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

[JoeSig]

If this does pass, I wonder what stipulations would be placed on it. Do employers also get a break for their payroll tax expense? After running a business, I learned the highest expense is always human capital...

I hate seeing how much of my check goes toward funding SS. Those dollars in an investment portfolio would pay me far more than SS ever will and if there is anything left over after me, it can be passed on to beneficiaries. Government benefits stop after death...

 

[BJHay]

I get much more excited about spending cuts. This is pandering to buy votes with borrowed money.
The national debt is one of our biggest long-term problems with the potential to sink the country.

 

[HoosierLife]

Companies wouldn't have more bookkeeping, you might. 401k investments are pretax.

All of those are state taxes, why would they go up due to a decrease in fed taxes?

And no, just no. The middle class doesn't pay the most in fed income taxes. The top 1% pay around 46% of total tax revenue, top 5% put in 65%.

Summary of the Latest Federal Income Tax Data, 2024 Update

The Tax Cuts and Jobs Act (TCJA) made many significant, but temporary, changes to the individual income tax code to lower tax rates, widen brackets, increase the standard deduction and child tax credit, and more.

taxfoundation.org

Both of those aren't based on income, but yes it could and probably would increase difficulty in tax prep.

High earned income wage earners pay the most income tax, yes.

But most of the 1% have figured out how to pay less taxes through passive income, paper losses, getting paid in debt, capital gains, and pushing as much of the tax burden to death as possible.

 

[HoosierLife]

If this does pass, I wonder what stipulations would be placed on it. Do employers also get a break for their payroll tax expense? After running a business, I learned the highest expense is always human capital...

I hate seeing how much of my check goes toward funding SS. Those dollars in an investment portfolio would pay me far more than SS ever will and if there is anything left over after me, it can be passed on to beneficiaries. Government benefits stop after death...

That was the question I had. Does no one, including the employer, have to pay taxes.

What about fica?

I do think this could work. But a lot of is just pandering.

But think of the optics.

Trump is pushing for it, Rs in Congress are pushing for it (hypothetically), and Ds are pushing against it, come 4 years from now, that could mean a bloodbath for the D side.

Who wants to be seen as fighting against the working man??

 

[Ingomike]

I get much more excited about spending cuts. This is pandering to buy votes with borrowed money.
The national debt is one of our biggest long-term problems with the potential to sink the country.

A presidential candidate running on spending cuts and debt reduction would be lucky to even get all four of the votes from you, me, firecadet, and DD, and we all like the idea…

 

[Ingomike]

High earned income wage earners pay the most income tax, yes.

But most of the 1% have figured out how to pay less taxes through passive income, paper losses, getting paid in debt, capital gains, and pushing as much of the tax burden to death as possible.

And still the top ten percent still pay something like 60% of the total paid in taxes…

 

[Ingomike]

That was the question I had. Does no one, including the employer, have to pay taxes.

What about fica?

I do think this could work. But a lot of is just pandering.

But think of the optics.

Trump is pushing for it, Rs in Congress are pushing for it (hypothetically), and Ds are pushing against it, come 4 years from now, that could mean a bloodbath for the D side.

Who wants to be seen as fighting against the working man??

That old dems representing the working folks is over, though some still have not noticed yet…

 

[KLB]

A presidential candidate running on spending cuts and debt reduction would be lucky to even get all four of the votes from you, me, firecadet, and DD, and we all like the idea…

Oh, and me!

 

[Brad69]

Amen to that!!!! I plan to retire at 55 and we live it up now!

There is a few guys that wont retire, funny thing is they are the most miserable people. One guy is 70 has 50 years! He is loosing money working!

I retired earlier this year at 55 life is awesome I had a plan since I was 18. I watched my uncle’s work way too long into the late 60’s.

My father retired at 60 and died at 75 that’s only 15 years of freedom.

Life is too short to work forever if you wanna stay busy volunteer for something.

It makes me sad that people only have SS it was never meant to be your sole income. Elderly people died during the depression from starvation. So SS was put in place it was 62 years before anyone that paid in drew money. It started off in a deficit.

How do they live off of like $2000 a month?

 

[racegunz]

I retired earlier this year at 55 life is awesome I had a plan since I was 18. I watched my uncle’s work way too long into the late 60’s.

My father retired at 60 and died at 75 that’s only 15 years of freedom.

Life is too short to work forever if you wanna stay busy volunteer for something.

It makes me sad that people only have SS it was never meant to be your sole income. Elderly people died during the depression from starvation. So SS was put in place it was 62 years before anyone that paid in drew money. It started off in a deficit.

How do they live off of like $2000 a month?

2000? My experience is it’s less, about 1600. That’s before income tax. But hey as long as they can pay their property taxes right? All the while our government gives money to illegals and Ukraine by the billions.

 

[2tonic]

Because your employer matches those taxes through their payroll taxes.

That doesn't change. They would pay the same amount as they currently pay.
I would pay the same amount of SS and Medicare taxes as I currently pay.
The only difference would be that part of my paycheck would not be subject to income tax.