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Post: #81
RE: Tax plan out
http://www.ajc.com/news/local-education/...eE4R0WX6K/

One new feature:
"The Republican-led congressional proposal to change the federal income tax code includes a provision that would tax the endowments of private colleges and universities.
The “Tax Cuts & Jobs Act,” released Thursday, would collect a 1.4 percent tax on net investment income of schools with more than 500 students and assets of at least $100,000 per student...."
11-03-2017 12:10 PM
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Post: #82
RE: Tax plan out
(11-03-2017 12:10 PM)bullet Wrote:  http://www.ajc.com/news/local-education/...eE4R0WX6K/

One new feature:
"The Republican-led congressional proposal to change the federal income tax code includes a provision that would tax the endowments of private colleges and universities.
The “Tax Cuts & Jobs Act,” released Thursday, would collect a 1.4 percent tax on net investment income of schools with more than 500 students and assets of at least $100,000 per student...."

the churches are just around the corner.......

#RaidersoftheLastestArk

gotta protect that USD somehow.....and the 'right' way doesn't happen unless term limits.....

I'm all-in with that as a mandated '18 theme for the masses........................and we all know it will never see the signal from shore unless the #DJTrain doesn't 'chunnel' through the barricades that ends that which will eventually dissolve....

that's my take....however, maybe I'm getting ahead of myself.....
11-03-2017 12:21 PM
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Post: #83
RE: Tax plan out
I don't like

eliminating the medical expense deduction
eliminating both the education assistance from an employer and unreimbursed educational expenses
employer reimbursing child care costs without the employee recognizing the revenue
(This post was last modified: 11-03-2017 12:29 PM by fsquid.)
11-03-2017 12:28 PM
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stinkfist Online
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Post: #84
RE: Tax plan out
(11-03-2017 09:31 AM)Bull_Is_Back Wrote:  
(11-03-2017 08:44 AM)Redwingtom Wrote:  That's the problem for me as well. But you and I both know that the only way to get enough cuts will be to cut things like defense and that ain't likely going to happen.

Hey look at that, liberal talking points! I'm shocked!

That's right kids out of the whole federal budget we have to hit an area which is less than 1/5th of our spending.

[Image: image.axd?picture=Budget5_thumb3.gif]

last time I checked, ~20% is a significant factor........toss in "defense" is easily more important that my chinese delivery guy getting an EBT order right???

oh wellzy, enter that one at your own risk.....



maybe I wiffle ball(ed) your point.....or did I??? 03-wink
(This post was last modified: 11-03-2017 12:31 PM by stinkfist.)
11-03-2017 12:30 PM
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stinkfist Online
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Post: #85
RE: Tax plan out
(11-03-2017 12:28 PM)fsquid Wrote:  I don't like

eliminating the medical expense deduction
eliminating both the education assistance from an employer and unreimbursed educational expenses
employer reimbursing child care costs without the employee recognizing the revenue

all the above is why tax reform has been extremely difficult to pass over time........it's akin to repealing zero-care.....once it's carved on the cave walls, it simply becomes a clusterbang battle between the scheisters that currently sit at the table.....

enact term limits and increase the base pay to a college foosball corch (to attract the best minds)????

maintaining capitalism is the end game, eh????

I'd like to see that experiment happen before I pass.....
11-03-2017 12:39 PM
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Post: #86
RE: Tax plan out
(11-03-2017 09:31 AM)Bull_Is_Back Wrote:  
(11-03-2017 08:44 AM)Redwingtom Wrote:  That's the problem for me as well. But you and I both know that the only way to get enough cuts will be to cut things like defense and that ain't likely going to happen.

That's right kids out of the whole federal budget we have to hit an area which is less than 1/5th of our spending.

[Image: image.axd?picture=Budget5_thumb3.gif]

What part of "like defense" do you not understand? And it's the third biggest part of our budget and it needs cut if you're going reduce revenue by a projected 1.5 Trillion dollars! But my point is actually that the R's will more than likely be totally unwilling to actually cut it.

And nowhere did I say that I am opposed to cuts in all the other programs either! I'm guessing you might be hard pressed to find that on any DNC website...but don't let that stop your narrative of me. 03-zzz
(This post was last modified: 11-03-2017 12:43 PM by Redwingtom.)
11-03-2017 12:42 PM
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Post: #87
RE: Tax plan out
(11-03-2017 12:28 PM)fsquid Wrote:  I don't like

eliminating the medical expense deduction
eliminating both the education assistance from an employer and unreimbursed educational expenses
employer reimbursing child care costs without the employee recognizing the revenue

I wouldn't think the medical expense deduction would be that big a deal. You have to have 10% of AGI before you get it at all. And you pretty much have to have a mortgage before you can itemize. With the higher standard deduction, it probably goes away for even more people.
11-03-2017 12:51 PM
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Post: #88
RE: Tax plan out
(11-03-2017 12:51 PM)bullet Wrote:  
(11-03-2017 12:28 PM)fsquid Wrote:  I don't like

eliminating the medical expense deduction
eliminating both the education assistance from an employer and unreimbursed educational expenses
employer reimbursing child care costs without the employee recognizing the revenue

I wouldn't think the medical expense deduction would be that big a deal. You have to have 10% of AGI before you get it at all. And you pretty much have to have a mortgage before you can itemize. With the higher standard deduction, it probably goes away for even more people.

