No taxes on OT!!!! To good to be true!

[sapper83]

Thats funny stuff...

Which part

 

[NoAdmiration]

No taxes on OT has me asking a few questions.

So i max out my roth 401k and a roth IRA. The percentage comes out of my over all income not just 40 hour base? Now how would I contribute? Companies would have to do more book keeping.

I feel property tax, sales tax, registration fees, even state taxes will sky rocket to make up the difference. Will this cause inflation? The middle class pay most the taxes.

Also does the standard and itemization now go off base wages???

Well, I feel like all income tax is theft based on a lie told 100 years ago... so whose feelings win?

 

[sapper83]

Well, I feel like all income tax is theft based on a lie told 100 years ago... so whose feelings win?

Im right with you on that feeling! We loose so much of what we make and own to the crooked gov!

 

[Creedmoor]

So your making your own definition up??? It isn't actually called welfare, the correct term is taniff. Welfare or taniff is something given by the government to someone for nothing in return at all. Im sure taxes are a sore spot for all here. I pay more in feds alone then most people make in a year.

That part. Its really funny to me.

 

[KLB]

That part. Its really funny to me.

What is funny about it? You doubt him? It isn't like the median income is some huge number.

For the year 2022, the U.S. Census Bureau estimates that the median annual earnings for all workers (people aged 15 and over with earnings) was $47,960; and more specifically estimates that median annual earnings for those who worked full-time, year round, was $60,070.[2][3]

 

[firecadet613]

What is funny about it? You doubt him? It isn't like the median income is some huge number.

If he's working 70+ hours a week, more power to him.... I'll keep my 40hrs and salary, thanks.

Where's my tax break?

 

[Creedmoor]

What is funny about it? You doubt him? It isn't like the median income is some huge number.

I don't believe I said, I don't believe you.

I just thought it was a funny think to say.

 

[snorko]

So your making your own definition up??? It isn't actually called welfare, the correct term is taniff. Welfare or taniff is something given by the government to someone for nothing in return at all. Im sure taxes are a sore spot for all here. I pay more in feds alone then most people make in a year.

Can you help me with that term? I am familiar with TANF (Temporary Assistance for Needy Families) but googling taniff has no reliable results.

 

[DoggyDaddy]

No taxes on OT has me asking a few questions.

So i max out my roth 401k and a roth IRA. The percentage comes out of my over all income not just 40 hour base? Now how would I contribute? Companies would have to do more book keeping.

I feel property tax, sales tax, registration fees, even state taxes will sky rocket to make up the difference. Will this cause inflation? The middle class pays most the taxes.

Also does the standard and itemization now go off base wages???

Why would it take more book keeping? Your 401K would still come from your pre-tax (gross) pay, and your IRA would come from your after-tax (net) pay. Same same.

Standard deduction/itemization is based on your taxable income, including any overtime (currently). Presumably if your OT pay wasn't taxed, then it would be based on your 40 hour rate.

 

[NoAdmiration]

Im right with you on that feeling! We loose so much of what we make and own to the crooked gov!

Well Lysander Spooner said it best in "No Treason: A Constitution of no Authority." Compulsion under the threat of force is not consent.

 

[NoAdmiration]

If he's working 70+ hours a week, more power to him.... I'll keep my 40hrs and salary, thanks.

Where's my tax break?

No one is taking that choice always from you. But to be fair, if I were king, your income wouldn't be taxed either. Of course, if I were king the 1st thing I would do is dissolve the monarchy and hang the royals... hrm...

 

[littletommy]

I like the idea of the government NOT robbing me as much as usual. It would be great if he could get it done, but, I haven’t worked overtime in years, and I’m not gonna start just to benefit from it.

I’d love to see it happen.

 

[foszoe]

No taxes on OT has me asking a few questions.

So i max out my roth 401k and a roth IRA. The percentage comes out of my over all income not just 40 hour base? Now how would I contribute? Companies would have to do more book keeping.

I feel property tax, sales tax, registration fees, even state taxes will sky rocket to make up the difference. Will this cause inflation? The middle class pays most the taxes.

Also does the standard and itemization now go off base wages???

Well don't get your hopes up or try too hard to figure out how it will work.....It ain't gonna happen

I am sure every company is different, but haven't heard of one that matches OT when making 401k compensation.

 

[foszoe]

I will concede that if the law is changed removing tax obligations from overtime pay, it is not a benefit by the strict letter of the law. But the law itself is then inequitable. To me the benefit is someone earning say $100,000 including overtime will pay less in taxes than someone making the same amount with a 40 hour work week.

As implied above (post #16?), if it is a benefit to reduce taxes on OT, why not for all? Why should folks who have the opportunity to vastly increase their pay for additional labor deserve this special carve out?

As a business owner you get breaks that hourly employees don't. I can't deduct my vehicles, office space in my house, mileage and write off purchases I make as business expenses.

That doesn't really seem equitable either.

Then again, given enough time, I bet most of us can find something we don't think is "equitable". That's the nature of thousands of pages of tax code.

 

[Ingomike]

The subtle odor of desperation is beginning to waft from Camp Trump.

Free IVF
No tax on tips
No tax on OT

Or maybe that's not desperation that I detect. Maybe it's the foul stench of lefty pandering smeared with donkey ****.

Could you straighten that chair on the deck of the Titanic? It is just out of square with the railings.

Why is ripping a page out of the leftists playbook bad? We both know the likelihood and even if it did pass it is not a big deal compared to the big deal…

 

[foszoe]

I know its not what you meant, but it sounds like you are saying Be More Lefty!

 

[sapper83]

Well don't get your hopes up or try too hard to figure out how it will work.....It ain't gonna happen

I am sure every company is different, but haven't heard of one that matches OT when making 401k compensation.

They match 75cent on the dollar upto 6% of even our OT for union guys. Not company though. That match is ok but not great. But say I put in 20% they calculate that on my gross for the pay period so it changes each check.

 

[snorko]

As a business owner you get breaks that hourly employees don't. I can't deduct my vehicles, office space in my house, mileage and write off purchases I make as business expenses.

Yes, if I buy or rent a building for my employees to work in, or purchase equipment or vehicles for them to do their job, I can deduct that as an expense...and I am spending a dollar to save a quarter as they say.

 

[sapper83]

Why would it take more book keeping? Your 401K would still come from your pre-tax (gross) pay, and your IRA would come from your after-tax (net) pay. Same same.

Standard deduction/itemization is based on your taxable income, including any overtime (currently). Presumably if your OT pay wasn't taxed, then it would be based on your 40 hour rate.

See post #57 my 401k includes OT. I have 4 catagories on my check for 401k where the funds come from.

 

[DoggyDaddy]

See post #57 my 401k includes OT. I have 4 catagories on my check for 401k where the funds come from.

So why would that change? It should still include your OT.