz's office noted that "cash tips," as cited in the bill, include those received in actual cash, as well as via credit and debit card charges, and checks.
Trump had raised the idea during his June 9 rally in Las Vegas, telling the crowd, "When I get into office, we're not going to charge taxes on tips, people making tips." "We're going to do that right away, first thing in office, because it's been a point of contention for years and years and years," Trump said. Multiple GOP senators said he again raised the idea in a closed-door meeting with them last week.
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