H.R. 482 proposes changes to the Internal Revenue Code of 1986 by allowing individuals to deduct qualified tips from their income tax. This means that the bill seeks to eliminate income tax on tips up to $25,000 received in jobs where tipping is customary. The bill also...
Simple Explanation
H.R. 482 is a bill that wants to make it so workers don't have to pay taxes on their tips up to $25,000 each year, and it also wants to help businesses like hair salons and nail shops by giving them some money back for the taxes they pay on their workers' tips.