One year ago today, at 6:11 pmeight minutes after taking the stage on the grounds of Butler Farms to address thousands of Americans gathered at a campaign rallyrifle fire broke out, and an assassins bullet came within a quarter inch of ending my life and silencing our movement to restore American greatness. Yet, by the hand of providence and the grace of Almighty God, my life was spared. As we commemorate one year since the harrowing events of July 13, 2024, we reaffirm that the American spirit has and will always triumph over forces of evil and destruction.
Those who carry scars from that July evening defended our Republic during one of our Nations darkest hoursrunning to the injured amid chaos and uncertainty to provide comfort and lifesaving care. Doctors and first responders rushed to help the wounded, rallygoers guided their fellow citizens to safety, and patriots raised their fists in the air in an outpouring of support and national pride. These men and women arrived at the rally grounds as ordinary Americans, but left as heroes. They represent the very best of our Nation, and we are forever indebted for their kindness and compassion.
However, one name stands above all for selfless service and ultimate sacrifice on that fateful day. The world will never forget the tragic loss of Corey Comperatore, a firefighter, veteran, and devoted husband and father. When gunfire erupted, Corey did not hesitate to protect his wife and two daughters. He died a hero, and we are eternally grateful for his inspiring love, valor, and faithfulness.
It remains my firm conviction that God alone saved me that day for a righteous purpose: to restore our beloved Republic to greatness and to rescue our Nation from those who seek its ruin. One year after the attempt on my life in Butler, our country is in the midst of a new Golden Age. History will remember the would-be assassin for his cowardice and failure, but the magnificent legacy of the heroes of July 13, 2024, will forever be etched upon the heart of our Nation. Today, we pay tribute to their spirit of love, unity, and resilienceand we proclaim with one voice the epic battle cry that has reverberated all across the world: Fight, fight, fight!
Section 70201 No Tax on Tips adds a whole new section to Part VII of Subchapter B of Chapter 1 redesignating section 224 as 225 and inserting a new section:
Section 224 "Qualified Tips" as follows:
(a) In General - There shall be allowed as a deduction an amount equal to the qualified tips received during the taxable year that are included on statements furnished to the individual pursuant to section 6041(d)(3), 6041A(e)(3), 6050W(f)(2), or 6051(a)(18), or reported by the taxpayer on Form 4137 (or successor).
(b) Limitation - (1) In General - The amount allowed as a deduction under this section for any taxable year shall not exceed $25,000. (2) Limitation Based on Adjusted Gross Income - (A) The amount allowable as a deduction under subsection (a) (after application of paragraph (1)) shall be reduced (but not below zero) by $100 for each $1,000 by which the taxpayer's modified adjust gross income exceeds $150,000 ($300,000 in the case of a joint return).
(c) Tips Received in Course of Trade or Business - In the case of qualified tips received by an individual during any taxable year in the course of a trade or business (other than the trade or business of performing services as an employee) of such individual, such qualified tips shall be taken into account under subsection (a) only to the extent that the gross income for the taxpayer from such trade or business for such taxable year (including such qualified tips) exceeds the sum of the deductions (other than the deduction allowed under this section) allocable to the trade or business in which such qualified tips are received by the individual for such taxable year.
(d) Qualified Tips - For purposes of this section -
(1) In General - The term 'qualified tips' means cash tips received by an individual in an occupation which customarily and regularly received tips on or before December 31, 2024, as provided by the Secretary.
(2) Exclusions - Such term shall not include any amount received by an individual unless - (A) such amount is paid voluntarily without any consequence in the event of nonpayment, is not the subject of negotiation, and is determined by the payor, (B) the trade or business in the course of which the individual receives such an amount is not a specified service trade or business (as defined in section 199A(d)(2)), and (C) such other requirements as may be established by the Secretary in regulations or other guidance are satisfied. For purposes of subparagraph (B), in the case of an individual receiving tips in the trade or business of performing services as an employee, such individual shall be treated as receiving tips in the course of a trade or business which is a specified service trade or business if the trade or business of the employer is a specified service trade or business. (3) Cash Tips - For purposes of paragraph (1), the term "cash tips' includes tips received from customers that are paid in cash or charged and, in the case of an employee, tips received under any tip-sharing arrangement.
