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It's more complex for salary jobs and why sometimes it's worse to go salary if you're hourly. Some salaried positions are exempt from receiving overtime, some aren't.
Wouldn't the exemption be considered wage theft though? What makes this scenario more complex?
Wage theft is specifically referring to the crime of not paying an employee what they're owed. If the law says that you don't need to be paid for something specific, like overtime, due to being a salaried employee, then it's not wage theft. If, however, you are an hourly employee and are not paid overtime for your hours over 40, that's wage theft.
Another example is for waitstaff that have a lower minimum wage due to tips being expected. If your employer keeps tips and doesn't pay you at least as much as regular minimum wage, that is also wage theft.
This is a much more legalese take, I feel like some folks would disagree in terms of the spirit of wage theft vs the letter of the concept. I like it though, I appreciate it, I appreciate you.