Ron Paul’s Tax Free Tips Campaign Should Go Over Well in Nevada
The Nevada airwaves and billboards have been blanketed with ads hyping Ron Paul’s Tax Free Tips Act which should be a winning pitch in a state in which a majority of its citizens work in the service industry and rely on tips as a part of their income. From the press release:
The Tax Free Tips Act of 2007 H.R. 3664 would exempt tips and gratuities from federal income and payroll taxes. Tips often compose a substantial portion of the earnings of waiters, waitresses, and other service-sector employees. However, unlike regular wages, a service-sector employee usually has no guarantee of, or legal right to, a tip. Instead, the amount of a tip usually depends on how well an employee satisfies a client. Since the amount of taxes one pays increases along with the size of tip, taxing tips punishes workers for doing a superior job!
Not only that, but the IRS estimates how much in tips an employee should have received and taxes them based on that, whether they actually received that amount or not.This should stop.
Many service-sector employers are young people trying to make money to pay for their education, or single parents struggling to provide for their children. Oftentimes, these workers work two jobs in hopes of making a better life for themselves and their families. The Tax Free Tips Act gives these hard-working Americans an immediate pay raise. People may use this pay raise to devote more resources to their children’s, or their own, education, or to save for a home, retirement, or to start their own businesses,” stated Congressman Paul.
That Paul people starting a campaign for to get a sponsor in the House for Paul’s Tax Free Tip Act on November 10th across the country in order to bring it to a floor vote.
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I have always always felt it was wrong to tax tips. Especially since that process was enacted so recently (well recently in terms of the history of taxing in this country). I feel it’s unlawful to tax on tips that a waiter/waitress/bartender may or may not earn. I ALWAYS tip people in cash, because there’s a higher percentage they will be able to pocket it without reporting it to the government, especially if their tips go over that magical 8% mark. Or is it 6%? I can’t remember….it’s wrong to tax tips though. But I still don’t like Ron Paul.
And especially since they only half tax hedge fund and private equity firm income.
I was trying to find out when this tax was started and found this site. I would like to know what amount does the IRS get from a average waitress/waiter etc. I agree they are being taxed on money they don’t always get. It was a good way for a person earning a low wage to get a little extra money,after all they get tips for doing a good job.
I much rather see a tax on yachts, cars over an x amount of $, jewerly etc. be taxed than tips. By the way I am 60 years old and am not a waitress or ever have been. I just think the tax sucks.