Experts: Why we tip, and why impact of eliminating taxes on tips would be minimal
September 18, 2024
September 18, 2024
BLACKSBURG, Virginia, Sept. 18 -- Virginia Tech issued the following news:
Eliminating taxes on tips an idea supported by both major party 2024 presidential candidates could benefit some service workers but the overall impact may not be that dramatic, says a Virginia Tech expert.
There are roughly 4 million workers for whom tips make up a significant portion of their income. However, more than a third of those workers don't earn enough to end up owing federal taxes . . .
Eliminating taxes on tips an idea supported by both major party 2024 presidential candidates could benefit some service workers but the overall impact may not be that dramatic, says a Virginia Tech expert.
There are roughly 4 million workers for whom tips make up a significant portion of their income. However, more than a third of those workers don't earn enough to end up owing federal taxes . . .