(e) Social Security Number Required - (1) In General - No deduction shall be allowed under this section unless the taxpayer includes on the return of tax for the taxable year such individual's social security number. (2) Social Security Number Defined - For the purposes of paragraph (1), the term 'social security number' shall have the meaning given such term in section 24(h)(7).
(f) Married Individuals - If the taxpayer is a married individual (within the meaning of section 7703), this section shall apply only if the taxpayer and the taxpayer's spouse file a joint return for the taxable year.
(g) Regulations - The Secretary shall prescribe such regulations or other guidance as may be necessary to prevent reclassification of income as qualified tips, including regulations or other guidance to prevent abuse of the deduction allowed by this section.
(h) Termination - No deduction shall be allowed under this section for any taxable year beginning after December 31, 2028.
(b) Deduction Allowed to Non-Itemizers - Section 63(b) is amended by inserting "and" at the end of paragraph (4) and adding (5) the deduction provided in section 224.
(c) Omission of Correct Social Security Number Tr4eated as Mathematical or Clerical Error - Section 6213(g)(2), as amended by the preceding provisions of this Act, is amended by inserting "and" at the end of subparagraphs W and X and adding the new subparagraph (Y) an omission of a correct social security number required under section 224(3) (relating to deduction for qualified tips).
(d) Exclusion from Qualified Business Income - Section 199A(c)(4) is amended by adding "and" (D) any amount with respect to which a deduction is allowable to the taxpayer under section 224(a) for the taxable year.
(e) Extension of Tip Credit to Beauty Service Business -
(2) Application Only to Certain Lines of Business - In applying paragraph (1) there shall be taken into account only tips received from customers or clients in connection with the following services: (A) The providing, delivering, or serving of food or beverages for consumption, if the tipping of employees delivering or serving food or beverages by customers is customary. (B) The providing of any of the following services to a customer or client if the tipping of employees such services is customary: (i) Barbering and hair care. (ii) Nail care. (iii) Esthetics. (iv) Body and spa treatments.
(2) Credit Determined with Respect to Minimum Wage in Effect - Section 45B(b)(1)(B) is amended -
(A) striking "as in effect on January 1, 2007" and (B) inserting ", and in the case of food or beverage establishments, as in effect on January 1, 2007" after "without regard to section 3(m) of such Act"
(f) Reporting Requirements -
(1) Returns for Payments Made in the Course of a Tr4ade or Business - (A) Statement Furnished to Secretary Section 6041(a) is amended by inserting "(including a departee accounting of any such amounts reasonably designated as cash tips and the occupation described in section 224(d)(1) of the person receiving such tips)" after "such gains, profits, and income". (B)( Statement Furnished to Payee - Section 6041(d) is amended by adding (3) in the case of compensation to non-employees, the portion of payments that have been reasonably designated as cash tips and the occupation described in section 224(d)(1) of the person receiving such tips.
(2) Returns for Payments Made for Services and Direct Sales - (A) Statement Furnished to Secretary - Section 6041A(a) is amended by inserting "(including a separate accounting of any such amounts reasonably designated as cash tips and the occupation described in section 224(d)(1) of the person receiving such tips)" after "amount of such payments". (B) Statement Furnished to Payee - Section 6041A(e) is amended by adding (3) in the case of subsection (a), the portion of payments that have been reasonably designated as cash tips and the occupation described in section 224(d)(1) of the person receiving such tips."
(3) Returns Relating to Third Party Settlement Organizations - (A) Statement Furnished to Secretary - Section 6050W(a) adds "(3) in the case of third party settlement organization, the portion of reportable payment transactions that have been reasonably designated by payors as cash tips and the occupation described in section 224(d)(1) of the person receiving such tips. (B) Statement furnished to Payee - Section 6050W(f)(2) is amended to add (4) Returns Related to Wages - Section 6051(a) is amended adding (18) the total amount of cash tips reported by the employee under section 6053(a) and the occupation described in section 224(d)(1) such person."
(g) Clerical Amendment - the table of sections for part VII of subchapter B of Chapter 1 is amended by redesignating 224 as 225 and inserting the new 224 as identified above.
