BusinessPostCorner.com
No Result
View All Result
Monday, June 2, 2025
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
BusinessPostCorner.com
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
No Result
View All Result
BusinessPostCorner.com
No Result
View All Result

Trump pledges no taxes on overtime in pitch to blue-collar vote

September 13, 2024
in Accounting
Reading Time: 4 mins read
A A
0
Trump pledges no taxes on overtime in pitch to blue-collar vote
ShareShareShareShareShare

Republican Donald Trump pledged to eliminate taxes on overtime pay at a rally days after a shaky debate performance, as the presidential nominee looked to turn the page with a new populist tax cut proposal.

“We will end all taxes on overtime,” Trump said Thursday at a rally in Tucson, Arizona. “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.”

The overtime plan would increase the value of hourly workers’ time-and-a-half earnings after 40 hours a week. That has the potential to motivate the blue-collar workers critical to his base of support to show up to vote for him on Election Day.

Donald Trump

Hannah Beier/Bloomberg

The proposal comes two days after Trump’s unsteady debate performance that both pundits and surveys say his opponent Kamala Harris won. Many of Trump’s allies said the debate was a missed opportunity to focus on the economy, an issue where polls show voters trust the former president over Harris.

Over the last three months, Trump has rolled out a steady drumbeat of politically beneficial tax cut plans focused on key election constituencies. He’s proposed ending all taxes on tipped income — a plan designed to appeal to the restaurant, hotel and casino workers in swing-state Nevada. He wants to eliminate all taxes on Social Security benefits, which would help older voters.

Trump’s tax cuts on tips and old-age benefits have broad bipartisan appeal, according to a Bloomberg News/Morning Consult poll last month. Yet they also come with a huge price tag: A Bloomberg review of all Trump’s tax proposals — including a proposed reduction of the corporate tax rate and the extension of his 2017 tax cuts — estimates that they would add more than $10.5 trillion to the national debt over 10 years.

Trump said his no-tax-on-overtime idea would help companies lure more workers and keep them on the job site for longer.

“I went to some economists, great ones, and I said, ‘What do you think?’ They said, ‘It would be unbelievable.’ You’ll get a whole new workforce by doing the no taxes on overtime,” Trump said Thursday.

Joseph Costello, a spokesperson for the Harris campaign, said Trump “is desperate and scrambling and saying whatever it takes to try to trick people into voting for him.”  

The former president’s plan to eliminate taxes on tips — an idea Harris has also embraced — has been criticized by economists because it could allow workers and employers to dodge taxes by characterizing wages as tips.

Mortgage rates

Trump also vowed to cut mortgage rates to 2%, something he wouldn’t be able to control if he were to win a second term.

The president doesn’t set mortgage rates, and only has limited influence over the U.S. Federal Reserve, which sets the borrowing cost levels home loans are based on. The Fed is slated to meet next week and is expected to make a modest reduction to interest rates.

Mortgage rates in the U.S. have dropped to the lowest level since February 2023. The average for a 30-year, fixed loan was 6.2%, down from 6.35% a week earlier, Freddie Mac said in a statement Thursday.

Credit: Source link

ShareTweetSendPinShare
Previous Post

It’s still the economy, stupid, for Kamala Harris

Next Post

On the move: Georgia CPAs fight hunger

Next Post
On the move: Georgia CPAs fight hunger

On the move: Georgia CPAs fight hunger

BDO CEO Wayne Berson to retire, Matthew Becker tapped as successor

BDO CEO Wayne Berson to retire, Matthew Becker tapped as successor

May 29, 2025
AI’s reckoning: confronting job loss in the Age of Intelligence

AI’s reckoning: confronting job loss in the Age of Intelligence

May 30, 2025
Boeing should not be an ‘unintended consequence’ of trade war

Boeing should not be an ‘unintended consequence’ of trade war

June 1, 2025
AI deepfakes pose ‘significant’ risk to ‘identity systems upon which our entire economy relies,’ warns fintech CEO

AI deepfakes pose ‘significant’ risk to ‘identity systems upon which our entire economy relies,’ warns fintech CEO

May 29, 2025
Cantor Fitzgerald Asset Management to Launch Gold-Hedged Bitcoin Fund

Cantor Fitzgerald Asset Management to Launch Gold-Hedged Bitcoin Fund

May 30, 2025
Return of 100% mortgage gathers pace as lenders target first-time buyers

Return of 100% mortgage gathers pace as lenders target first-time buyers

May 31, 2025
BusinessPostCorner.com

BusinessPostCorner.com is an online news portal that aims to share the latest news about following topics: Accounting, Tax, Business, Finance, Crypto, Management, Human resources and Marketing. Feel free to get in touch with us!

Recent News

This little-known AI darling is climbing the Fortune 500 faster than any other company

This little-known AI darling is climbing the Fortune 500 faster than any other company

June 2, 2025
Wintermute’s “CrimeEnjoyor” to Warn Ethereum Users of Wallet-Draining Attacks

Wintermute’s “CrimeEnjoyor” to Warn Ethereum Users of Wallet-Draining Attacks

June 2, 2025

Our Newsletter!

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2023 businesspostcorner.com - All Rights Reserved!

No Result
View All Result
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources

© 2023 businesspostcorner.com - All Rights Reserved!