GOP Congressman Advocates for Elimination of Overtime Pay Taxes
GOP Congressman Advocates for Elimination of Overtime Pay Taxes
A Republican congressman is reintroducing legislation that would eliminate taxes on overtime pay, an initiative gaining traction following President-elect Trump's campaign support. Rep. Russ Fulcher (R-Idaho) plans to reveal the Keep Every Extra Penny (KEEP) Act, aimed at removing income taxes on overtime wages.
Legislation Details and Impact
Fulcher stated, “Americans who choose to work overtime to support their family should be able to keep more of their hard-earned paycheck, not less.” He emphasizes the need for financial relief amid rising inflation, asserting this legislation will help tackle the workforce shortage and boost worker income.
Previous Efforts and Political Context
- Fulcher first introduced this legislation last July, but it lacked a vote.
- The KEEP Act aims to exempt eligible overtime wages from income taxes while preserving payroll taxes to protect Social Security and Medicare.
- Trump had previously proposed a similar tax measure on the campaign trail, which the current administration criticized.
As Republicans regain control of Congress, discussions on tax policies, including the KEEP Act, are expected to intensify.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.