Stupid fucking policyLooks like some form of no taxes on tips will eventually become law.
Why?Stupid fucking policy
How the fuck can 40% approve of his economic "policies"?
Why?
Someone you know will probably benefit from it
A lot of people really haven't seen the true impact of what he has done.
That's my plan. My senator got this done because of our big reliance on tipped workers in the service economy. But there's no legit reason why tips should be economically favored over wages, indeed they should be disfavored. I plan on decreasing my tipping commensurate and internalizing the benefits. Sucks that tipped workers will have to contend with lower earnings AND tariffs but when you've got idiots enacting idiotic policy...So tips from customers go back down to 15% to make up for it. Is that doing trickle down right?
A lot of people really haven't seen the true impact of what he has done.
Increase the minimum wage, thereby driving up all incomes? No.That's my plan. My senator got this done because of our big reliance on tipped workers in the service economy. But there's no legit reason why tips should be economically favored over wages, indeed they should be disfavored. I plan on decreasing my tipping commensurate and internalizing the benefits. Sucks that tipped workers will have to contend with lower earnings AND tariffs but when you've got idiots enacting idiotic policy...
A lot of people really haven't seen the true impact of what he has done.
The zingerLooks like some form of no taxes on tips will eventually become law.
Reminds me of the "experiment" in Kansas where they made business owners exempt from state income tax. it was all supposed to trickle down and drive an explosion in investment in new businesses. All that happened was a bunch of people created "new businesses" that only employed themselves and the state budget was wrecked.The zinger
View attachment 124137
Sen. Ted Cruz’s No Tax on Tips Act Does Little for Low- and Moderate-Wage Workers But Opens Door to Tax Abuse by Wealthy
This legislation may sound like pro-worker tax reform, but it’s just more of the 2017 tax law’s empty promises for workers and giveaways for the wealthy.www.americanprogress.org
I mean, how many service workers actually claim all their tips anyhow? I feel like it's likely to save them taxes on a percentage of their tips anyhow...Increase the minimum wage, thereby driving up all incomes? No.
Decrease the taxes on tips, at most saving a few people a small percentage of income taxes? Yes. Not to mention, a lot of people who make their living from their tips aren't claiming all of the tips already, let's be real here.
So, no increase in actual income for a majority of workers, and maybe a small tax savings for those who claim all their tips and it would actually make a difference.
Wow. Amazing. Great. Changes almost nothing.
I mean that should be easy, add a line to limit the tax free level to like $20k/yr. I'm sure we'll see that added in.The zinger
View attachment 124137
Sen. Ted Cruz’s No Tax on Tips Act Does Little for Low- and Moderate-Wage Workers But Opens Door to Tax Abuse by Wealthy
This legislation may sound like pro-worker tax reform, but it’s just more of the 2017 tax law’s empty promises for workers and giveaways for the wealthy.www.americanprogress.org
And in order to get the exemption you have to run it through your employer right? Yea....I mean, how many service workers actually claim all their tips anyhow? I feel like it's likely to save them taxes on a percentage of their tips anyhow...
Oh I never assumed they did so legally. Not like the IRS is going to chase down tens of millions or whatever of low earners over lost tip taxes.And in order to get the exemption you have to run it through your employer right? Yea....
Exactly, so the worker is already pocketing the tips outside of normal channels ... so you could wonder who the bill is really for?Oh I never assumed they did so legally. Not like the IRS is going to chase down tens of millions or whatever of low earners over lost tip taxes.
Income is income, and taxes are how society pays for stuff.Why?
Someone you know will probably benefit from it
What? No tax on tips does not save a few people a small percentage of income tax. 45 states have tip credit laws, meaning that employers do not have to pay them the full minum wage. If these states follow the federal minimum wage they only have to pay servers $2.13 an hour. Servers, on average make 75% to 90% of their income thru tips, except in high minimum wage states and/or non tip credit states, where it's closer to 50% to 75% of their income. as for server not claiming all of their tips, this is not really true anymore, unless it's a cash only business. 85%+ of all tips are paid thru credit/debit, which are tracked by the US goverment. That means less than 15% of tips are not trackable as they are cash only, so not reporting all of your tips really isn't happening, as those cash tips they earn are usually tipped out to supporting staff, as well as not reported tips hurts you when applying for credit, buying a house, unemployement benefits, etc. . So no, this is not going to save a few people small percentage of income tax, it's going to save a lot of people from having to pay federal income tax at all, as well as save those in high minimum wage states/non tip credit states a substantial chunk of their tax bill, but in the end will end up costing them a lot more.Increase the minimum wage, thereby driving up all incomes? No.
Decrease the taxes on tips, at most saving a few people a small percentage of income taxes? Yes. Not to mention, a lot of people who make their living from their tips aren't claiming all of the tips already, let's be real here.
So, no increase in actual income for a majority of workers, and maybe a small tax savings for those who claim all their tips and it would actually make a difference.
Wow. Amazing. Great. Changes almost nothing.
Kristi Noem outed as complete nincompoop.