What will no taxes on tips cost in tax revenue?

The main element in the tax package that the Trump administration and the Republicans in congress have been approved to pass it by the Senate as an independent procedure, although it carries a great cost.

The Senate approved an unexpected tax that is not a tax on tips late on Tuesday when Senator Jack Rosen, De Neve, spoke. , In favor of the draft law, presented by Senator Ted Cruz, R-TEXAS. Rosen requested unanimous approval to pass the draft law, and when members of the Senate did not object to his hand, he passed the upper chamber.

“No tax on advice was one of President Trump’s main promises to the American people, which he revealed in my state in Nevada, and I am not afraid to embrace a good idea, wherever it is,” said Rosen on the draft law formulated by Cruz.

The approval of the independent Senate management that is not suspended before the council passed the broader tax package preferred by Republicans and President Donald Trump, which also includes a temporary judgment without a tax. Despite these differences, economists have put the cost of the procedure about $ 10 billion in developed tax revenues annually.

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The law of no independent tax on the tips to create permanent federal income tax deduction amounts to $ 25,000 to obtain cash advice for qualified employees who work in jobs that receive “traditionally and usually” advice on a definition determined by the Ministry of Treasury. Those qualified workers will have to earn less than $ 160,000 in 2025, a number that will be modified for inflation in the coming years.

Although the Independent Senate Bill will always make change, the ruling on the draft law of the House of Representatives is similar, although the sunset is scheduled after four years. Congress often makes tax provisions or spending temporarily because the effects of the budget effect are less, and therefore can help legislators comply with the rules that limit the effect of the bills deficit considered through the reconciliation process.

A recent analysis of the legislation of the inconvenience to the bringing was found by Peter J. Petroson non -partisan, as part of a wider look at the “one and beautiful” invoice tax package at home, will cost about $ 40 billion in tax revenues over a decade, with costs of $ 10 billion annually for four years before the age of the beginner.

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President Donald Trump urged Congress to pass a “big and beautiful bill” package of tax cuts. (Brendan Smaliowski/AFP via Getty Images)

Brett Lubar, the Petro -Petson Policy Vice President, told Fox Business that this ruling is likely to have a significant impact on economic growth given the modest relief that it provides to a relatively small subsidiary of the American workforce.

“I think this will have a little effect on the economy. You are talking about a very small number of workers who will be eligible for that, which is similar to 1.7 % of the workforce, and the amount of tax reduction that they will get is relatively modest,” said Lotber. “I think you can offer arguments, for any benefit you will get from these individuals who have additional salaries at home, you can indicate the additional cost to keep this debt that the government will have to issue in order to cover this unimportant tax ruling.”

Luber added that Congress has “an endless number of ways in which other revenues can be found to compensate for these types of rulings, and that the Senate does not do so, and the house, while they have a little different approach with a maximum of four years, they do not do that either. In both cases, we only lead to tax cuts in the deficit.”

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Important workers constitute about 1.7 % of all workers at the national level in 2024, according to the data of the Statistical Office. (Istock)

The non -party committee of the responsible federal budget (CRFB) considered the law of no tax on the Senate advice and estimated at the cost of $ 100 billion or more over a decade, which was criticized by the president of CRFB Maya Macguineas to add it to the national debt.

“Chefs does not even start to do so. This last vote for not providing any tax on advice is especially terrible because it indicates that the only thing that the Senate in the United States seems to be able to agree on it unanimously is that they want to provide more tax cuts and ignore the potential impact on the national debt, which we can exceed more than $ 100 or more on entering.”

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She added: “This policy is not only expensive, but it also benefits from a specific group and is not the way we must deal with the design of the tax policy.” “The complete target of tax reform is to reduce sculpture and expand the tax base, and not to narrow them more by giving specific industries boxes.”

Charles Cretz from Fox News Digital contributed to this report.