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Discussion Topic: Lag Time Topic: New Tax Bill
Dan Strope added to this discussion on December 27, 2017
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Went into work today and first email from the CEO was an announcement that since the tax cut passed the company was giving out $10 MILLION dollars in special bonuses to EVERY nonexecutive employee in the company. Roughly $500/full time and $250/part time employee. Nice unexpected post Christmas shot in the arm.
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Discussion Topic: Lag Time Topic: New Tax Bill
Mike Holman added to this discussion on December 27, 2017
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Pay Your Property Taxes Now
Because of the new limitation on State and Local Taxes and the doubling of the standard deduction, most people who itemize now will want to pay their property taxes in 2017. Otherwise, they will get no benefit from paying their property taxes because for tax year 2018 they will take the new higher standard deduction. Let me give you an example. Assume you now itemize and have a $7000 property tax bill for 2018. If you pay it in 2017 and have a marginal tax rate of 25%, you will save $1750. If you wait and pay the taxes in 2018 and take the higher standard deduction as most people will do, you have no tax benefit. You get $0.
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Discussion Topic: Lag Time Topic: New Tax Bill
Brandon Gambucci added to this discussion on December 28, 2017
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As an individual who went to grad school and currently have student loans accumulating interest, I was not a fan of almost losing my student loan interest tax deduction in place of folks gaining tax deductions for private jets. Fortunately this was revised in the final iteration of the bill, but I do believe it's important part of the overall context and intent of this bill.
Why make the (very small) tax cuts to the middle class temporary while making corporate tax cuts permanent?
Of course we're seeing companies spend a fraction of the money they're saving on the corporate tax cut on their employees - build up public perception this is a good thing and hope for more tax cuts/continued lower corporate rate.
An amendment to the tax bill was proposed facilitating the increases of bonuses and shareholder payouts to mimic the increases of wages to employees - this was immediately rejected. I think it's important to ask why? I also think it's important to question why this bill still had sections of it that were handwritten until the day of and was passed in the dead of night.
I don't think anyone could question that this is a tax bill benefitting the rich and powerful. It's another topic entirely whether one thinks this will "trickle down" and help the economy (of which there is no historical precedent).
The egregious increase in debt is just kind of funny given the criticisms given by the same people who pushed this bill through.
Other interesting notes:
Specific tax advantages for a VERY select few colleges including Hillsdale College whose benefactors include Betsy DeVos and and Erik Prince
Provisions that largely benefit wealthier families that can afford Private Schools for K-12
Nearly half of all low-income households will not see their tax liability change at all
Just my .02
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Discussion Topic: Lag Time Topic: New Tax Bill
Hank Kornblut added to this discussion on December 28, 2017
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Tried to delete this topic to avoid political discussion (private request was made to me to avoid politics on this forum). Seems like everyone is being reasonable. That's good because my powers of deletion seem to have waned.
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Discussion Topic: Lag Time Topic: New Tax Bill
Brady Hiatt added to this discussion on December 28, 2017
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Quote from Hank Kornblut's post:
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"Tried to delete this topic to avoid political discussion (private request was made to me to avoid politics on this forum). Seems like everyone is being reasonable. That's good because my powers of deletion seem to have waned."
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Ha ha
The power of putting your name to what you post and a bunch of wrestling fanatics being adults. This is a good thing.
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