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No tax on overtime won't work

Nameless King

Purple Belt
@purple
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High earners will abuse it to dodge tax.

Will halve their wages and then pay the difference via non-existent 'overtime'.
 
Actual high earners avoid tax in a much more efficient manner.

They pay themselves in stock (majority of income), then borrow against it, tax free.
Also when they eventually cash out that stock they are taxed at capital gains rate which is lower than the highest tiers of tax, and there are ways to reinvest which postpone and or avoid taxation even further, such as certain real estate investments.


Entire tread is based in faulty logic.
People who could actually manipulate their hourly earning as proposed almost entirely are already paid in salary. Workers paid on hourly wage have little to no say as to what their wage rate is and how it is distributed.

Beyond that you are talking about large scale corruption, and felony tax evasion is already a felony.
 
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Not taxing tips won't work either.

It's going to encourage people to try to make more in tips, so industries that didn't tip before will now start asking for tips.

Don't tip your mechanic? He'll remember. And probably enter it in the computer.

Did you tip your doctor? I hope so because you have to come back for a procedure next month.
 
High earners will abuse it to dodge tax.

Will halve their wages and then pay the difference via non-existent 'overtime'.

No tax on overtime earnings is a blessing for the hard working and legally employed,

every other POS will Slam this fantastic financial help...For Employed Americans.

Harris and Biden leeches HATE less taxes their Policies take and give to Sanctuary City Gubmint Thieves and their illegally housed migrants.
 
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Not taxing tips won't work either.

It's going to encourage people to try to make more in tips, so industries that didn't tip before will now start asking for tips.

Don't tip your mechanic? He'll remember. And probably enter it in the computer.

Did you tip your doctor? I hope so because you have to come back for a procedure next month.
inb4 this ends up in war room.

Also Trump has already taken the position that 'Tips belong to the Employer and not employee, unless they want to pass them on', so if he gets his 'no tax on tips' thur, it is a giveaway to business owners and not workers.
 
Not taxing tips won't work either.

It's going to encourage people to try to make more in tips, so industries that didn't tip before will now start asking for tips.


There are already places that never asked for tips that are now attempting to ask for them.


I doubt places like Dr’s and automotive shops will start doing it. Especially because it’s voluntary, wouldn’t make sense for them. Those types will want guaranteed money thru rates that are built in.

Don’t make sense to beg for a 20 when you’re rate is like 150 an hour (shop wise).. and Dr’s make so much it also wouldn’t make any sense
 
Not taxing tips won't work either.

It's going to encourage people to try to make more in tips, so industries that didn't tip before will now start asking for tips.

Don't tip your mechanic? He'll remember. And probably enter it in the computer.

Did you tip your doctor? I hope so because you have to come back for a procedure next month.
Dude, my company can just tip me my wage as a percentage of their net income.

<seedat>
 
‘High earners’ usually don’t get paid overtime because they’re on salary.
Not necessarily. Some just get really high hourly rates... though it's not like they get penalty rates either :-(
 
Not necessarily. Some just get really high hourly rates... though it's not like they get penalty rates either :-(


I guess it all depends on how we’re defining ‘high earners’
 
Are penalty rates even a thing in the US?
Fuck, I don't know...? I've only spent a month traveling around it.

It's about number 20 in the places I'd ever want to live so not likely to find out any time soon.

/shrugs
 
I guess it all depends on how we’re defining ‘high earners’
True... for me, if you're not on at least 100 an hour, you're not, but different people will have different definitions.
 
Fuck, I don't know...? I've only spent a month traveling around it.

It's about number 20 in the places I'd ever want to live so not likely to find out any time soon.

/shrugs
No worries it just came to mind. With a high income the US would be alright to live in, not a high preference for me either tbh
 
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