(h) Published List of Occupations Traditionally Receiving Tips - Not later than 90 days after the date of enactment of this Act (July 4, 2025), the Secretary of the Treasury (or the Secretary's delegate) shall publish a list of occupations which customarily and regularly received tips on or before December 31, 2024, for purposes of section 224(d)(1) of the Internal Revenue Code of 1986 (as added by subsection (a)).
(i) Withholding - The Secretary of the Treasury (or the Secretary's delegate) shall modify the procedures prescribed under section 34042(a) of the Internal Revenue Code of 1986 to take into account the deduction allowed under section 224 of such Code (as added by this act).
(j) Effective Date - The amendments made by this section shall apply to taxable years beginning after December 31, 2024.
(k) Transition Rule - In the case of any cash tips required to be reported for periods before January 1, 2026, persons required to file returns or statements under section 6041(a), 6041(d)(3), 6041A(a), 6041A(e)(3), 6050W(a), or4 6050W(f)(2) of the Internal Revenue Code of 1986 (as amended by this section) may approximate a separate accounting of amounts designated as cash tips by any reasonable method specified by the Secretary.
Basically, tips are still reported by your employer, the amount of tips up to $25,000 can become a deduction provided you are employed in an "approved" business that is subject to "customary" tipping (and provided you use a correct SSN).
Also a tip is defined as "paid voluntarily without any consequence in the event of nonpayment, is not the subject of negotiation, and is determined by the payor," which means those places that pre-determine what "tip" will be paid as part of the bill are considered "regular income" and not eligible for the new "tip deduction". You know, those places where, when you have a large group, automatically add a 15% or 20% (or more) "gratuity" that you are required to pay? That's NOT a tip according to the new IRS regulations!
Section 70202 No Tax on Overtime - (a) Deduction Allowed - Part VII of subchapter B of Chapter 1, as amended by the preceding provisions of this Act, is amended by redesignating section 225 as 226 and inserting a new section 225 as follows:
Sec. 225. Qualified Overtime Compensation.
(a) In General - There shall be allowed as a deduction an amount equal to the qualified overtime compensation received during the taxable year and included on statements furnished to the individual pursuant to section 6041(d)(4) or 6051(a)(19).
(b) Limitation - (1) In General - the amount allowed as a deduction shall not exceed $12,500 ($25,000 in the case of a joint return). (2) Limitation Based on Adjusted Gross Income - (A) In General - The amount allowable as a deduction under subsection (a) (after application of paragraph (1)) shall be reduced (but not below zero) by $100 for each $1,000 by which the taxpayer's modified adjusted gross income exceeds $150,000 ($300,000 in the case of a joint return). (B) Modified Adjusted Gross Income - For purposes of this paragraph, the term 'modified adjusted gross income' means the adjusted gross income of the taxpayer for the taxable year increased by any amount excluded from gross income under section 911, 931, or 933.
(c) Qualified Overtime Compensation - (1) In General - For the purposes of this section, the term 'qualified overtime compensation' means overtime compensation paid to an individual required under section 7 of the Fair Labor Standards Act of 1938 that is in excess of the regular rate (as used in such section ) at which such individual is employed. (2) Exclusions - Such term shall not include any qualified tip (as defined in section 224(d)).
(d) Social Security Number Required - (1) In General - No deduction shall be allowed under this section unless the taxpayer includes on the return of tax for the taxable year such individual's social security number. (2) Social Security Number Defined - For purposes of paragraph (1), the term 'social security number' shall have the meaning given such term in section 24(h)(7).
(e) Married Individuals - If the taxpayer is a married individual (within the meaning of section 7703), this section shall apply only if the taxpayer and the taxpayer's spouse file a joint return for the taxable year.
(f) Regulations - The Secretary shall issue such regulations or other guidance as may be necessary or appropriate to carry out the purposes of this section, including regulations or other guidance to prevent abuse of the deduction allowed by this section.
(g) Termination - No deduction shall be allowed under this section for any taxable year beginning after December 31, 2028.
(b) Deduction Allowed to Non-Itemizers - Section 673(b), as amended by the preceding provisions of this Act, is amended by adding "and (6) the deduction provided in section 225."
