Can we please stay on Topic and not resort to the mud flinging of politics?
Im just trying to Plan ahead under the Assumption that the Bill will Pass.
I read the Bill that got passed in the house, but I’m unsure how it will affect me & others like me in MSC (aka Hourly Mariners). Does the 160k limit only apply to my base Salary, or does it apply to All earned income? Will it have taxable brackets? If nobody knows and I need to wait for more information, that is also acceptable.
All Auto Pen signed pardons should be revoked and the pardoned sent back to prison. Including Auto Pen pardons of 1500 treasonous cop killers that vandalized the capitol
The bill passing the house means nothing for you or anyone else. It’s not a law.
From what I’ve read, and it’s all confusing to me so I may be wrong….the no tax on overtime is a deduction to be claimed while filing taxes.
So taxes will still get taken out of your overtime check as usual, and you claim the taxes on that overtime the following year when you file taxes, which will be captured in new boxes on your W2. So no real increase in your actual paycheck. But maybe marginal increase in your tax refund?
With the income limit being under 160k, how many people working over time will be in a situation where itemizing deductions to claim the tax free overtime benefits is greater than the standardized deduction of $15,000/$22,500/$30,000 depending on marital status?
The deduction would only apply to certain jobs: The Trump administration must publish a list of occupations that qualify for the provision within 90 days of the bill’s passage. What’s the over/under in maritime employment not being a qualified occupation?
It will all be coming out soon enough. The Biden administration will be going down in the history books as the most corrupt administration ever. Surely your not that blind…
$97 billion out the door in the last few weeks..
The autopen wrote lots of checks without checks, maybe its because its spelt wrong..
Checking cheques?
The DNC has headed down the commie party mantra, we must be in power at any cost and the voters are cannon fodder.
160k total compensation. In other words If you make 160k in total wages (base and or included ) throughout the year then you get no benefit.
The same way we pay for the Green New Deal. Taxes pay for it, the Government pays the rest.
There are hundreds of billions of tax dollars (possibly trillions) going to pet projects of these elites in Washington who for sure are getting kickbacks, hundreds of billions going to corrupt foreign governments, hundreds of billions going to schools and corporations for BS research that benefits no one. We are so far in debt because republicans or democrats have zero fiscal responsibility or control. So when an American president comes along and gives me a legal means to contribute less of my income to find these BS billions and billions? I’ll take it.
Because that has stopped them before… before you answer, please consider anything overturned previously by the courts.
It’s kind of like a one time Arkansas governor suggesting he supports women’s rights when he is at best a man who cheats on his wife and is a predator on a young intern, and at worst he’s quite possibly a rapist.
But does he actually pay them?
I hope what you are saying is true concerning OT & tips (bonuses). If you are making $160k a year filing single, that means you’re making $76.92 an hour. ($76.92×40) × 52 = $167,000. That’s upper middle class like us. Give the no tax OT & tips to the middle & working poor imo. Good on Trump & the Republicans for this common sense approach. The $500k limit for SALT deductions for those in blue states should be a big enough bone to get this passed in the Senate?
just started working for a california based workboat company a few hitches ago. Ca LAW ALREADY has us paid hourly with 44 hours per week being OT at 1.5x regular hourly rate, plus 4 hours double time for sundays OT. it will be very easy to not iclude the OT portion of wages in taxes… if it works out how it should it will be around a 20-40% annual raise i would estimate.
but im not holding my breath. the bill still needs get passed in its final form and despite the obvious flaws in both parties and Canidates i am cautiously optimistic we might actually have something good come out of this.
time will tell.
I admittedly have not been following this very much but I wonder…
I guess the devil is in the details.
Except under this tax bill they’ll still wind up paying more in taxes than before. No tax on overtime is just a show to make gullible people think Trump did something to help working people while he’s fucking them over.
That’s not how it’s set to work though. They’re going to collect taxes on everything like normal then when you file taxes, and itemize deductions, at the end of the year you might get some back if you qualify.
The Senate proposal is this:
"Under the proposal, individuals would be able to deduct up to $10,000 of overtime pay from their income taxes. For married couples, the cap would be set at $20,000. This is an “above-the-line” income tax deduction, so workers would have the ability to claim the deduction whether they itemize their deductions or take the standard deduction.
“Additionally, the proposal phases out the benefit for top earners, identified as individuals earning $100,000 or more and married couples earning $200,000 or more. The deduction is reduced by $50 for every $1,000 in income the individual or married couple earns above their respective threshold.”
We weren’t giving money to Ukraine, we were giving stuff to Ukraine. Since most of that stuff was made in the US it was also a massive economic stimulus for the US.
No one is outraged about no tax on tips/overtime. You’re delusional.
If Congress eliminates taxes on tips and overtime, the Republican candidates for Congress will do very well in the midterm elections.
In short, the Republicans are taking a page out of the Democratic Party playbook, they are buying votes.
What’s interesting, is that your pivot from tax collection to spending concedes the point. Very well. Moving on.
On the matter of Ukraine, we are hardly “giving money to Ukraine”. Aid to Ukraine is an investment in putting Russians into body bags at bargain basement prices. Something we could only dream of in the '70’s and '80’s.
If you’re serious about spending, and I think you are right to be concerned about that, look to military spending where the big money is and bargains are hard to come by. I think you’d be wise to consider the benefit vs. cost that Ukraine is providing.
They don’t know, and don’t want to know.
They worship Trump as their messiah and believe he can do no wrong.
Simply put, their messiah told them Ukraine is bad and Putin is good.
In unrelated news today Trump claimed that, “Biden was executed in 2020 and replaced by a robot clone”
So there’s that.