It’s only temporary. The deduction goes away Jan 1, 2029. Same with taxes on tips and overtime.
“It’s only temporary. The deduction goes away Jan 1, 2029”
If it isn’t extended
Very interesting.
Thanks for hipping us (or, at least, This Guy!).
Can you imagine taxation of tips and overtime being allowed to return?
It will be interesting to see how the elimination of taxes on tips, and the elimination of tips on overtime, will be implemented in terms of the tax forms and associated instructions provided by the IRS.
Will such income still be required to be reported? Even though it will not be taxed.
It’s easy to imagine that the IRS will wish to “keep tabs” on such untaxed income being earned by the huddled masses, yearning to earn free.
Also, and maybe this is a dumb question, but will such income be subject to payroll taxes, even if not subject to income taxes?
But the Trump tax cuts are permanent now. I think these congress critters always want an issue to run in the future. With trump rates permanent, now the politicians lose that issue, so now they have ‘making the no tax on tips/OT/SS’ permanent as a future issue. It’s annoying as a strategy. Politicians prove so many ways it’s about them and not about us.
If JD Vance is president it stays vote often.