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Grok; Aren’t “{No Tax On Tips” and “No Tax On Overtime” dependent on a Congressional vote Tax Code VOTE ?
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Answer
Yes, both “No Tax On Tips” and “No Tax On Overtime” proposals would indeed be dependent on a Congressional vote to amend the tax code. Here’s how it generally works:

Legislation Introduction: A bill like the “No Tax on Tips Act” or any legislation regarding overtime would first need to be introduced in Congress by a senator or representative.
Committee Review: The bill would then typically go to relevant committees (like the Ways and Means Committee in the House or the Finance Committee in the Senate for tax-related issues) where it could be reviewed, amended, or ignored.
Floor Vote: If the bill makes it out of committee, it would be scheduled for a vote on the floor of the House and/or Senate. Here, it would need a majority vote to pass.
Conference Committee: If the House and Senate pass different versions of the bill, a conference committee would reconcile these differences.
Final Vote: Both chambers would then need to vote on the reconciled version.
Presidential Action: After passing both chambers, the bill would go to the President, who could sign it into law, veto it, or do nothing (which, after ten days if Congress is in session, results in it becoming law anyway).
Implementation: If signed into law, the IRS would then need to adjust the tax code accordingly, which might involve new regulations or guidance.

For “No Tax On Tips,” there’s been discussion and legislative proposals, but as of my last update, no such law has been universally enacted. However, individual states or cities might have their own regulations or exemptions regarding taxes on tips or overtime pay.

For “No Tax On Overtime,” the situation might be more complex due to the integration of overtime pay within the broader labor laws, not just tax laws. Changes here might also involve the Department of Labor, not just the IRS.

Both proposals would represent significant changes to current tax practices:

No Tax On Tips: This would likely involve amending the Internal Revenue Code to exclude tips from taxable income, which could affect both federal income tax and possibly Social Security and Medicare taxes (FICA).
No Tax On Overtime: This could mean overtime wages wouldn’t be taxed, or it might refer to not taxing the additional amount over regular hours, which would also require a change in tax law.

The passage of such laws would depend on numerous factors, including political will, economic analysis of the impact on federal revenue, and public support. Given the nature of these changes, they would indeed require a Congressional vote to alter the tax code, followed by presidential action.

Remember, while there’s been legislative interest and proposals, without a final vote and signature into law, these remain proposals or ideas rather than enacted policy.