Trump no tax on overtime pay.

BREAKING NEWS

Trump Administration Announces Historic Tax Reforms: Overtime Pay to be Tax-Free!

Washington D.C., USA – In a significant move aimed at boosting American workers’ take-home pay, the Trump Administration has announced that overtime pay will no longer be subject to federal income taxes. This bold decision is expected to have a profound impact on the lives of millions of workers across the country.

Effective immediately, the overtime pay exemption, which covers employees earning up to $35,000 per year, will be exempt from federal income taxes. This means that workers who are eligible for overtime pay will see a significant increase in their take-home pay, without any additional tax burden.

According to White House officials, the move is part of the administration’s efforts to stimulate economic growth and create jobs. "This is a major win for American workers," said a senior administration official. "By exempting overtime pay from federal income taxes, we are putting more money in the pockets of hardworking Americans, and giving them the financial security they deserve."

The change is expected to benefit an estimated 8 million workers, who will no longer have to pay federal income taxes on their overtime pay. This will result in a significant increase in take-home pay, with workers potentially seeing an additional 10-15% of their earnings.

What does this mean for workers?

• Overtime pay will no longer be subject to federal income taxes
• Workers earning up to $35,000 per year will be eligible for the exemption
• Estimated 8 million workers will benefit from the change
• Take-home pay is expected to increase by 10-15%

What does this mean for employers?

• No changes to employer tax obligations
• Employers will still be required to pay overtime pay to eligible employees
• The move is expected to boost worker morale and productivity

Reaction from lawmakers and advocacy groups

• "This is a major victory for American workers," said Senator Ted Cruz (R-TX). "We applaud the Trump Administration for taking this bold step to increase worker take-home pay."
• "This is a long-overdue move that will help level the playing field for workers," said AFL-CIO President Richard Trumka. "We look forward to working with the administration to build on this momentum."

Stay tuned for further updates on this developing story

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Related Articles:

• Trump Administration Announces Plans to Cut Corporate Tax Rate
• Senate Approves Bill to Increase Minimum Wage
• How Will the Trump Tax Plan Affect Your Wallet?

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Trump no tax on overtime pay.

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