(c) Reporting - (1) Requirement to Include Overtime Compensation on W-2 - Section 6051(a), as amended by the preceding provision of this Act, is amended by adding "and (19) the total amount of qualified overtime compensation (as defined in Section 225(c)). (2) Payments to Persons Not Treated as Employees Under Tax Laws - (A) Statement Furnished to Secretary - Section 6041(a), as amended by section 70201(e)(1)(A), is amended to insert "and a separate accounting of any amount of qualified overtime compensation (as defined in section 225(c))" after "occupation of the person receiving such tips". (B) Statement Furnished to Payee - Section 6041(d), as amended by section 70201(e)(1)(B), is amended by adding "and (4) the portion of payments that are qualified overtime compensation (as defined in section 225(c))."
(d) Omission of Correct Social Security Number Treated as Mathematical or Clerical Error - Section 6213(g)(2), as amended by the preceding provisions of this Act, is amended by adding "and (Z) an omission of a correct social security number required under section 225(d) (relating to deduction for qualified overtime)."
(f) Withholding - The Secretary of the Treasury (or the Secretary's delegate) shall modify the procedures prescribed under section 3402(a) of the Internal Revenue Code of 1986 for taxable years beginning after December 31, 2025, to take into account the deduction allowed under section 225 of such Code (as added by this Act).
(g) Effective Date - The amendments made by this section shall apply to taxable years beginning after December 31, 2024.
(h) Transition Rule - In the case of qualified overtime compensation required to be reported for periods before January 1, 2026, persons required to file returns or statements under section 6041(a)(19), 6041(a), or 6041(d)(4) of the Internal Revenue Code of 1896 n(as amended by this section) may approximate a separate accounting of amounts designated as qualified overtime compensation by any reasonable method specified by the Secretary.
Like tips, employers are still required to report overtime (just now as a separate category). And the taxpayer (with a correct SSN) is allowed to deduct up to $12,500 ($25,000 joint) if they make less than $150,000 ($300,000 joint) gross income.
Does this mean employers won't be paying time and a half or double time on your hourly rate anymore since you can take the overtime off your taxes as a deduction? We shall see.
(4) Special Rules for Taxable Years 2025 Through 2028 Relating to Qualified Passenger Vehicle Loan Interest
(A) In General - In the case of taxable years beginning after December 31, 2024 and before January 1, 2029, for purposes of this subsection the term 'personal interest' shall not include qualified passenger vehicle loan interest.
(B) Qualified Passenger Vehicle Loan Interest Defined - (3) In General - For purposes of this paragraph, the term 'qualified passenger vehicle loan interest' means any interest which is paid or accrued during the taxable year on indebtedness incurred by the taxpayer after December 31, 2024, for the purchase of, and that is secured by a first lien on, an applicable passenger vehicle for personal use. (ii) Exceptions - Such term shall not include any amount paid or incurred on any of the following: (I) A loan to finance fleet sales. (II) A loan incurred for the purchase of a commercial vehicle that is not used for personal purposes. (III) Any lease financing. (IV) A loan to finance the purchase of a vehicle with a salvage title. (V) A loan to finance the purchase of a vehicle intended to be used for scrap or parts. (iii) VIN Requirement - Interest shall not be treated as qualified passenger vehicle loan interest under this paragraph unless the taxpayer includes the vehicle identification number of the applicable passenger vehicle described in clause (i) on the return of tax for the taxable year.
(C) Limitations - (i) Dollar Limit - The amount of interest taken into account by a taxpayer under subparagraph (B) for any taxable year shall not exceed $10,000. (ii) Limitation Based on Modified Adjusted Gross Income - (I) In General - The amount which is otherwise allowable as a deduction under subsection (a) as qualified passenger vehicle loan interest (determined without regard to this clause and after the application of clause (i)) shall be reduced (but not below zero) by $200 for each $1,000 (or portion thereof) by which the modified adjusted gross income of the taxpayer for the taxable year exceeds $100,000 ($200,000 joint). (II) Modified Adjusted Gross Income - For purposes of this clause, the term 'modified adjusted gross income' means the adjusted gross income of the taxpayer for the taxable year increased by any amount excluded from gross income under section 911, 931, or 933.
