There had to be caps on overtime and tips so it wasn’t abused and could be increased later to more fanfare. I think the overtime cap is too low to start. Social Security couldn’t be touched in reconciliation because of the rules. So I hope that there’s a separate bill coming that eliminates the taxes on Social Security. The $6,000 per person doesn’t impact the AGI and thus your tax percentage on Social Security. So I still pay taxes on 85% of my Social Security.
There had to be caps on overtime and tips so it wasn’t abused and could be increased later to more fanfare. I think the overtime cap is too low to start. Social Security couldn’t be touched in reconciliation because of the rules. So I hope that there’s a separate bill coming that eliminates the taxes on Social Security. The $6,000 per person doesn’t impact the AGI and thus your tax percentage on Social Security. So I still pay taxes on 85% of my Social Security.
That's why I said it's a Bait.