Bacon Introduces Income Tax Relief Bills for Americans

Washington – Rep. Don Bacon (NE-02) today announced he was introducing two bills to help alleviate some of the financial burden many Americans carry - H.R. 7870 the Tip Tax Termination Act and H.R. 8194 the Second Job Tax Relief Act of 2024.

Due to the Biden Administration’s out-of-control spending policies and spiraling inflation, the cost of living has soared almost 20 percent since he took office.  As a result, families in Nebraska and across the country struggle to make ends meet – working second jobs, buying fewer groceries and, in some cases, choosing whether to pay the electric bill or buy their medications.

Since President Biden took office, Americans are paying more for everything. 

• Real wages are almost 4 percent lower than before he was in office.  
• Interest rates have skyrocketed to try and control inflation.  
• Mortgage payments for a median-priced new home are now nearly $1,200 higher per month – pricing many would-be new homeowners out of the market. 
• The cost of feeding a family continues to rise.    
• A gallon of gas is roughly 50 percent more expensive today – and gas prices recently began to creep up again.   

“American families are struggling under the burden of President Biden’s reckless spending and are forced to make difficult decisions just to survive,” said Bacon. “These tax bills will provide relief for many struggling American families and will allow them to keep more of their hard-earned money in their bank accounts, or to pay down debt they may have accrued in the last couple of years.”

Rep. Bacon’s bills will provide some relief for today’s financially burdened families.  The Tip Tax Termination Act will exempt from inclusion in taxable income the first $20,000 in earned tips. The Second Job Tax Relief Act of 2024 will amend the tax code to exclude from income and payroll tax some compensation earned from a second job.   

Text for the bills is below:

H.R. 7870 the Tip Tax Information Act

H.R. 8194 the Second Job Tax Relief Act of 2024

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