Davin News Server

On 7/29/25 18:39, pothead wrote:
> On 2025-07-29, Alan <nuh-uh@nope.com> wrote:
>> On 2025-07-29 15:17, pothead wrote:
>>> On 2025-07-29, Alan <nuh-uh@nope.com> wrote:
>>>> On 2025-07-29 14:18, pothead wrote:
>>>>> On 2025-07-29, Ken <Ken@invalid.com> wrote:
>>>>>> Alan wrote:
>>>>>>> On 2025-07-29 10:48, Ken wrote:
>>>>>>>> Alan wrote:
>>>>>>>>> On 2025-07-28 14:32, pothead wrote:
>>>>>>>>>> On 2025-07-28, Alan <nuh-uh@nope.com> wrote:
>>>>>>>>>>> On 2025-07-28 13:40, pothead wrote:
>>>>>>>>>>>> On 2025-07-28, Alan <nuh-uh@nope.com> wrote:
>>>>>>>>>>>>> On 2025-07-28 10:51, pothead wrote:
>>>>>>>>>>>>>> On 2025-07-28, -hh <recscuba_google@huntzinger.com> wrote:
>>>>>>>>>>> Same for farmers.
>>>>>>>>>>
>>>>>>>>>> It's better than spending the money on programs for countries
>>>>>>>>>> who hate us and want us dead.
>>>>>>>>> Which countries are those? It's not actually a long list.
>>>>>>>>
>>>>>>>>
>>>>>>>> It does not matter if it is a long list or short list.  This country
>>>>>>>> is in debt to the tune of 36 Trillion dollars.  Not a dime should be
>>>>>>>> sent to someone who is not a friend.  Do you donate to organizations
>>>>>>>> that you dislike??
>>>>>>>
>>>>>>> But you don't mind that Trump's tax cuts for the rich are running up
>>>>>>> that debt, so your complaint comes out a little bit bullshit, doesn't it?
>>>>>>
>>>>>> So just because someone receives funds that you disagree with, other
>>>>>> wasted funds should continue??  Do you handle your personal finances
>>>>>> that way??
>>>>>>
>>>>>> I will close with this:  Everyday the polls show the liberal criticism
>>>>>> of Trump to be believed even less.  Those of you with TDS should more
>>>>>> carefully choose your issues.
>>>>>
>>>>> Good post.
>>>>> I still haven't seen this so called tax benefits for the rich data.
>>>>>
>>>>> I wouldn't consider no taxes on tips, overtime and additional bonus added
>>>>> for seniors on SS increased SALT deduction. something the rich are interested in.
>>>>
>>>> ChatGPT: 'Did Trump really eliminate taxes on tips?'
>>>>
>>>> 'Final Take: Did Trump “Eliminate Taxes on Tips”?
>>>>
>>>> Not entirely. What changed was:
>>>>
>>>> A limited, temporary federal income tax deduction for up to $25,000 in
>>>> cash tip income.
>>>>
>>>> Still subject to payroll and other taxes, with income-based phase‑outs
>>>> and an expiration in 2028.'
>>>>
>>>> So it isn't "no taxes on tips".
>>>>
>>>> ChatGPT: 'Did Trump eliminate tax on overtime?'
>>>>
>>> ChatGPT?
>>> ROTFLMAO!
>>>
>>> You lose.
>> You get that you get the sources when you do that kind of search, right?
>>
>> Let me demonstrate:
>>
>> 'A limited, temporary federal income tax deduction for up to $25,000 in
>> cash tip income.'
>>
>> How's the IRS for a source?
>>
>> 'Maximum annual deduction is $25,000'
>>
>> <https://www.irs.gov/newsroom/one-big-beautiful-bill-act-tax-deductions-for-working-americans-and-seniors>
>>
>> Good enough?
> 
> $25k in tips is a lot of money.
> So......

For folks working in restaurants & bars, sure is, but the IRS already 
knows that for the regular working folk this provision a nothingburger 
for them, because IRS research has found that 80% of their tips go 
unreported, so no taxes paid.

Which means that this cap is more designed to send a message to those 
who can re-categorize their income to limit their level of fraud/abuse.


> Nope.
> There are so many factors involved.
> Single vs married vs head of house, medical issues, SALT and a gazillion more.
> 
> While you can get cold facts from AI you cannot, at least not without extensive
> specific prompts, get a true picture of something like how the tax code
> affects different levels.
> 
> Try this.
> 
> https://www.bigbeautifulbilltaxcalculator.com/

Which is simply YA model with simplified assumptions, basically limited 
to just Status (Single/MFJ) and gross income.

Even so, it allows up to $80K of tips excluded, which is incorrect.

Similarly, its overtime pay entry method is wrong too.

Plus this is only for Year 1, before any of the phase-outs start.


> At my income level I would get an almost $6k increase in taxes if the BBB did not pass.

Is that at Single (~$410K) or MFJ (~$160K)?  And what is the savings per 
year after five years (when the phase-outs have all completed)?  Because 
even if it is $6K/yr initially, there's also the higher debt payments 
which offset the short term savings.


-hh