HR. 2621In Committee
REAL AMERICA Act
Establishes federal tax deductions for tips and overtime, excludes Social Security and Tier I railroad retirement benefits from taxable income, and taxes carried interest as ordinary income
Plain-English overview
What this bill does
Establishes federal tax deductions for tips and overtime, excludes Social Security and Tier I railroad retirement benefits from taxable income, and taxes carried interest as ordinary income
Key points
- Establish tax deductions
- Modify carried interest taxation
- Exclude retirement benefits income
Current status
Where it stands
Status
In Committee
Latest action
2025-04-03 — Referred to the House Committee on Ways and Means.
Related context
Topics and policy areas
undefinedTaxation