Trump promises no tax on overtime pay!

[holdover]

Sept 12 (Reuters) - Republican U.S. presidential candidate Donald Trump said on Thursday that he will end all taxes on overtime pay as part of a wider tax cut package, if he is elected in the Nov. 5 election.
"As part of our additional tax cuts, we will end all taxes on overtime," Trump said in remarks at a rally in Tucson, Arizona. "Your overtime hours will be tax-free."

https://www.reuters.com/world/us/trump-says-he-will-end-all-taxes-overtime-2024-09-12/

 

[holdover]

He hit it out of the park .

 

[Dr. Evil]

Kneepads will come out saying if elected there wll be no tax on overtime in 3...2...1...

 

[C3D]

This is nuts. Trump is promising no tax on overtime no tax on tips and no tax on Social Security. (the last one is only paid by relatively well off Social Security recipients). Maybe he should just run on repealing the 16th amendment.

 

[RedBreast21]

Well lets keep in mind, currently we fund the world. Nothing going out comes back to the tax payer pockets. Stop that funding and most certainly no tax on tips, social security and OT pay can be accomplished. Very easily done. This is a shot at de-funding the world. I can certainly get behind that. Think outside the box people. Remember all you are complaining about.

 

[tgenec86]

This is nuts. Trump is promising no tax on overtime no tax on tips and no tax on Social Security. (the last one is only paid by relatively well off Social Security recipients). Maybe he should just run on repealing the 16th amendment.

Nuts? You paid Social Security TAX your entire working life. Taxing what is returned to you is fucking ridiculous. Tips - CASH given over and above a servers pay, variable and unpredictable - taxing it is fucking ridiculous. Overtime? Well, I'm salaried. 40 or 60 hours worked is all the same. And tax on hourly overtime? Maybe eliminate State & Federal tax but maintain SS.

And there's this: Unless your combined income for 2024 is less than $25,000 (less than $32,000 for married couples filing jointly), a percentage of your Social Security payments will be subject to income tax. So "well off" recipients is really stretching it.

 

[TEOTWAWKI inc.]

Now, make a 100% tax on welfare, and I'll vote harder!

 

[TEOTWAWKI inc.]

We can pay all the welfare recipients 'fuck you money' and then tax them like they want to tax the rich.

 

[MikeM]

This is nuts. Trump is promising no tax on overtime no tax on tips and no tax on Social Security. (the last one is only paid by relatively well off Social Security recipients). Maybe he should just run on repealing the 16th amendment.

Depending if married,single, etc. Taxes kick in on social security starting at around 25k of other income. Far from relatively well off people.

 

[MikeM]

Nuts? You paid Social Security TAX your entire working life. Taxing what is returned to you is fucking ridiculous. Tips - CASH given over and above a servers pay, variable and unpredictable - taxing it is fucking ridiculous. Overtime? Well, I'm salaried. 40 or 60 hours worked is all the same. And tax on hourly overtime? Maybe eliminate State & Federal tax but maintain SS.

And there's this: Unless your combined income for 2024 is less than $25,000 (less than $32,000 for married couples filing jointly), a percentage of your Social Security payments will be subject to income tax. So "well off" recipients is really stretching it.

Shit, I replied before seeing you comment.

 

[GOPerfect]

This is pandering. period. I do not see how any of this can happen.

No tax on tips? While this sounds great and all, I do not see how this can happen.

No tax on OT, again, not even sure this is in the realm of possibility

 

[Hochulsucks1234]

I don't care about overtime as I am salaried. I do care about the crazy tax on bonuses. My employer gives me a couple decent bonuses a year and half of if is gone into thin air. Stop taxing bonuses too then.

 

[Podmonkey]

What about people that work over 40 hours but don't get 1.5x pay for OT? Like us workers in the transportation industry. Truckers work more hours than anybody. Trump could give us back our per diem deductions that he took away.
Or he could shit can the personal income tax altogether as it says right in the Constitution that there is to be NO tax on individual labor.

 

[holdover]

This is pandering. period. I do not see how any of this can happen.

No tax on tips? While this sounds great and all, I do not see how this can happen.

No tax on OT, again, not even sure this is in the realm of possibility

There has never been tax on tips until a few years ago .
I dont understand why no tax on overtime is a problem, Hell , I worked for it ,I earned it , and talk about boosting the economy! All that extra cash will help off set inflation, stock market and 401k will will jump every year . Win win for the people. The goverment will still borrow whatever they need like they always do . They dont give a fuck .It will give the economy a huge boost.

 

[holdover]

What about people that work over 40 hours but don't get 1.5x pay for OT? Like us workers in the transportation industry. Truckers work more hours than anybody. Trump could give us back our per diem deductions that he took away.
Or he could shit can the personal income tax altogether as it says right in the Constitution that there is to be NO tax on individual labor.

You still wont get taxed on it . and there shouldnt be an exception to drivers OT. Thats some real corporate bullshit

 

[TEOTWAWKI inc.]

There has never been tax on tips until a few years ago .
I dont understand why no tax on overtime is a problem, Hell , I worked for it ,I earned it , and talk about boosting the economy! All that extra cash will help off set inflation, stock market and 401k will will jump every year . Win win for the people. The goverment will still borrow whatever they need like they always do . They dont give a fuck .It will give the economy a huge boost.

Offset inflation?

 

[holdover]

This is nuts. Trump is promising no tax on overtime no tax on tips and no tax on Social Security. (the last one is only paid by relatively well off Social Security recipients). Maybe he should just run on repealing the 16th amendment.

16th became law in 1913, before that there was no income tax. Same year We adopted central banking and the federal reserve

 

[holdover]

Offset inflation?

