Senate unanimously approves $25,000 tax break for tipped workers

The US Senate has passed a new bill that would offer a tax deduction on tips worth up to $25,000.
This bill, if enacted into law, would also extend to business tax credits for payroll taxes on tips in beauty and spa services.
Sen. Ted Cruz, a Texas Republican, is pushing the proposal – which passed unanimously – an outcome considered rare for substantive legislation.
There are stipulations in the new bill: an employee with compensation exceeding $160,000 in the prior tax year would not be eligible to claim the new tax deduction for tips.