(D) Applicable Passenger Vehicle - The term 'applicable passenger vehicle' means any vehicle - (i) the original use of which commences with the taxpayer, (ii) which is manufactured primarily for use on public streets, roads, and highways (not including a vehicle operated exclusively on a rail or rails), (iii) which has at least 2 wheels, (iv) which is a car, minivan, van, sport utility vehicle, pickup truck, or motorcycle, (v) which is treated as a motor vehicle for purposes of title II of the Clean Air Act, and (vi) which has a gross vehicle weight rating of less than 14,000 pounds. Such term shall not include any vehicle the final assembly of which did not occur within the United States.
(E) Other Definitions and Special Rules - For purposes of this paragraph - (i) Final Assembly - For purposes of subparagraph (d), the term 'final assembly' means the process by which a manufacturer produces a vehicle at, or through the use of, a plant, factory, or other place from which the vehicle is delivered to a dealer with all component parts necessary for the mechanical operation of the vehicle included with the vehicle, whether or not the component parts are permanently installed in or on the vehicle. (ii) Treatment of Refinancing - Indebtedness described in subparagraph (B) shall include indebtedness that results from refinancing any indebtedness described in such subparagraph, and that is secured by a first lien on the applicable passenger vehicle with respect to which the refinanced indebtedness was incurred, but only to the extent the amount of such resulting indebtedness does not exceed the amount of such refinanced indebtedness. (iii) Related Parties - Indebtedness described in subparagraph (B) shall not include any indebtedness owed to a person who is related (within the meaning of section 267(b) or 707(b)(1)() to the taxpayer.
(b) Deduction Allowed to Non-Itemizers. - Section 63(b) as amended by the preceding provisions of this Act, is amended by adding (7) so much of the deduction allowed by section 163(A) as is attributable to the exception under section 163(h)(4)(A)
(c) Reporting - (1) In General - Subpart B of part III of subchapter A of Chapter 61 is amended by adding: Sec . 6050AA. Returns Relating to Applicable Passenger Vehicle Loan Interest Received in Trade or Business From Individuals.
(a) In General - Any person - (1) who is engaged in a trade or business, and (2) who, in the course of such trade or business, receives from any individual interest aggregating $600 or more for any calendar year on a specified passenger vehicle loan, shall make the return described in subsection (b) with respect to each individual from whom such interest was received at such time as the Secretary may provide.
(b) Form and Manner of Returns - A return is described in this subsection if such return - (1) is in such form as the Secretary may prescribe, and (2) contains - (A) the name and address of the individual from whom the interest described in subsection (a)(2) was received, (B) the amount of such interest received for the calendar year, (C) the amount of outstanding principal on the specified passenger vehicle loan as of the beginning of such calendar year, (D) the date of the origination of such loan, (E) the year, make, model, and vehicle identification number of the applicable passenger vehicle which secures such loan (or other description of such vehicle as the Secretary may prescribe), and (F) such other information as the secretary may prescribe.
(c) Statements to be Furnished to Individuals With Respect to Whom Information Is Required - Every person required to make a return under subsection (a) shall furnish to each individual whose name is required to be set forth in such return a written statement showing - (1) the name, address, and phone number of the information contact of the person required to make such return, and (2) the information described in subparagraphs (B), (C), (D), and (E) of subsection (b)(2) with respect to such individual (and such information as is described in subsection (b)(2)(F) with respect to such individual as the Secretary may provide for purposes of this subsection). The written statement required under the preceding sentence shall be furnished on or before January 31 of the year following the calendar year for which the return under subsection (a) was required to be made.
(d) Definitions - For the purposes of this section - (1) In General - Terms used in this section which are also used in paragraph (4) of section 163(h) shall have the same meaning as when used in such paragraph. (2) Specified Passenger Vehicle Loan. - The term "specified passenger vehicle loan ' means the indebtedness described in section 163(h)(4)(B) with respect to any applicable passenger vehicle.
(e) Regulations - The Secretary shall issue such regulations or other guidance as may be necessary or appropriate to carry out the purposes of this section, including regulations or other guidance to prevent the duplicate reporting of information under this section.
