Trump Announces New Proposal: 'No Tax On Overtime!'

Big handout to cops. If this happens (it wont) it will be fun when people try to call all work overtime, or perhaps more likely, overtime is even harder for anyone to get except cops.

 

I see this is a thread where Republicans again don't care about the deficit. Tune in next thread, where they care again.

 

"Simplify the tax code!" but also "now you have to document overtime work vs. other income in your now more complicated tax return"

 

Cool ... I'm going to cut my pay in half and then pay myself for 80 hours ...

Seriously, how does he plan to stop the abuse?

 

Not sure they are worried about people doing tax fraud/advoidance, its probably kind of the point

 

Right. There's no requirement that OT has to be after 40 hours. I'll bribe an employee to come in on a weekend by offering OT even if they haven't hit 40 for the week. I can drop them to $13 an hour and let it all be tax free OT.

 

I didn't think overtime was taxed any different than regular pay but it can push you into a higher bracket. Not sure if that applies per pay period and not yearly gross which would be a penalty for working more. Also, a quick search found this for California.

 

Yes, more income can put you into a higher tax bracket, that's how tax brackets work. The additional tax rate you pay is only on the additional income that put you over.

 

Not sure the reason for the snark. I mentioned it because there is a misconception that OT is taxed more. Also, there is a difference for someone that doesn't get pushed into a higher tax bracket for yearly income but does per a pay period and if so does it get corrected at years end, if it works that way which I admitted I don't know to be true but carry on being a tool

 

That's an easy promise to break as P2025 virtually eliminates OT.

 

I heard biden was already working on it.

 

Yep just more unintended consequences to follow. Now if a candidate offered to eliminate income taxes altogether and shift taxes to consumption, I’d be listening.

 

Yes it could, but if we like the current income tax brackets, we could just mirror it with the consumption tax brackets. Then people could only increase their taxes by spending more.

 

Would you favor more tariffs to fund the proposed tax cut?

 

Meaningless, empty pandering. Everyone knows that UE numbers are all smoke and mirrors and that hourly workers are having to string 2, 3, and 4 part-time jobs together just to make ends meet. Overtime? Ha.