Omaha City Wire

Washington – Rep. Don Bacon (NE-02) has introduced two bills aimed at easing the financial strain on many Americans. The bills, H.R. 8194 the Second Job Tax Relief Act of 2024, and H.R. 7870 the Tip Tax Information Act, seek to provide relief for families grappling with the economic challenges exacerbated by the current administration's policies.

In a statement, Rep. Bacon highlighted the struggles faced by American families, stating, "American families are struggling under the burden of President Biden’s reckless spending and are forced to make difficult decisions just to survive." He emphasized the need for immediate action to alleviate the financial pressure on households across the country.

The proposed bills come in response to the significant rise in the cost of living and the economic hardships faced by many Americans. Rep. Bacon pointed out the impact of the current economic situation, noting that "Real wages are almost 4 percent lower than before [President Biden] was in office" and highlighting the challenges families face in meeting basic needs.

According to Rep. Bacon, the Second Job Tax Relief Act of 2024 will provide relief by excluding some compensation earned from a second job from income and payroll taxes. Additionally, the Tip Tax Termination Act aims to exempt the first $20,000 in earned tips from taxable income, providing further support to those reliant on tips for income.

These initiatives are designed to offer tangible assistance to individuals and families struggling to make ends meet amidst rising costs and economic uncertainties. Rep. Bacon's bills seek to provide much-needed relief to financially burdened households and enable them to retain more of their hard-earned money or address accumulated debts.

As the debate on income tax relief and financial assistance for Americans continues, Rep. Don Bacon's proposed legislation represents a step towards addressing the pressing economic challenges faced by many households across the nation.