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Standard Summary
Comprehensive overview in 1-2 paragraphs
Tax bill to establish deductions for cash tips and overtime compensation, and repeal inclusion of Social Security benefits in gross income.
Key Points
- 1Creates deduction for cash tips received by workers
- 2Establishes deduction for qualified overtime compensation
- 3Repeals inclusion of Social Security benefits in gross income
- 4Includes complex provisions for investment partnership taxation
- 5Provides Social Security trust fund protections
- 6Limits benefits to taxpayers with modified AGI under $450,000 ($900,000 joint)
Impact Areas
Tax policyWorker benefitsSocial Security taxationInvestment partnershipsMiddle-class tax relief
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