Sen. Roger Marshall, R-Kan., has proposed legislation that would turn President Donald Trump’s onetime campaign promise of “no tax on overtime” into law but calls for some limits on the earnings.
Marshall’s plan on cutting taxes on overtime pay calls for the break to end once the taxpayers’ adjusted gross income reaches $100,000 for singles or $200,000 for married couples and capping the nontaxed income at $10,000 for single people or $20,000 for couples, reports The Wall Street Journal Tuesday.
The legislation would mean, at the 22% marginal tax rate, a taxpayer would save $4,400 in taxes on $20,000 in overtime pay.
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