(f) Applicability - No return shall be required under this section for any period to which section 163(h)(4) does not apply. (2) Penalties - Section 6724(d) is amended - (A) in paragraph (1)(B) adding (xxix) section 6050AA(a) (relating to returns relating to applicable passenger vehicle loan interest received in trade or business from individuals), and (B) in paragraph (2) by adding (MM) section 6050AA(c) (relating to statements relating to applicable passenger vehicle loan interest received in tr4ade or business from individuals. (d) Conforming Amendments - (1) Section 56(e)(1)(B) is amended to add (2) The table of sections for subpart B of part III of subchapter A of chapter 61 is amended by adding "Sec. 6050AA. Returns relating to applicable passenger vehicle loan interest received in t4rade or business from individuals. (e) Effective Date - The amendments made by this section shall apply to indebtedness incurred after December 31, 2024.
It looks like this new "Auto Loan Interest Deduction" only applies to NEW loans for NEW vehiclespurchased by the taxpayer for personal use where the final assembly of the vehicle occurred in the USA. It looks like the maximum amount of interest than can be deducted is $10,000 (less than that if you earn over $100,000 single or $200,000 joint). But, I'm not a tax expert, so if you think you qualify, I recommend you check with your tax professional.
All 3 of these sections have an expiration date of December 31, 2028. Which means unless Congress extends these tax credits, they can only be claimed though your 2028 tax return. Then you go back to paying taxes on tips, overtime, and auto loans.
There is one more section in this Chapter:Section 70204 Trump Accounts and Contribution Pilot Program. This is an entirely new section to the Tax Code and is covered in pages 108 to 117 in the Act. Because it is so long, it will be covered in the next installment of "What's In the OBBB?"
Today's Patriot isJoseph Hewes who was born July 9, 1730 in Princeton, New Jersey. His parents were Quakers and members of the Society of Friends. It is speculated he attended the Stonybrook Quaker Meeting grammar school. There are no records showing he attended college or university.
By 1750 Joseph was in Philadelphia and working as an apprentice in Joseph Ogden's mercantile business. This apprenticeship had him sailing on cargo ships to Boston, New York, Edenton (North Carolina), Charleston, and Tortola, British Virgin Islands. At the end of his apprenticeship, Joseph moved to Edenton in 1754 where he went into business with Charles Blount and became a leading merchant. In 1763 Joseph dissolved his partnership with Charles Blount choosing to join attorney Robert Smith in business. The new firm had 3 warehouses, a wharf, 5 ships, 3 sloops, 2 brigs, and a variety of offices. Joseph also personally owned a ship building/repair yard and created a factory that manufactured ropes used in ship rigging.
In 1757 Joseph was appointed a justice of the peace for Edenton. By 1760 he was elected to the North Carolina Assembly. He remained in the Assembly until 1775. Joseph became a delegate to the 1st Continental Congress. At that time, the delegates did not have the authorization to advocate or call for independence while at the Congress. He was again appointed delegate to the 2nd Continental Congress where he was appointed to 3 committees: finance, rules & regulations for the Army, and ore & lead resources of the colonies. The 2nd Continental Congress adjourned August 1, 1775 planning to reconvene September 5, 1775.
The 2nd Continental Congress reconvened August 13, 1775 after it was learned that the British King declared the colonists as rebels. Joseph was appointed to the Naval Board and Marine Committee drafting regulations that would govern the Navy and begin accumulating ships, officers, and sailors laying the foundation for the American Navy. Joseph was responsible for the commissioning of John Paul Jones. Joseph also recognized that war was inevitable. On April 12, 1776 North Carolina finally authorized the delegates (including Joseph) to concur in declaring independency. The first signers of the Declaration of Independence signed on July 4, 1776 but most of the rest of the signatories did not sign until August 2, 1776 (including Joseph). He finally resigned (retired) from Congress on October 25, 1779.
Joseph never married and had no known children. He died November 10, 1779 in Philadelphia, Pennsylvania, just a few weeks after he left Congress. He was 49 years old (8 months shy of his 50th birthday). The whole of Congress attended his funeral. He was buried with Masonic funeral orders in the Christ Church Burial Ground, Philadelphia, Pennsylvania.
ANP Fundraiser:
Dangerous, Derogatory, Harmful, Unreliable!
Those are some of the exact words used by Googles censors, aka 'Orwelliancontent police,' in describing many of our controversial stories.Stories later proven to be truthful and light years ahead of the mainstream media. But because we reported those 'inconvenient truths' they're trying to bankrupt ANP.