Sure, an extra grand in your pocket would help ease filling your tank or getting groceries

 

[GOPerfect]

I don't care about overtime as I am salaried. I do care about the crazy tax on bonuses. My employer gives me a couple decent bonuses a year and half of if is gone into thin air. Stop taxing bonuses too then.

I had a boss years ago, he would come to each branch and would meet with each one of us. He would give us an envelope. We never discussed what was in it. No one knew.

 

[holdover]

I had a boss years ago, he would come to each branch and would meet with each one of us. He would give us an envelope. We never discussed what was in it. No one knew.

Thats the way to do it.

 

[Vapor]

I mean taxation is kinda theft...

 

[TEOTWAWKI inc.]

Sure, an extra grand in your pocket would help ease filling your tank or getting groceries

I'm pretty sure if everyone suddenly had an extra grand in their pockets inflation would go up.

Remember ?

 

[GOPerfect]

Thats the way to do it.

He was a good boss

 

[holdover]

I'm pretty sure if everyone suddenly had an extra grand in their pockets inflation would go up.

Remember ?

not supposed to anyway. Inflation is caused by goverment overspending and borrowing , printing money not labor

I know your talking about increased money supply , but I dont think it pertains to individual labor

 

[C3D]

Nuts? You paid Social Security TAX your entire working life. Taxing what is returned to you is fucking ridiculous. Tips - CASH given over and above a servers pay, variable and unpredictable - taxing it is fucking ridiculous. Overtime? Well, I'm salaried. 40 or 60 hours worked is all the same. And tax on hourly overtime? Maybe eliminate State & Federal tax but maintain SS.

And there's this: Unless your combined income for 2024 is less than $25,000 (less than $32,000 for married couples filing jointly), a percentage of your Social Security payments will be subject to income tax. So "well off" recipients is really stretching it.

Social security was originally intended as poverty insurance for the elderly. As such, the $32K number means you are relatively well off by the standards of the program. Not well off. It was never intended to be a rich teamster's pension on which you could buy a boat. It's also paid to the wealthiest segment of our society, i.e., the elderly who have hopefully saved their whole life and own their home etc. Obviously it has morphed a lot since it was first adopted in 1935.

(Interesting side note:

)

And yes, you paid the tax your whole life, but let's be clear it was a tax. You paid for the benefits of those before you as those who work now pay the benefits of current recipients and future workers will pay the taxes of future recipients. There is no "account" with your benefits in it, and the "trust fund" is a giant sham. It's actually an Enron-like bit of accounting trickery.

Doesn't matter anyway. Both social security programs will be insolvent shortly, and of many unpleasant options currently likely is that it will be some combo of benefits will be rolled back, ages moved up or payroll taxes will be increased.

 

[GOPerfect]

There has never been tax on tips until a few years ago .
I dont understand why no tax on overtime is a problem, Hell , I worked for it ,I earned it , and talk about boosting the economy! All that extra cash will help off set inflation, stock market and 401k will will jump every year . Win win for the people. The goverment will still borrow whatever they need like they always do . They dont give a fuck .It will give the economy a huge boost.

I get it, taxing of tips began in the early 80's did not take effect hard till a few years later. I would love to see of this happen.

My last full year of actual working, I made about 50k in OT, lucky if I saw 27K of it.

Granted, the entire tax code needs to be scraped and re-written with the people's best interest at heart.

 

[holdover]

never intended to be a rich teamster's pension

LOL, new teamsters no longer have pensions , just sayin.

 

[Podmonkey]

You still wont get taxed on it . and there shouldnt be an exception to drivers OT. Thats some real corporate bullshit

It for the entire transportation industry, I was talking to a river barge guy and it's the same for them too. Industry lobbyists successfully petitioned the government based on the notion it was too difficult to define what on duty vs off duty hours were since the worker is present with the vehicle regardless. This despite the fact that as a home daily, paid hourly driver I punch in and out beginning and end of my shift and for my mandatory 30 min lunch break too. Certainly I should be getting OT pay. HOWEVER, none of us at this particular company complain about it since our base hourly pay exceeds even the OT rate of other local companies. We get 30 an hour while most other outfits are offering in the low 20s so it's worth it in the end. Not to mention if the company were to pay OT rates they'd just hire more drivers and give us all less hours overall.
You gotta look at the big picture.
I'll take my 30/hr, home daily, 5 day work week, off on tge weekends job any day.
Especially me on night shift where 95% of what I do is drop and hook shuttle runs to and from company drop yards. REAL cushy as truck work goes. They don't even care if I milk my hours if I have a short run.

 

[spat]

Well lets keep in mind, currently we fund the world. Nothing going out comes back to the tax payer pockets. Stop that funding and most certainly no tax on tips, social security and OT pay can be accomplished. Very easily done. This is a shot at de-funding the world. I can certainly get behind that. Think outside the box people. Remember all you are complaining about.

We do get to tax the entire world via inflation at the same time.

The fact that we run our budget as a deficit perpetually drives inflation.

Everyone who holds US dollars is paying the inflation tax.

The world puts up with it because we provide valuable stability.

As soon as the inflation tax gets too high, or they think they can get a better deal for their stability they will dump their dollars and we will be fucked.

China really *really* wants to take that role over, but most of the world isn't on board because as much as they complain about us, they know China is Asshole and would be far worse.

But, if our government goes too far with inflation, or pushing insanity on everyone else, they may change their mind.

 

[Acer-m14]

no tax on overtime .. whooo hoooo

i dont remember the last time i got that stuff .. 20 yrs ago ..