A new report from the nonpartisan Congressional Budget Office found that canceling the Obama administration’s expansion of overtime rules would result in a net increase of $2.1 billion in real income for families in 2017. The report said that while scrapping the rule would reduce worker earnings, they would still gain overall due to falling prices and rising profits.
“Real family income would fall for a small number of families because of the loss of overtime pay; rise for families with business income because of the increase in profits; and rise slightly for all families considered together because of the slight reduction in prices. Most of the increased income would accrue to families in the top fifth of the family income distribution, but average real income would increase for families in each [income group] in most years,” the report found.
