No taxes on commissions or bonuses for the middle class. They are taxed at a much higher rate. It’s debating to work so hard to get a bonus or commission just for your regular salary to be taxed and the bonus and commissions to as well.
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This would be huge!! I have been saying this for years!
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I recently got a bonus and half of it was gone to taxes. That just makes it hard to even want them.
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From a financial perspective, this concept demonstrates remarkable ingenuity. The majority of individuals who receive commissions are sales representatives, and they serve as the driving force behind our nations consumer success. By facilitating the movement of goods and services, sales professionals contribute to increased consumer demand. This surge in sales leads to a corresponding rise in purchases, which in turn stimulates economic growth. The resulting ripple effect generates additional job opportunities, enabling individuals from lower-income brackets to ascend to the middle and upper classes. Furthermore, this growth fosters increased consumer spending on automobiles, real estate, and other substantial purchases. Sales representatives who retain a greater portion of their earnings are more likely to invest those funds or reinvest them into the economy. This mutually beneficial scenario presents a compelling case for its implementation.
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Overtime hours should also be tax free.
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But what about people who are strictly commission such as Realtors?