Sorry, not very far into any loop.
From what I hear, taxing tips is still gonna happen.
I always pay my tips in cash. Bartender told me tips on a credit card receipt get taxed.
I also hear that there is still a tax on Social Security.
The Slob of All Slobs,
MoneySlob!
These things all have caps. The $6k reduction for Social Security phases out at $75k for singles or $150k for married couple. No the tax was not eliminated.
Similar for tips.
Tips have been tricky for a while. Sometimes tips get counted toward minimum wage requirement. That makes them reportable for taxes.
Cash tips are gray market. Many who receive them don’t bother to count them and don’t know how much they make—much less pay taxes on them. No Social Security contribution either. Off the books.