Trump vows to end taxes on overtime pay and Social Security benefits if elected in November
Former President Donald Trump has vowed to eliminate taxes on overtime wages and Social Security benefits if elected in November.
During a campaign rally in Tucson, Arizona, on Sept. 12, the Republican presidential nominee proposed to eliminate taxes on overtime wages for American workers. He stressed that, if elected, these changes would be among his first actions in office. (Related: Trump promises to fire federal staffers involved in CENSORSHIP.)
“Today, I’m also announcing that as part of our additional tax cuts, we will end all taxes on overtime. You know what that means? Think of that,” Trump said. “That gives people more of an incentive to work, it gives the companies a lot, it’s a lot easier to get the people.”
Trump argued that removing taxes on overtime pay would create a “whole new workforce.” He then praised essential workers, including police officers, nurses, factory workers, truck drivers and construction workers, as some of the hardest-working Americans who would benefit from the plan.
“The people who work overtime are among the hardest working citizens in our country and for too long no one in Washington has been looking out for them,” he continued.
Aside from cutting taxes on overtime pay, Trump also reiterated his commitment to eliminating taxes on Social Security benefits.
“Seniors should not pay tax on Social Security,” Trump posted on his Truth Social platform in an all-caps message on July 31. Later that day, he reiterated the point during a Harrisburg, Pennsylvania, rally, telling the crowd that “they won’t” pay such taxes if he wins the election. He also repeated this claim during the Tucson rally.
Tax Foundation: Trump’s proposal could reduce federal tax revenue by $6.1 trillion over 10 years
Under the Fair Labor Standards Act, overtime wages of individuals working more than 40 hours per week are taxed at the same rate as regular income. Meanwhile, about 40 percent of Social Security recipients must pay federal income taxes on their benefits.
The Social Security Administration reports that retirees with “other substantial income,” such as wages, self-employment earnings, interest or dividends, are required to pay taxes on a portion of their Social Security benefits. Retirees earning less than $25,000 annually or couples earning less than $32,000 are currently exempt from this taxation.
However, any change would require Congressional approval.
Although Trump has yet to release a comprehensive tax plan, the Tax Foundation noted that his proposal could reduce federal tax revenue by $6.1 trillion over 10 years. While these cuts may ease the burden on individuals, the foundation warned that they could shrink the economy and increase national debt, especially if combined with the tariffs Trump has proposed.
“Overall, Trump’s policies would reduce distortions in one part of the tax system, namely income taxes, only to replace them with new distortions in another part of the tax system, namely tariffs,” the foundation wrote. “The combination of policies under consideration risks shrinking the economy and growing the debt.”
Head over to Trump.news for more stories about the former president.
Watch Brother Nathanael Kapner warning that CBDCs, which the Republicans oppose, will usher in the One World Government in the clip below.
This video is from The Prisoner channel on Brighteon.com.
More related stories:
Mike Adams and Texas Rep. Cloud discuss the implications of RFK Jr. supporting Donald Trump.
Tim Walz’s cousins in Nebraska declare their support for Donald Trump.
POLL: American voters trust Donald Trump more than Kamala Harris on firearms issues.
Media personalities ATTACK RFK Jr. for endorsing Donald Trump.
Tulsi Gabbard endorses Donald Trump for president as former Dems reject the tyrannical, Marxist Left.
Sources include:
NTD.com
TheEpochTimes.com
Read full article here
