Former President Donald Trump suggested on Thursday night that money from overtime work be completely free from income tax. The overtime tax exemption would join Trump’s increasing list of recently proposed tax cuts, which already includes exemptions for Social Security payments and tipped income. Traditional Basis We project a lower-bound revenue drop of $680.4 billion over ten years if all overtime compensation is excluded from individual income tax. This most recent proposal would boost the deficit rise of Trump’s whole tax and tariff plan to $2.0 trillion over ten years,…
Read MoreTrump’s Proposal to No Tax on Overtime Pay Would Distort Workplace Choices
