Search Results: keywords:"income tax amendment"

  • H. R. 8938 — To amend the Internal Revenue Code of 1986 to exclude overtime compensation from gross income for purposes of the income tax.
    Status:Introduced in House
    Words:285

    H.R. 8938, known as the “Keep Every Extra Penny Act of 2024,” proposes an amendment to the Internal Revenue Code of 1986. The bill aims to exclude overtime pay from being considered as part of an individual's gross income for income tax purposes. This means that when...

    Simple Explanation

    H.R. 8938 is about changing the rules so that when people work extra hours and earn more money, the extra money they make won't be counted when figuring out how much tax they need to pay. So, if someone works a lot of overtime, they might end up paying less in taxes.