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Message
Question about Trumps “No Tax at all on overtime” pledge
Posted on 10/28/24 at 9:16 pm
Posted on 10/28/24 at 9:16 pm
Example, an hourly employee makes $50.00 an hour.
Employee works a 50 hour week and makes 10 hours overtime. ($75.00 an hour)
Under Trumps plan, would the employee have an extra $750.00 untaxed for the week?
Or would he/she still be taxed normally on the base $50.00 ($500) for the 10 hours OT, but the extra $25.00 ($250.00) would be tax free?
Employee works a 50 hour week and makes 10 hours overtime. ($75.00 an hour)
Under Trumps plan, would the employee have an extra $750.00 untaxed for the week?
Or would he/she still be taxed normally on the base $50.00 ($500) for the 10 hours OT, but the extra $25.00 ($250.00) would be tax free?
This post was edited on 10/28/24 at 9:19 pm
6
Posted on 10/28/24 at 9:19 pm to Cow Drogo
Politicians say things to get elected. Both sides make up tons of crap they never intend to do.
Posted on 10/28/24 at 9:39 pm to Billy Blanks
Trump will do it if he said he will.
Posted on 10/28/24 at 10:12 pm to Cow Drogo
I hope he implements the tax deduction for senior care as well.
Posted on 10/28/24 at 10:19 pm to Cow Drogo
quote:
Or would he/she still be taxed normally on the base $50.00 ($500) for the 10 hours OT, but the extra $25.00 ($250.00) would be tax free?
Good question and never thought about it that way. The way I’ve seen it worded was not taxed on any OT; therefore, in your example it would be the full 10 hours, $750, would be untaxed.
However, my question then goes to do they redefine OT. Most people are familiar with the “anything over 40 hours in a predefined 7 consecutive day week”; but there are many companies (maybe even Cali as an entire State) that define OT as anything more than 8 hours in a day, and further clarify anything more than 12 hours would be double pay.
Posted on 10/28/24 at 10:47 pm to Cow Drogo
It sounds like it’ll be a mess to try to figure out.
What about exempt employees who work on commission and put in 50+ hours a week making sales? They gonna get tax free commissions on any sales they made after they passed 40 hours for the week?
What about exempt employees who work on commission and put in 50+ hours a week making sales? They gonna get tax free commissions on any sales they made after they passed 40 hours for the week?
Posted on 10/28/24 at 11:04 pm to Cow Drogo
quote:
Trump will do it if he said he will.
Posted on 10/28/24 at 11:04 pm to Billy Blanks
quote:They've both been spewing made up hand outs for weeks.
Politicians say things to get elected. Both sides make up tons of crap they never intend to do.
Posted on 10/28/24 at 11:05 pm to Tiger Prawn
quote:
It sounds like it’ll be a mess to try to figure out. What about exempt employees who work on commission and put in 50+ hours a week making sales? They gonna get tax free commissions on any sales they made after they passed 40 hours for the week?
Those kind of people are fricked.
I’m one of them and don’t punch a clock. I’ve made my money for the year and I’m about to hunt my arse off and enjoy the holidays. I’ll work 3 or 4 complete weeks from now until around January 20th.
Posted on 10/28/24 at 11:16 pm to Big Scrub TX
quote:
Politicians say things to get elected. Both sides make up tons of crap they never intend to do.
They've both been spewing made up hand outs for weeks.
Privacy•Adv
Yep!
Posted on 10/29/24 at 6:56 am to Cow Drogo
These tax comments Trump has made seem half baked at best. I'm voting for him, but so far publicly all he has mentioned is the stuff you'd say to get elected. I do think he wants to reform our taxation and I believe it would ultimately be for the better, but I do wonder what the end result will look like.
One thing that strikes me as interesting is Elon being placed in charge of government efficiency. If Elon can gut even 20% of the waste out of the government, we'd have a significantly lower tax burden.
One thing that strikes me as interesting is Elon being placed in charge of government efficiency. If Elon can gut even 20% of the waste out of the government, we'd have a significantly lower tax burden.
