tax cut, One Big Beautiful Bill
Digest more
8h
Soy Nómada on MSNOne, Big, Beautiful Bill does not eliminate Social Security taxes, instead proposes this alternativeThe Trump administration's 'One, Big, Beautiful Bill' promised to end Social Security taxes. However, it doesn't eliminate them but introduces new deductions for seniors, effectively reducing taxes for many.
So, Trump’s “no tax on overtime” law could mean bigger federal tax refunds for many middle-income workers across the Mid-Atlantic, especially in industries like healthcare, manufacturing, and construction where extra hours are common. But don’t expect your weekly paycheck to grow. The savings will come when you file your 2025 taxes in early 2026.
As a candidate, Trump promised to lift taxes on overtime. The new law allows workers to deduct up to $12,500 in overtime compensation (for single filers) or $25,000 (for joint filers). This deduction phases out for income levels between $150,000 and $275,000 (for single filers) and $300,000 and $550,000 (for joint filers).
Republicans, including Senate Minority Leader John Braun, have cheered on the bill for offering tax breaks to middle-class residents.
The Democratic National Committee is showing where President Trump's bill could hurt people in the state, but the White House points to savings.
An analysis by a think tank found that annual household energy costs in the state will increase $110 by 2030 and $410 by 2035.