S. 129, known as the "No Tax on Tips Act," proposes changes to the Internal Revenue Code of 1986 to allow individual taxpayers to deduct qualified tips from their taxable income. The bill defines "qualified tips" as cash tips earned in occupations that traditionally receive...
Simple Explanation
S. 129 is a bill that wants to make it so money earned from tips, like when someone leaves extra dollars at a restaurant, doesn't get taxed up to $25,000 each year. It also helps certain beauty businesses by giving them a break on certain taxes they pay for their employees' tip money.