Sen. Roger Marshall, R-Kan., a member of the Finance Committee, explained to Newsmax his proposed no tax on overtime bill, which would tax overtime pay after $10,000 for single people and $20,000 for married couples.
“We’re going to let that first $10,000 of overtime wages that you make; we’re going to make sure the government doesn’t take home any of that — $20,000 for a [married] couple — that means you could keep up to $4,000 more of your hard-earned money,” Marshall told “Finnerty.”
According to The Wall Street Journal, which reported Tuesday on Marshall’s proposal, “the break for overtime pay would start phasing out once individual adjusted gross income reaches $100,000 or when a married couple’s income reaches $200,000.
At the 22% marginal tax rate that applies to many taxpayers in this range, a deduction for $20,000 in overtime pay would save $4,400 in taxes.”
As it appears and as an example, if someone earns $30,000 in overtime, only the first $10,000 avoids income tax. The other $20,000 is still taxed at the regular income tax rate.
The senator told Finnerty his plan is to have his bill rolled into the “big, beautiful bill” which will be a part of “President Trump’s legacy.”
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