No OT Taxes
- Thread starter BDE420
- Start date
Sounds like you need to talk with someone about getting paid more or working less hours. Maybe you should hold out.
Yes, if you make more money, you pay more in taxes, but only on the extra amount you earn. Overtime doesn't get a special or extra tax; it just adds to your total income. If your overtime pushes you into a higher tax bracket, only the part of your income that goes over that threshold is taxed at the higher rate, not all of it. For example, if the tax bracket jumps from 12% to 22% at $40,525 and you make $40,600 due to overtime, only the $75 over $40,525 is taxed at 22%, not your entire income.
So, you're not paying a separate, higher tax just because you're working overtime—you're just earning more, so you may pay more overall. The government collects more taxes because you’re earning more, but it’s not like they’re adding an extra tax on overtime itself.
Not Axios but the CRFB. I would think they know what they are talking about.That's if you use the axios numbers.
There's a heavy reliance on using the Trump tax cuts in their numbers. Those tax cuts factor into projecting federal tax revenue for a fiscal year.....running up a $2T deficit in 2024 with the revenue projections can't be blamed solely on the tax cuts. If either party were actually serious they'd cut spending in accordance to projected revenues. Neither party does that.
FY Deficit (in billions) Debt Increase (in billions) Deficit-to-GDP Ratio
2017 $665 $671 3.4% 2018 $779 $1,271 3.8% 2019 $984 $1,203 4.6% 2020 $3,132 $4,226 14.7% 2021 $2,772 $1,484 11.8% 2022 $1,376 $1,402 5.3% 2023 $1,684 $2,238 6.2%
2024 projected at 2T. Saying either party is serious about the deficit is ridiculous.
U.S. Budget Deficit by Year Compared to GDP and Debt
The federal budget deficit rises when government spending is high, such as during wars or recessions. Budget deficits cause the national debt to grow.www.thebalancemoney.com
You’re hoping the tax cuts generate revenue? Hasn’t that proven to fail every time? It’s really why we are where we are at with the deficit. It has been going up since Reagan and keep doing the Republicans keep doing it over and over.
You say we need to cut spending which I agree with, both parties haven’t cut spending, but only the Republicans cut revenue (taxes) as well. That is what is insane about this.
This "plan", read desperate heave, is cut from the same cloth, yes. Truly annoying to me.
This is a possibility depending on what “profession” one is performing the work in. Add in certain inflation factors (1.5 rate, holidays, overnight shift, etc) and the possibility increases.
Then there are those that may just get straight time. If they work OT and their company bills out their time, the company makes increased profit from not having any benefit costs for the OT. Lucky mean would fall in this category.
I’m not in favor of this proposal just as I am not in favor of no tax on tips proposal.
I can see how that would work. A ceo makes minimum wage to 40 hour and overtime is 10 million an hour after that.
And you are still failing to see my argument. A person is working OT to have a little more money in their pocket. Why should the government reap the rewards of someone trying to earn a little more money. I understand that if you make money you pay taxes. If you make more money you pay more in taxes.
Sometimes someone working OT to make more money, might accidents push themselves into a higher tax bracket and pay more.
Actually, I'm hoping both parties get serious about the deficit, they aren't.
They just engage in the blame game.
Don't know where you got the bolded from my posts.
Harris is proposing both tax increases for the rich and tax cuts for the middle class on down.. She's also floating increasing the child tax credit to $6k, $20k for first time home buyers and student loan relief. I don't see how that equates to cutting the deficit.
Trump isn't proposing anything that will cut the deficit and is proposing more tax cuts.
Like I said, we're screwed in regards to the deficit.
Having a $2T annual deficit in a relatively strong economy should be concerning for everyone but it barely registers as an issue.
We’ve been hearing that “we’re screwed” excuse forever.
How much money does someone earn to be rich?So you're for taxing the rich.
Yep. It's the equivalent of climate change in that regard.
We're screwed sooner or later if we keep running these deficits, but kicking the can down the road is the easier path.
This thread is great. Uproar about people possibly getting to keep more of the money they make. People calling this contributing to the deficit!!! All the while supporting someone who basically is just throwing out checks for votes. Great stuff guys!
LOOKS LIKE DA BDE420 IS A FOOKIN ALPHA DAWG JUST LIKE ME AND DA HAWKEYEHITMAN!!!!!!!!!!!!!!!!!!!!! THANK GOD WE GOT ANOTHAH MAGA PATRIOT AROUND HERE TO KICK AROUND YOU RADICAL MARXIST LIBTAHDS!!!!!!!!!! I BET DA BDE CRUSHES CANS OF ICE COLD SPRITE AND DOESN'T SPEND TIME IN DA INTERSTATE BATHHOUSES EATING SEMEN AND SOY AND WORSHIPPIN DA SQUAD, DA BERNIE, DA KAMALALALA, DA SLOW JOE AND DA CHE GUEVARA!!!!!!!!!!!!!!!!! DA BDE ALSO KNOWS WE NEED DA CASSVILLE BRIDGE AND THAT DA SOUTHERN CLAYTON COUNTY IS GOD'S COUNTRY!!!!!!!!!!!!!!!!!!
No
You are taxed the same and there is an equally mutual benefit to both you and the government for all hourly workers in this situation. You are paid a premium for your time and the government is not demanding the same. You are still getting 1.5x or 2x of your normal net per hour after all retirement or government withholding. Do you think your retirement match should be waived for overtime? How about on a bonus?
^^^^Derp
Never worked overtime before lol. Probably lives gated community and trust funder who cannot figure out why everyone is struggling.
Do better than this Comrades
Sucks but you knew what you getting in salary. Hourly isn’t promised anything except time worked not paid same of there or not like salary
Fvck student loan payoff. You choose that debt for an opportunity to make more money. With a degree you earn more in lifetime than non degree so budget better as you should have a better life financially already not given a handout for being in a better position overall. You want student loan repayments force the schools to cut cost for classes which have risen insanely
Too many people go to private school for four years and borrow every penny and then cry about it.
Government Student loans should only be based on junior college tuition and state school for the state the kid lives in. Want to go somewhere and can’t afford it? Private loans and tell the lenders they will be forgiven via bankruptcy so good luck loaning out that.
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