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pothead <pothead@snakebite.com> wrote in
news:106e00l$3dj23$1@dont-email.me: 

> On 2025-07-30, -hh <recscuba_google@huntzinger.com> wrote:
>> On 7/30/25 10:14, 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?
>>
>>
>> Per your own website cite, a $5M MFJ has a single year tax savings of
>> $52,805 + $444 = $53,249.
> 
> And?
> 
> 
>> Similarly, the Institute on Taxation and Economic Policy's estimate
>> is that the average tax cut for the top 1% is ~$66K:
>>
>><https://www.cnbc.com/2025/07/03/trump-big-beautiful-bill-gives-top-1pe
>>rcent-biggest-tax-cuts-in-these-states-.html> 
>>
>><https://www.usatoday.com/story/graphics/2025/07/01/winners-losers-trum
>>p-big-tax-bill-senate/84391469007/> 
>>
>> Plus its been noted that in some Red states (eg, WY, TX, SD), this
>> can exceed $100K.
>>
>> TL;DR: top 5% is getting net income gains of +4%, which is twice what
>> the best case savings is for bottom 50% (best +1.7%; -10% worst
>> case). 
>>
>>
>> Plus for the wealthiest, especially private business owners:
>>
>> * Corporate SALT deductions:  prior limit on deductions is removed;
>>
>> * Section 199A 20% deduction on Qualified Business Income: permanent;
>>
>> * Pass-through entity tax (PTET) deductions: restrictions removed;
>>
>> * QSBS exclusion cap for stock raised to $15M & expanded what
>> qualifies by 50% to $75M;
>>
>> * New 100% expensing provision on some commercial real property which
>> previously required using a 39 year depreciation schedule;
>>
>> * Estate Tax exemption made permanent, plus increased to be $15M per 
>> individual ($30M/couple);
>>
>>
>> plus others...
> 
> 
> 
> The top 1% or earners pay the majority of taxes.


    Well boo-hoo.

    They are SUPPOSED to pay the majority
of taxes. That is why it is called progressive
taxation. 


> Much of the above is related to business deductions, not personal.
> Poor people don't create jobs.


    Rich people (like Trump) create 
jobs. In China, in Mexico, in Vietnam, 
in Bangledesh....


 
> However, I do and always have, agreed that the tax structure is biased
> towards the rich.
> My solution is to eliminate loopholes like incorporating in Ireland.
> 
> As a side issue regarding capital gains tax.
> Despite what you might believe, there are a lot of farmers out where I
> live. Their land has been in the family for generations, some going
> back to the 1600's. Why should capital gains tax be collected each
> time the land owner dies and the property is transferred to another
> family member? 
> 
> These people are proud people and in general are property rich and
> penny poor. They could easily sell the land and be extremely wealthy
> but they don't. 
> 
> Here's another one, this time average folks.
> I buy a new car.
> I pay sales tax on it.
> I sell it to someone.
> They pay sales tax on it and so does every other person who might
> purchase the car.
> Is this fair?
> Of course not.
> 
> BTW, Trump is allowing interest deductions on the purchase of American
> cars. He is however wrong when he claims it's the first time it's been
> done. Maybe the first time for American cars only but I remember way
> back when where credit card, loan interest was tax deductible so he's
> wrong in this case. Still it's another benefit for the middle class.
> 
> So I'm still not seeing this BBB supports billionaires and screws the
> rest of us claim.
> 
> 
>>
>> -hh
> 
>