House Tax Bill: Exempt workers from tips, with exceptions

US House Republicans tax bill:

• Would exempt workers from tips from income and tax with exceptions (through 2028
• Includes exemption on workers overtime pay with exceptions
• Enhanced deduction for senior citizens by $4000 with exceptions
• Raising cap on state and local tax deduction (SALT deductions) to $30,000 from current $10,000 with exceptions
• does not include millionaire tax bracket
• Republican tax bill raises debt limit by $4 trillion

This article was written by Greg Michalowski at www.forexlive.com.