Oh. Ok. But that's not what I asked.
If you were a business owner, would you seek out ways to cut your earnings, and simultaneously increase your spending?
No Tax on Tips policy
- Thread starter Phenomenally Frantastic
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If you were a business owner, would you seek out ways to cut your earnings, and simultaneously increase your spending?
The one bill I read would make them publish a list of jobs for exemption within 90 days
Per friends I have had over the years, buying a vehicle or a house is very difficult when a large part of their income is tips. None of them can be calculated towards paycheck/income verification because it's at will. So they need to show a certain number on their tax returns and on their verification. Without both they are subject to denial despite likely having the cash flow to qualify.
Not charging them taxes on tips does nothing to get them a leg up other than making them exempt from audit on large cash deposits. Similar, but more nuanced on overtime. There would be repercussions prepositioning oneself for credit if how people were compensated changes a lot. Guaranteed 60 hours with 3x over 40 and a reduced base hourly rate type scenarios. Any guaranteed hours are were fraud will be rife. Don't overlook the employer doesn’t pay into SS or unemployment, possibly 401k or pensions, if there are mitigation strategies.
This is a populist move to defund entitlements. One needs to properly evaluate the argument on why taxes are relevant so the cost side can be weighed against benefit claims. I don’t see lower or middle class having a net benefit over their lifetime on this platform.
Speaking of surgeries — Arnold Palmer's dick was naturally large, unlike the failed implant Eloon had.
