Davin News Server

pothead wrote:
> On 2025-07-30, -hh <recscuba_google@huntzinger.com> wrote:
>> On 7/30/25 05:59, Governor Swill wrote:
>>> On Tue, 29 Jul 2025 21:18:58 -0000 (UTC), pothead wrote:
>>>
>>>> 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.
>>>
>>> Most tips aren't declared anyway and so aren't taxed.
>>
>> 84%, as per this cite:
>> <http://archives.cpajournal.com/old/10428232.htm>
>>
>>> The change mostly means that employers now have to pay both sides
>>> of FICA which will increase their labor cost.
>>
>> Good catch; I'd forgotten about that provision, plus even if they're
>> only required to pay the employer half, that's still ~8% expense on
>> those tip amounts.  If we oversimplify and say that its 9% and for
>> restaurant servers that tips are a third of their income, this is a
>> quick 3% increase in labor costs for their employer.
>>
>> As I commented yesterday evening:
>>
>> "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."
>>
>>
>>> If overtime is not taxed weekly, smaller refunds will result each
>>> spring.
>>>
>>> The middle class may get some benefit from a higher SALT deduction.
>>
>> Not really all that much, as the Standard Deduction remains relatively
>> large because what used to be, because personal deductions got rolled up
>> into it.  Previously, with the two split, itemizers only had to exceed
>> the Standard, and kept the personal deductions:  the 2017 TJCA had some
>> pretty clever slights-of-hand in this fashion.
>>> The rich may not care about any of this because it won't drive up
>>> their tax bills.  What it will do is drive the deficit.
>> Like how we've heard some who've claimed "an almost $6k increase in
>> taxes if the BBB did not pass." ... but the income levels required to
>> have that much of a one year savings is $400K+ if filing Single.  Its
>> not as profound for MFJ (figure $160K), but this is just the first year
>> look before any of the middle class's temporary cuts start to phase out.
>>> Trump's tariffs will mitigate some of that deficit but the resultant
>>> inflation will eat up the middle and working classes.
>>
>> Tariff revenue is minuscule in comparison to the 1%'er tax breaks...
>>
>> ...plus if the tariffs actually accomplish what they've been claimed
>> that they're for (re-shoring manufacturing) they're a decreasing revenue
>> source that will never grow larger.
>>
>> -hh
> 
> All fine and dandy but I'm still not seeing this BBB benefits the billionaires at
> the expense of the rest of us like the democrats keep claiming.
> 
> Maybe you have some insight into this?
> 
wait for it these things take months to show up