Why Trump and Harris both say 'no tax on tips'

Quick Summary:

Under the current law, employees are required to disclose all tips over $20 per month to their employer.

Americans reported $38bn in tip income to the federal government in fiscal year 2018, the most recent year for which there is data.

They argue that it would unfairly shift the tax burden to workers who do not receive tips.

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Article Details

Category: Business

Markets: United Kingdom

Topics: Government Workers Harris Trump Federal Others Receive Taxes Policy Income Tips

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-12 @ 18:32:21 (14 hours ago)

News Timezone: GMT +0:00

News Source URL: bbc.com

Language: English

Article Length: 728 words

Reading Time: 5 minutes read

Sentences: 31 lines

Sentence Length: 24 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © BBC Business

News ID: 22041148

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