TAX changes for us?

If you have no debt when you retire Soc Sec is easy to live on.

 

And that same downside applies to companies that are offering drivers per diem. It lowers their taxable income which also means less $$$ contributed to social security. I do miss the good old days when I could write off X amount of days at $63/day.

 

Exactly! Put 10% of each paycheck into a Roth and max it out, then put the rest into a brokerage account.
Disclaimer: I'm not a CFP, but I did stay at a Holiday Inn.....

 

If you think any politician is going to do anything that benefits a blue collar employee you are mistaken. If your company is large enough to pay/bribe them enough they will do things to benefit them. It is the world we live in, like or not.

 

I know im screwed for the years ive paid into ss, im clearly not relying on it for anything, my comment was all about how its a terrible way to solve the problem its tackling since it requires constant manipulation of interest rates and requires 2% inflation anually statically, as well as a constantly growing at 2-3% of the population from births,

 

Overtime isn't normaly considered when applying for home loan. It's considered temporary income.

 

I thought about it, and a company isn't going to pay more if you figure roughly from an annual gross view point. In my case I make more than 6 figures annually in primarily cpm but some hourly. If they switched to just hourly with time-ans-a-half ot after 40 hours, to make up the same annual, my base hourly rate would drop into the toilet effectively killing vacation pay etc. A good company (mine fits that) makes it a win win for company, and drivers..... But the rates and competition still get a say and the company has to make a profit. I haul agriculture feed that doesn't pay that well on loads.... The bigger benefit for drivers is the other stuff with getting rid of the double brokering, and cheap foreign workers reducing reducing the company's that are undercutting rates so the loads pay enough to pay better wages. I know some of my loads after paying my wages and the fuel there's barely $100-200 gross to the company, I have no idea how that pays the mechanic, administrations, insurance etc.

 

I thought the OT exemption was capped at $12k. Average change for those who qualify is an extra $1400-$1800 on tax returns, or in the form of less taxes paid. However you look at it. Same either way.

 

12.5k if you file taxes single, 25k if married filing jointly.

 

It hit me right after posting, thanks I would still be wondering about that.