Kids of rich people now can exploit this loophole. They can get up to 300k from some fake job and do not pay any taxes on the "tips" part of it. Each month the tips part is going, oh surprise, going to be the maximum allowed by law.
Kids of rich people now can exploit this loophole. They can get up to 300k from some fake job and do not pay any taxes on the "tips" part of it. Each month the tips part is going, oh surprise, going to be the maximum allowed by law.
So they pay tax on 30k but none on the 2k per month. Not that big of a loophole.
More like on top of whatever “free money” they could have as “gifts,” they can now move an extra $2k/month as daddy’s tip.