H.R. 1 establishes a new above-the-line deduction through 2028 of up to $25,000 for qualified tip income, phasing out for incomes over $150,000 ($300,000 for joint filers).
multiple outlets, traced to a single source · Reported fact · first recorded Jul 7, 1:30 PM
Although several outlets carry this claim, their reporting traces back to a single shared source — so it counts as one confirmation, not several.
How each outlet reported it
Congressional Research ServiceOfficial record · Jul 7, 12:15 AM
Section 70201 establishes a new above-the-line deduction through 2028 of up to $25,000 for qualified tip income, phasing out for incomes over $150,000 ($300,000 joint).
Details: $25,000; $150,000; through 2028
aol.comUnrated · Jul 8, 12:45 AM
The no tax on tips provision is capped at $25,000
Cites: Sherie Cummings · Details: $25,000 cap
cpapracticeadvisor.comUnrated · Jul 8, 12:45 AM
OBBBA introduces a maximum 'no tax on tips' deduction of $25,000 for eligible workers (2025-2028)
Details: $25,000; 2025-2028
finance.yahoo.comUnrated · Jul 8, 12:45 AM
You can deduct up to $25,000 a year in qualified tips
Details: $25,000 annual cap
kiplinger.comUnrated · Jul 8, 12:45 AM
The OBBBA allows eligible workers to deduct up to $25,000 of qualified tip income each year
Details: $25,000; tip income; above-the-line deduction
pasadenastarnews.comUnrated · Jul 8, 12:45 AM
The qualified tips income deduction allows write-off of up to $25,000 per tax return for formally reported tips.
Details: $25,000; Form W-2 or Form 1099
pasadenastarnews.comUnrated · Jul 8, 12:45 AM
The tips deduction phases out starting at $300,000 MAGI for married couples and $150,000 for singles.
Details: $300,000; $150,000; $550,000; $400,000