Posted on 10/29/24 at 7:00 am to Big Scrub TX
quote:
They've both been spewing made up hand outs for weeks.
This.
This is easily one of the biggest grifter elections I've seen in some time with the promises of free handouts. Child tax credit taken to $3k-$6k from $2k. No tax on overtime. No tax on tips. $25k or whatever for first time home buyers (if you're the right color). No tax on social security at all. First time small business deduction from $5k to $50k.
This is all grifting to the absolute max to buy votes. I doubt most of these ever see the light of day. This is very politicking 101 in terms of making a ton of promises you will never keep.
This post was edited on 10/29/24 at 7:02 am
Posted on 10/29/24 at 7:05 am to Cow Drogo
quote:
Under Trumps plan, would the employee have an extra $750.00 untaxed for the week?
Never been explained, but that is how I would think it would work.
But Trump has made all these claims around taxes, but unless he has congressional support, he won't be able to do shite.
Posted on 10/29/24 at 7:29 am to Cow Drogo
quote:
Trump will do it if he said he will.
No, he won’t, and for all kinds of reasons. Don’t be ridiculous.
This post was edited on 10/29/24 at 8:11 am
Posted on 10/29/24 at 7:54 am to thunderbird1100
Some of the proposals are really good ideas. Social security should not be taxed, for example.
But the bad ones will be the ones that actually get enacted
But the bad ones will be the ones that actually get enacted
Posted on 10/29/24 at 8:10 am to Weekend Warrior79
quote:
However, my question then goes to do they redefine OT. Most people are familiar with the “anything over 40 hours in a predefined 7 consecutive day week”; but there are many companies (maybe even Cali as an entire State) that define OT as anything more than 8 hours in a day, and further clarify anything more than 12 hours would be double pay.
This, and some union contracts i have seen state any hours after scheduled hourts are overtime (so workin gmore then 8hrs in a day on 5-8s or more then 10 hrs in a day on 4-10s is OT. Then regardless of hours worked, saturday is 1.5 and sundays are 2.0. Alos, what about contracts that give night shift premium time. Seen 1.15 for night shift work.
Also, what about off shore work with week, two week, or 28 day hitches?
I would imagine it would be a federal standard for federal taxes stating anything over 40 hrs in a payroll week is exempt. and i would bet it was all hourly earning over that 40, not just the poremium portion.
However, IF this were to become law, congress would have to take it up and pass it, so the details would likely change in committee.
Posted on 10/29/24 at 8:59 am to VolSquatch
quote:
But the bad ones will be the ones that actually get enacted
That's what I'm afraid, especially these unruly tariffs being discussed.
If you keep income tax rates as they are but eliminate taxes on SS, military/first responders, tips, and OT....uh, where is the money going to come from? I thought Republicans were budget hawks? Our government will drown in debt if these moves are made which, perhaps, is the point.
Posted on 10/29/24 at 9:16 am to WhiskeyThrottle
quote:
One thing that strikes me as interesting is Elon being placed in charge of government efficiency. If Elon can gut even 20% of the waste out of the government, we'd have a significantly lower tax burden.
Never going to happen unless Elon steps down as CEO of space X and Tesla. Which obviously he will never do for financial interest. He can't be placed in any sort of government position due to conflict of interest.
He could advise possibly, but he can't be directly making the decisions. Since his companies take in billions of government contracts
Posted on 10/29/24 at 9:51 am to tigeraddict
if OT isnt taxed im about to swap from salary to working alot of overtime and a big pay increase
Posted on 10/29/24 at 9:54 am to UltimaParadox
quote:
One thing that strikes me as interesting is Elon being placed in charge of government efficiency. If Elon can gut even 20% of the waste out of the government, we'd have a significantly lower tax burden.
Never going to happen unless Elon steps down as CEO of space X and Tesla. Which obviously he will never do for financial interest. He can't be placed in any sort of government position due to conflict of interest.
He could advise possibly, but he can't be directly making the decisions. Since his companies take in billions of government contracts
I think it'll end up with him being chief advisor on some kind of efficiency council, if they do it at all
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