S.Amdt. 2699

This amendment, submitted by Mr. Warner, focuses on the above-the-line deduction of expenses of performing artists. We need to hold our officials accountable by looking at how they want to change the tax rules for working people, so here is what this amendment explicitly aims to do:

• It adds a phaseout rule for the expenses taken into account. The amount will be reduced by 10 percentage points for each $2,000 (or $4,000 for a joint return) that a taxpayer's gross income goes over $100,000 (or twice that for a joint return).

• It includes a cost-of-living adjustment starting in the year 2025 for the $100,000 income amount, rounding to the nearest multiple of $1,000.

• It clarifies that deductions include any commission paid to the performing artist's manager or agent.

• It increases the threshold for determining nominal employers from $200 to $500, and adds a cost-of-living adjustment for this amount starting after 2025 as well.

• It makes technical changes, such as changing phrasing to by the performing artist and removing a subparagraph.

• It sets the effective date so that these changes apply to taxable years beginning after December 31, 2024.