Donald Trump, Republican presidential nominee, is promising workers he’ll eliminate tax on overtime wages if he’s elected. Overtime pay is defined as time-and-a-half paid for the time employees work over 40 hours in a single work week. Trump has also proposed to extend temporary tax cuts included in the Tax Cuts and Jobs Act (TCJA) and eliminate income tax on tips and Social Security income. Critics of his plans argue that they would slash government revenue. The nonpartisan Congressional Budget Office estimates that if the TCJA cuts are made permanent, it would increase the deficit by $3.5 trillion by 2033. The success of any proposal likely will depend on which party controls Congress.
Our Blog 