To amend the Internal Revenue Code of 1986 to establish deductions for cash tips, repeal the inclusion of social security benefits in gross income, and for other purposes.

Bill 119 HR 2621, also known as the "Tip Income Protection Act," aims to make several changes to the Internal Revenue Code of 1986. The main provisions of the bill include the establishment of deductions for cash tips, the repeal of including social security benefits in gross income, and other related purposes.

One key aspect of the bill is the introduction of deductions for cash tips. This would allow individuals who receive tips in cash, such as restaurant servers or bartenders, to deduct these tips from their taxable income. This would provide these workers with a tax benefit and help ensure that they are accurately reporting their income.

Additionally, the bill seeks to repeal the inclusion of social security benefits in gross income. Currently, social security benefits are subject to taxation if an individual's income exceeds a certain threshold. This bill would eliminate this requirement, providing relief to individuals who rely on social security as a source of income. Overall, Bill 119 HR 2621 aims to provide tax relief to individuals who rely on tips as part of their income and to simplify the tax code by repealing the inclusion of social security benefits in gross income. The bill is currently under consideration in Congress and may undergo further revisions before potentially becoming law.