No tax on tips is a HUGE boon for highly tipped people. The punishment for cheating on tip taxes has been that you file Workmen's Comp, Unemployment, and for SS, its all based on what you claimed and you will get less. Is it a way to get accurate data on tips so they pay into SS and Medicare fairly? How will they change the benefit computations?
No Tax on OT, great for people who can get OT, many people don't have an opportunity. This will certainly increase people who can work OT to do so. Construction, Factory work, etc... In my case I worked my FT job with a PT job 7 days a week for 3 months, but quit the PT to get OT and have days off.
It should be no tax past 40 hours so that people who work multiple jobs benifit.
No Tax on SS has been turned into 4,000 deductible for people aged 65 each and on SS. Lets hope they go with no tax on SS period. This is a massive boon for people who are in a higher tax bracket, less so for people in a lower tax bracket.
In fact all 3 of these are much more beneficial to higher earners.
Have to wait and see what the Senate does....
In my case it is all kind of meh, I'm not tipped, this year will most likely be my last year working, I'm almost 67 (I might work 6 months a year and take all the OT I can get) and the SS Deductible amounts to 400-600 a year
Overall I'd vote yes for it, I could choose to work longer... Fix the SS to be no tax on SS and I'd cheer.
An increase to Standard Deduction of 1,000 is ok. Child Tax Credit ok.
No tax on tips is a HUGE boon for highly tipped people. The punishment for cheating on tip taxes has been that you file Workmen's Comp, Unemployment, and for SS, its all based on what you claimed and you will get less. Is it a way to get accurate data on tips so they pay into SS and Medicare fairly? How will they change the benefit computations?
No Tax on OT, great for people who can get OT, many people don't have an opportunity. This will certainly increase people who can work OT to do so. Construction, Factory work, etc... In my case I worked my FT job with a PT job 7 days a week for 3 months, but quit the PT to get OT and have days off.
It should be no tax past 40 hours so that people who work multiple jobs benifit.
No Tax on SS has been turned into 4,000 deductible for people aged 65 each and on SS. Lets hope they go with no tax on SS period. This is a massive boon for people who are in a higher tax bracket, less so for people in a lower tax bracket.
In fact all 3 of these are much more beneficial to higher earners.
Have to wait and see what the Senate does....
In my case it is all kind of meh, I'm not tipped, this year will most likely be my last year working, I'm almost 67 (I might work 6 months a year and take all the OT I can get) and the SS Deductible amounts to 400-600 a year
Overall I'd vote yes for it, I could choose to work longer... Fix the SS to be no tax on SS and I'd cheer.
An increase to Standard Deduction of 1,000 is ok. Child Tax Credit ok.