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TAX CUTS

  • Writer: SECOND TERM
    SECOND TERM
  • 3 days ago
  • 1 min read
ree

  • Creates a "No Tax on Tips" deduction (max $25,000) for reported tips received by employees and self-employed individuals.

  • Introduces a "No Tax on Overtime" deduction (max $12,500/$25,000 joint) for pay exceeding the regular rate of qualified overtime.

  • Adds a $6,000 deduction for seniors (age 65+) and a "No Tax on Car Loan Interest" deduction (max $10,000) for new, US-assembled vehicles.

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