Tip Tax Termination Act

This bill would allow workers to exclude up to $20,000 of tips from their federal income taxes each year. The tips must be earned in jobs that typically rely on tips, such as cosmetology, hospitality, and food service work. The excluded tip money cannot be counted when calculating most federal tax deductions or credits, except for the child tax credit and earned income tax credit. This tax exclusion would only apply to tips received before 2030.

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