Do you get paid overtime or tips? Here's how the GOP tax bill could impact your money.
CBSN
The massive Republican-backed budget bill — called "one big, beautiful bill" by President Trump — includes several new tax rules that could have a big financial impact on millions of workers who earn tips or overtime pay.
While the heart of the bill is an extension of Mr. Trump's 2017 tax cuts, the legislation also includes several provisions that were part of the president's campaign last year, such as his vow to eliminate taxes on tipped income.
The bill could deliver savings of about $1,700 for each tipped worker as well as employees who earn overtime, the House Ways and Means Committee said on May 20. But there are some restrictions in the bill that could limit the financial boon for these workers, with some policy experts saying that the tax breaks may not be as useful as they first appear.
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