by Ethan Faverino | Jul 8, 2025 | Economy, News
By Ethan Faverino |
President Donald Trump’s One Big Beautiful Bill, supported by all Arizona’s Republican representatives, was signed on Friday, July 4th. The bill provides the largest tax relief in American history.
Among the bill’s most impactful provisions are no tax on tips, no tax on overtime, and no tax on Social Security benefits.
These policies are designed to put more money back into the pockets of the hard-working American people.
The “No Tax on Tips” provision offers a new deduction of up to $25,000 for workers in tipped industries. Whether tips are received in cash, by charge, or through tip-sharing arrangements, employees will keep more of their hard-earned income.
This measure is expected to save tipped workers nearly $2,000 annually, providing direct financial relief to millions of Americans in these critical industries.
The bill also eliminates taxes on overtime pay. This guarantees that workers who put in extra hours are rewarded greatly with bigger paychecks. This, as well, could also save Americans on average $2,000 a year.
According to a new study from the Council of Economic Advisers, 88% (48 million) of American seniors receiving Social Security will pay no taxes on their Social Security income.
For a single senior receiving the average retirement of $24,000 annually, deductions will exceed their taxable Social Security income. Similarly, married seniors with a combined Social Security income of $48,000 will also see their deductions surpass taxable income.
The One Big Beautiful Bill also delivers an average 15% tax cut for Americans earning between $15,000 and $80,000, significantly boosting take-home pay.
For a typical family with two children, this translates to an increase of up to $10,900 per year in after-tax income. The bill also boosts the standard tax deduction, raising it to $23,625 for married couples and $15,750 for singles, a benefit utilized by 91% of taxpayers.
According to the Council of Economic Advisers, the One Big Beautiful Bill will drive significant growth and fiscal stability. This includes:
- Real wages increasing by up to $7,200 per year
- Real Investment growing by as much as 10%
- Creation of protection of 7 million jobs
- Deficit reduction of up to $11.1 trillion, driven by $5.2 trillion from economic growth, $2.8 trillion from tariff revenue, $1.6 trillion from discretionary spending cuts, and $1.5 trillion from interest savings.
Ethan Faverino is a reporter for AZ Free News. You can send him news tips using this link.
by Daniel Stefanski | Sep 22, 2024 | Economy, News
By Daniel Stefanski |
President Donald J. Trump saved a major policy proposal rollout for his trip to Arizona last week.
Earlier this month, President Donald J. Trump visited Tucson, Arizona, and announced the latest installment of his economic plan should voters return him to the White House in the upcoming November General Election.
Trump stated that his administration would “end all taxes on overtime.”
The former president went into further detail about this plank, saying, “Think of that. That gives people more of an incentive to work. It gives the companies a lot. It’s a lot easier to get the people. You know, I went to some economists, great ones, and I said, ‘What do you think?’ They said, ‘It would be unbelievable. You’ll get a whole new workforce by doing that.’ No taxes on overtime! The people who work overtime are among the hardest working citizens in our country, and for too long no one in Washington has been looking out for them.”
Trump added, “Those are the people. They really work. They’re police officers, nurses, factory workers, construction workers, truck drivers, and machine operators. It’s time for the working man and women to finally catch a break, and that’s what we’re doing because this is a good one. And I think it’s going to be great for the country. So that’s why we will be saying that if you’re an overtime worker when you’re past 40 hours a week, your overtime hours will be tax-free.”
After the announcement, the Trump campaign rolled out an endorsement of this proposal from the National Fraternal Order of Police. Patrick Yoes, its president, said, “This would be incredibly impactful for law enforcement officers and their families. SO many officers and their families depend on overtime pay just to get by, so eliminating taxes on this income will actually help these families get ahead. This is just one of the many reasons FOP members voted to endorse President Trump – he understands the needs of working families like ours.”
Former Illinois Governor Rod Blagojevich chimed in on his X account, writing, “Trump announced a great new policy yesterday. NO TAXES FOR OVERTIME! When I was growing up & my working parents scrimped & saved, ‘Time & a half over 40 & double time on Sundays’ meant a college education for me. Donald Trump – Champion of working people and the American Dream.”
This latest economic policy proposal follows others from Trump over the past year as the race for the White House has heated up across the country, including ‘no taxes on tips’ and ‘no taxes on Social Security for seniors.’
Daniel Stefanski is a reporter for AZ Free News. You can send him news tips using this link.
