Trump: No Taxes On Tip Income

He made a campaign promise the other day. Very progressive idea. Would really help out Pink Collar workers.

I always try to tip in cash so they don't have to declare it on their taxes, but cash is becoming less and less popular every day. And I do wonder if employers find it easier to steal tips from credit card transactions.

My wife and I started a restaurant about a month ago and I've noticed a lot of customers tip with cash even if they pay with a card. However, it's the commie Democrats that want to eliminate cash all together so they can snatch up every penny they can. This was a brilliant move by Trump because it helps the middle class and poor, unlike paying off student loans debt (with our money) just to buy votes.

Congrats on getting out of Denver. I hope you are doing well in your new endeavor.

I thought that some years ago the IRS mandated that restaurants had to keep track of the total receipts for each server during a shift and impune a 15 percent tip for tax purposes.

Am I wrong?

www.cnbc.com/2024/06/13/what-trump-told-...private-meeting.html

Trump also mentioned to the CEOs a recent proposal he rolled out in Nevada, to eliminate taxes on worker tips, said people who were in the room. Trump then told the CEOs a story about how excited tipped workers were about his proposal, prompting laughter from the corporate leaders, according to multiple people.

Blazer Bob wrote: Congrats on getting out of Denver. I hope you are doing well in your new endeavor.

I thought that some years ago the IRS mandated that restaurants had to keep track of the total receipts for each server during a shift and impune a 15 percent tip for tax purposes.

Am I wrong?

Thanks Bob, we are doing very well because we are in a location that is in great need of a place to eat, drink and hang out. The locals are being very supportive and the tourists are starting to increase since we just got on Google.

My wife handles the accounting and taxes but I do know that we report individual tips to the IRS and hold the tips till payday. I believe they get taxed on the actual amount they make and are supposed to report their cash tips themselves. I'll ask about that because you got me curious. Tippers seem to be pretty generous up here and average more than 20% , so that auto 15% would be good, but not as good as exempting tips from taxes (which Democrats would never allow if Trump tried it).

koobookie wrote: www.cnbc.com/2024/06/13/what-trump-told-...private-meeting.html

Trump also mentioned to the CEOs a recent proposal he rolled out in Nevada, to eliminate taxes on worker tips, said people who were in the room. Trump then told the CEOs a story about how excited tipped workers were about his proposal, prompting laughter from the corporate leaders, according to multiple people.

LOL

LOL, yes, if multiple corporate "leaders" think it's funny, it must be a horrible idea. Funny how Democrats now trust corporations to help hard working poor and middle class people. Ten minutes ago they were all scum.