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We have tax brackets in the USA. You are taxed by the total amount of income you earn for the year. In some cases there can be extra taxes on top of that (capital gains, etc).
If someone wants to work 80 hours a week, that's entirely up to them. I wouldn't, but I'm not gonna stop them.
I've only ever received overtime rates for volunteering to work on holidays that were eligible, and I worked for a multinational megacorp. They did everything possible to prevent having to pay overtime.
These changes will benefit small to medium sized company employees more than anything else. The big corporations people view as slave drivers don't want to have to pay overtime to a bunch of employees, especially when they can just abuse the salaried management positions instead.