No Tax on Overtime Caveats!

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Episode Transcript

Speaker 1 (00:00):
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.

Speaker 2 (00:16):
Maybe Republicans are wising up a little bit. Yeah, Republicans
put forth a proposal to basically trim Donald Trump's no
tax on overtime little shindig into an actual reality. I
know from New York. Do you have any idea how

(00:40):
much money people make government workers in overtime? Again, it's
a seniority thing. The longer you've been there, the more
overtime that you can work and you can rack up.
It would be basically a free for all. So again, okay,
the new deduction UH is going to be capped at

(01:04):
ten thousand dollars for individuals and twenty thousand dollars for
married couples I hope. Okay, And it's going to start
being phased out once an individual's gross income reaches one
hundred thousand dollars or when a married couple's income reaches
two hundred thousand dollars. Again, you're gonna see some pushback. Oh, yeah, yeah,

(01:28):
a lot of the unions, public service unions, they're going
to be pushing back on this big time again. They
have to do this, They have to basically rain some
of this. And obviously he's also got his promises in
regards to no tax on tips, no tax on Social
Security benefits. Again, they're trying to make ends meet at

(01:52):
this point in time. Donald Trump comes up with these
ideas on the fly and they sound great and he
runs with them. But eventually, at some point in time,
you have to deal with reality watchdog on Wall Street
dot Com