Posted on 09/14/2024 8:02:46 AM PDT by knarf
Yes. But determined presidential support for such popular changes can be expected to prevail in Congress.
Almost all the promises made by candidates would require Congress to pass before taking effect.
However as head of the executive branch the President can set the agenda for the various government agencies that are under his control.
This is the President’s real power lies.
“Almost all the promises made by candidates would require Congress to pass before taking effect.”
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Applies only to Republican candidates. Dems just do them by administrative actions or EO’s.
I think it depends on how the statutes define income.
There could be a loophole where all it takes is for the IRS to change its regulations.
But, I suspect Congress would have to change the statutes.
> But determined presidential support for such popular changes can be expected to prevail in Congress. <
A tax code change must be passed by Congress. But yes Rock, you’re right.
Plus there’s the power (threat) of a presidential veto. A president could threatened to veto a bill filled with goodies for Congress unless he gets something in it he wants.
Yes, all the more reason to focus on down ballot candidates as well. Trump needs the Senate and a stronger majority in the House.
Just ask Joementia.
Look what he’s done, via EO, and the border INVADERS.
The promises and money for everything is just getting started. The closer to the election, the more these politicians will promise for other people and groups.
Grok; Aren’t “{No Tax On Tips” and “No Tax On Overtime” dependent on a Congressional vote Tax Code VOTE ?
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Answer
Yes, both “No Tax On Tips” and “No Tax On Overtime” proposals would indeed be dependent on a Congressional vote to amend the tax code. Here’s how it generally works:
Legislation Introduction: A bill like the “No Tax on Tips Act” or any legislation regarding overtime would first need to be introduced in Congress by a senator or representative.
Committee Review: The bill would then typically go to relevant committees (like the Ways and Means Committee in the House or the Finance Committee in the Senate for tax-related issues) where it could be reviewed, amended, or ignored.
Floor Vote: If the bill makes it out of committee, it would be scheduled for a vote on the floor of the House and/or Senate. Here, it would need a majority vote to pass.
Conference Committee: If the House and Senate pass different versions of the bill, a conference committee would reconcile these differences.
Final Vote: Both chambers would then need to vote on the reconciled version.
Presidential Action: After passing both chambers, the bill would go to the President, who could sign it into law, veto it, or do nothing (which, after ten days if Congress is in session, results in it becoming law anyway).
Implementation: If signed into law, the IRS would then need to adjust the tax code accordingly, which might involve new regulations or guidance.
For “No Tax On Tips,” there’s been discussion and legislative proposals, but as of my last update, no such law has been universally enacted. However, individual states or cities might have their own regulations or exemptions regarding taxes on tips or overtime pay.
For “No Tax On Overtime,” the situation might be more complex due to the integration of overtime pay within the broader labor laws, not just tax laws. Changes here might also involve the Department of Labor, not just the IRS.
Both proposals would represent significant changes to current tax practices:
No Tax On Tips: This would likely involve amending the Internal Revenue Code to exclude tips from taxable income, which could affect both federal income tax and possibly Social Security and Medicare taxes (FICA).
No Tax On Overtime: This could mean overtime wages wouldn’t be taxed, or it might refer to not taxing the additional amount over regular hours, which would also require a change in tax law.
The passage of such laws would depend on numerous factors, including political will, economic analysis of the impact on federal revenue, and public support. Given the nature of these changes, they would indeed require a Congressional vote to alter the tax code, followed by presidential action.
Remember, while there’s been legislative interest and proposals, without a final vote and signature into law, these remain proposals or ideas rather than enacted policy.
I live in Iowa and just found out from my investor adviser that retirement payouts from pension, 401k and Social Security are exempt from state tax.
I believe the constitution requires imposition of taxes to be approved by Congress. Instructing the IRS not to collect taxes on certain incomes? Why not an Executive order? I can’t imagine the Founders objecting to a president reducing the financial burden of government on the citizenry.
Pretty much everything a presidential candidate promises or a president does is, except for executive orders, which often far overreach anything that would make it through congress...
Any IRS employees that haven’t paid their taxes should be fired immediately.
EVERY PERSON IN CONGRESS HAS CONSTITUENTS WHO WORK OVERTIME, ETC.
It also gives you incentive to go out and vote for Republicans all the way down the line.
I pay taxes on social security and that’s not income. So why shouldn’t tips be taxed? It is concerned income.
THAT is a golden reply . . . . thanx.
The is why I roll my eyes at all the promises politicians make. It’s like the middle school kid running for class president. Nonsense.
Says you’d like to do this and will support efforts to make it happen. Don’t say “I will do…”
Yes indeed they are. And given how Congress likes to not even budgets anymore, which this would be a part, such a thing is guaranteed to never happen. Welcome to politics.
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