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U.S. Budget | OBBB Signed into law

  • Thread starter Thread starter nycfan
  • Start date Start date
  • Replies: 1K
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  • Politics 
Mulberry Heel said:
I know some people don't like to put others on ignore, but I'm not ashamed at all to say that I have put a handful on ignore and it has greatly improved my board reading experience, imo. And Zen is one of those I have on ignore, thank god. Posters like him just feed on the attention they get.
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I super ignore a t a drop of a hat. I recommend everyone does it. Life is too short to give trolls erections.
 
nycfan said:


IMG_7834.jpeg
www.census.gov

Medical Expenditure Panel Survey – Insurance Component Shows 86% of Private-Sector Employees Worked for Establishments that Offered Health Insurance

Private-sector companies in seven states and District of Columbia offer health insurance to employees at a rate significantly above the national average.
www.census.gov www.census.gov

IMG_7835.jpeg

www.kff.org

Employer-Sponsored Health Insurance 101 | KFF

This Health Policy 101 chapter explores employer-sponsored health insurance (ESI), the primary health coverage source for non-elderly residents in the U.S. In addition to detailing ESI requirements and incentives, structure, availability, and costs, the chapter examines ongoing challenges...
www.kff.org www.kff.org
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It's so clear that their defense of these cuts - and they know damn well that there are going to be plenty of cuts - will be that it's only lazy, jobless people who are losing their benefits. Which is a flat-out lie, as this data and lots of other statistics indicate. And yet most of these cuts are going to affect Trump's base - it's MAGA Nation that's going to bear the brunt of this. FAFO indeed.
 
Mulberry Heel said:
It's so clear that their defense of these cuts - and they know damn well that there are going to be plenty of cuts - will be that it's only lazy, jobless people who are losing their benefits. Which is a flat-out lie, as this data and lots of other statistics indicate. And yet most of these cuts are going to affect Trump's base - it's MAGA Nation that's going to bear the brunt of this. FAFO indeed.
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nycfan said:
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To be blunt, $1,000 per kid isn't going to do shit to convince young parents to have kids, or have more kids. If Trumpers really wanted people to have more babies they'd go after ridiculous child care costs, high housing mortgage and apartment rental prices, exploding college costs, and all the rest. But no, giving a $1,000 benefit for a kid will fix everything. It's absurd, but fits the mindset of these people perfectly.
 
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Trump Promised ‘No Tax on Tips.’ Then Came the Fine Print.​

The proposal, which Congress passed as part of the president’s tax-and-spending megabill, won’t eliminate taxes on tips entirely​


🎁—> https://www.wsj.com/personal-financ...2?st=guhMcG&reflink=desktopwebshare_permalink

“… Among the particulars restricting the reach of the measure: Only the first $25,000 in tips are free from income taxes. Tipped workers will still face the 7.65% combined payroll taxes that fund Social Security and Medicare. And workers won’t be able to benefit if federal officials say their type of service job doesn’t qualify.

… Even though it is one of the smaller pieces of the law in terms of dollars—accounting for $32 billion out of $4.5 trillion in tax cuts—it is one of Republicans’ top talking points.

The cut could save some service workers thousands of dollars a year in federal taxes.

… To hold on to their gratuities, some workers already illegally skip reporting the income to avoid paying taxes on it.

… More than a third of tipped workers don’t make enough to pay federal income taxes, … They wouldn’t benefit from the no-tax-on-tips deduction.

… workers who do pay federal income taxes will be able to deduct up to $25,000 for tips. For someone in the 12% tax bracket making that much in tips, the change would deliver up to $3,000 in savings. The deduction would start phasing out once an individual’s income reaches $150,000, or $300,000 on a joint return for people who are married.

… The law orders the Treasury secretary to publish a list of typical tip-earning jobs that qualify for the deduction, so it is unclear now exactly who will benefit.…”
 
nycfan said:

Trump Promised ‘No Tax on Tips.’ Then Came the Fine Print.​

The proposal, which Congress passed as part of the president’s tax-and-spending megabill, won’t eliminate taxes on tips entirely​


🎁—> https://www.wsj.com/personal-financ...2?st=guhMcG&reflink=desktopwebshare_permalink

“… Among the particulars restricting the reach of the measure: Only the first $25,000 in tips are free from income taxes. Tipped workers will still face the 7.65% combined payroll taxes that fund Social Security and Medicare. And workers won’t be able to benefit if federal officials say their type of service job doesn’t qualify.

… Even though it is one of the smaller pieces of the law in terms of dollars—accounting for $32 billion out of $4.5 trillion in tax cuts—it is one of Republicans’ top talking points.

The cut could save some service workers thousands of dollars a year in federal taxes.

… To hold on to their gratuities, some workers already illegally skip reporting the income to avoid paying taxes on it.

… More than a third of tipped workers don’t make enough to pay federal income taxes, … They wouldn’t benefit from the no-tax-on-tips deduction.

… workers who do pay federal income taxes will be able to deduct up to $25,000 for tips. For someone in the 12% tax bracket making that much in tips, the change would deliver up to $3,000 in savings. The deduction would start phasing out once an individual’s income reaches $150,000, or $300,000 on a joint return for people who are married.

… The law orders the Treasury secretary to publish a list of typical tip-earning jobs that qualify for the deduction, so it is unclear now exactly who will benefit.…”
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I suppose the risk you take if you have t been reporting most or all of your tips over the years is reporting them now for the tax break you (a) have to pay FICA taxes on the tips and (b) create a record that could be used against you if you are ever audited for a prior or future year (the break expires after 2028) if you only report tips during the tax break period (though the risk of an IRS is extremely low, so I guess sort of a taxes Russian roulette situation).

There will be pressure on employers to break out tips (paid via credit card etc) from other income so employee can claim the tax break. Not clear how it will work in places where tips are shared among staff — or how employers usually report income in those cases (previously, there would have been no reason to separate the tips from the wages).
 
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