Former President Donald Trump pledged during a campaign rally on Sept. 12 to eliminate taxes on overtime pay for workers who clock in more than 40 hours a week.
Trump’s latest campaign proposal joins the growing list of measures to lower individual taxes for millions of Americans, such as eliminating taxes on tips and Social Security benefits.
Vice President Kamala Harris has not introduced a similar overtime proposal, but just like Trump she has pledged to abolish taxes on tipped wages.
Who Would Benefit?
Over 34 million people worked 41 hours or more on average per week last year, according to Bureau of Labor data.
Overtime Fair Labor Standards Act (FLSA) regulations mandate that virtually all hourly workers are automatically eligible to be paid time and a half when their official workweek exceeds 40 hours.
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Trump Vows to End Taxes on Overtime. Here’s What It Means for the Economy
- by: Andrew Moran
- 2024-09-17
- Source:
The Epoch Times
- 09/17/2024
