Posts tagged income
GOP senators unveil legislation to cut taxes on overtime pay in line with Trump’s campaign promise
May 7, 2025 // The Overtime Wages Tax Relief Act, introduced by Sens. Roger Marshall (R-Kan.) and Tommy Tuberville (R-Ala.), would allow individuals to deduct up to $10,000 in overtime pay from their tax bill. Married couples would be able to deduct up to $20,000. The legislation includes phase-out eligibility based on income. So, once individual adjusted gross income reaches $100,000, or $200,000 for married couples, the deduction is reduced by $50 for every $1,000 in earnings above the threshold.
House Republicans serve up reforms for tipped wage and paid leave
January 16, 2025 // House bills 4001 and 4002, introduced by Reps. Jay Deboyer, R-Clay Township, and Rep. John Roth, R-Interlochen, would modify new laws that, as of Feb. 21, will require paid time off for all employees and minimum wage for tipped wage workers. The 2024 decision by the state’s high court followed years of lawmaking, and the resulting laws, which have become a hot potato for both parties. Taken together, the new laws could increase restaurant costs by a quarter or more, according to a restaurant industry survey.
Harris Pushes Gig Workers, Contractors into Corporate Jobs with New Rule
September 25, 2024 // America already has too few people working. If the employment rate were the same as it was before the COVID-19 pandemic, 2.9 million more people would be working today. The last thing Americans need is another regulation that makes it harder to make a living and to afford the rising cost of living. Although the Biden-Harris regulation has only been in effect since March, and it’s too early to fully study its effects, the employment-to-population ratio dropped by 0.3 percentage points between March and July. This decline represents a loss of 700,000 workers.
New Law Redefines Employees and Contractors
March 7, 2024 // Data suggest worker misclassification may be the exception rather than the rule in many industries. Surveys consistently show that most independent contractors prefer their independence. Around 79% of them prefer their arrangement over a traditional job, according to the U.S. Bureau of Labor Statistics, while fewer than one in 10 contractors want a traditional work arrangement. "Since a lot of older Americans do seek out these flexible forms of work as they near retirement — or after — this rule will likely lead to reduced work opportunities for them." Implemented in 2020 when acting U.S. Labor Secretary Su was California's labor commissioner, California's Assembly Bill 5, or AB5, similarly set out to protect workers by getting more people on the payrolls. But many Californians working as legitimate contractors suddenly lost income after businesses and nonprofits stopped working with them as freelancers and didn't hire them as employees.
Minimum Wage Laws Increase Homelessness, New Study Finds
July 20, 2023 // Separate research, however, suggests California’s own policies have exacerbated its homelessness epidemic, including a new paper written by University of California economist Seth J. Hill titled “ Minimum Wages and Homelessness ” published last month. Utilizing data from the Department of Housing and Urban Development and other sources, Hill examined 100 cities from 2006-2019 to determine the relationship between wage floors and homelessness. The findings are bleak. “Merging administrative data from HUD to state and local minimum wage laws suggests that minimum wages induce increases in homeless counts,” Hill writes. “When cities raise their minimum wage by 10%, relative homeless counts increase by three to four percent.” This is why even left-leaning publications such as the New York Times, until relatively recently, conceded that using minimum wage laws to combat poverty was an “old, honorable — and fundamentally flawed” idea because it would “price working poor people out of the job market.” That minimum wage hikes increase unemployment was once hardly a debatable subject among economists, and even today a scouring of the literature shows that a “clear preponderance” of the scientific research shows a job-killing impact.
The Future of Unions (Gallup Polling)
May 2, 2022 // In short, views of unions do not significantly divide the rich versus the poor, the highly educated versus the less well educated or women versus men. Views of unions are largely a factor of the individual's underlying political and ideological orientation.