Big Beautiful Bill - Can anyone here break it down on the exclusions on tips and OT?

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Over $160K

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Yes I'd agree with that notion being for a "highly compensated employee". And even that is just one media translation. But I doubt the metrics are the same for tip earners are the same for overtime earners. Two different earning styles. The wording for tip earners does not seem to be equal to overtime earners in this bill. I would expect the metrics to be different. It would seem to me, that the specifics of this cut-off would have more value if a practical number were thrown out there to gain popularity. Without that, it's easy to shame the bill to say it only applies to the lowest income earners. So, the question is to ask, what of the middle income earners? This is a narrative question, and someone needs to explain the metrics of the bill, else the wrong side (and I'm not sure what side that is!) will capitalize on why this is great or terrible.

We found the retard

Bill Summary

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This bill establishes a new tax deduction of up to $25,000 for tips, subject to limitations. The bill also expands the business tax credit for the portion of payroll taxes an employer pays on certain tips to include payroll taxes paid on tips received in connection with certain beauty services.

Under the bill, the new tax deduction for tips is limited to cash tips (1) received by an employee during the course of employment in an occupation that customarily receives tips, and (2) reported by the employee to the employer for purposes of withholding payroll taxes. (Under current law, an employee is required to report tips exceeding $20 per month to their employer.)

Further, an employee with compensation exceeding a specified threshold ($160,000 in 2025 and adjusted annually for inflation) in the prior tax year may not claim the new tax deduction for tips

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No Tax on Overtime reads like it is excluding overtime from gross/taxable income. No deduction involved.

No Tax on Overtime Act

They just piggy-backed on the definition of highly compensated employee that's utilized in the context of retirement plans and other employee benefits for purposes of ensuring those plans/benefits aren't set up to favor highly compensated employees. All you need to know is that 160k is the threshold and it periodically is adjusted for inflation.

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It sounded good on the campaign trail. Now that the details are coming out it's not going to help the average O/T earning person that much.

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Obviously nothing's passed yet.

If things proceed as expected though, "the average O/T earning person" benefits from the 2017 changes being made permanent.

E.g., The lifetime estate and gift tax exemption was scheduled to revert to $7 million per person next year. The BBB would increase the lifetime estate and gift tax exemption to $15 million for single filers and $30 million for married couples, with future adjustments for inflation.