Agree. When I prepared taxes for a living, almost no one claimed a medical deduction on Schedule A.
11-03-2017 01:25 PM
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Post: #89
RE: Tax plan out
(11-03-2017 06:03 AM)JMUDunk Wrote:  [quote='Redwingtom' pid='14738699' dateline='1509652623']
[quote='JMUDunk' pid='14738592' dateline='1509650516']
[quote='CliftonAve' pid='14738561' dateline='1509650144']
Uncle Milt Shut down the idea of rich people "hoarding" the money years ago.







He made a point about the minimum wage. While I think the min. wage is a good/bad idea I guess it would be equivalent to the starting pay concept in a city government job or the uniformed services. When we start out in the military or civilian government job we don't start as a general or CEO (not even in the officer ranks) it's always at the lowest point in that job. As an enlisted man, an E-1, as an officer, a second looey. If industry were to institute a like program there would be more entry level jobs for those just leaving high school. In other words have levels in the company where the individual goes through an apprentice program "with a contract" (and perhaps testing to measure one's expertise) and then go up the ranks to a journeyman level.

You're probably saying that it works that way now but it doesn't. Most jobs don't ask for apprentices off the cuff they're asking for experience. If you can't go through an apprentice program how the heck will you get experience? It would be an asset to any company because you're getting manpower for much less than if you hired a journeyman right away. When that apprentice generates enough expertise then increase his pay/rank to one of journeyman. That person will be forever grateful for the chance and probably would remain as a faithful worker like it happens in the military. That's why we're proud of our service to whichever branch we come from because we earned our stripes.
11-03-2017 01:53 PM
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Post: #90
RE: Tax plan out
(11-03-2017 01:53 PM)olliebaba Wrote:  
(11-03-2017 06:03 AM)JMUDunk Wrote:  [quote='Redwingtom' pid='14738699' dateline='1509652623']
[quote='JMUDunk' pid='14738592' dateline='1509650516']
[quote='CliftonAve' pid='14738561' dateline='1509650144']
Uncle Milt Shut down the idea of rich people "hoarding" the money years ago.







He made a point about the minimum wage. While I think the min. wage is a good/bad idea I guess it would be equivalent to the starting pay concept in a city government job or the uniformed services. When we start out in the military or civilian government job we don't start as a general or CEO (not even in the officer ranks) it's always at the lowest point in that job. As an enlisted man, an E-1, as an officer, a second looey. If industry were to institute a like program there would be more entry level jobs for those just leaving high school. In other words have levels in the company where the individual goes through an apprentice program "with a contract" (and perhaps testing to measure one's expertise) and then go up the ranks to a journeyman level.

You're probably saying that it works that way now but it doesn't. Most jobs don't ask for apprentices off the cuff they're asking for experience. If you can't go through an apprentice program how the heck will you get experience? It would be an asset to any company because you're getting manpower for much less than if you hired a journeyman right away. When that apprentice generates enough expertise then increase his pay/rank to one of journeyman. That person will be forever grateful for the chance and probably would remain as a faithful worker like it happens in the military. That's why we're proud of our service to whichever branch we come from because we earned our stripes.

Indeed.

The main point being the Gov't mandated minimum wage is, or can be a barrier to entry for primarily NO skilled labor, or very low skilled folks.

No one is going to pay the snot nosed 16 YO 15 buck an hour to sweep the floor. For that, you'd probably require at least a HS diploma, maybe even a college degree.

Eliminate that MW and you can hire 2 for 7.50 apiece, or 3 for 5 bucks.

Get them some skills, show them what it means to "work", wear a uniform of some sort, even a food lion shirt, follow a schedule learn to respect a "boss" and show up on time and put in an honest days work.

Kid does that for 3 months and he/she likely gets moved to stocking shelves or running a register, gets a bump from 5 to 7.25 and off they are to knowing what a life of doing work actually is.

We want to get kids or unskilled adults off the couch, and off the dole? Get rid of the minimum wage.
11-03-2017 04:09 PM
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Lord Stanley Offline
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Post: #91
RE: Tax plan out
This new tax plan could throw portions of my industry up in the air in negative ways.

Don't care, cut taxes and make it all simpler.
(This post was last modified: 11-04-2017 10:42 AM by Lord Stanley.)
11-03-2017 04:15 PM
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Post: #92
RE: Tax plan out
(11-03-2017 09:54 AM)Redwingtom Wrote:  
(11-03-2017 09:11 AM)Owl 69/70/75 Wrote:  
(11-03-2017 09:06 AM)Redwingtom Wrote:  
(11-03-2017 08:56 AM)Owl 69/70/75 Wrote:  
(11-03-2017 08:42 AM)Redwingtom Wrote:  Yes...and corporations already have money to invest too! And if they don't, they can get it rather cheaply right now.
Yes, and they are going to invest it where they get the best ROI. Which ain't here, and won't be until our tax and regulatory environment becomes friendlier.
We shall see...but again, with labor costs amounting to around 60% of corporate expenses and climbing, I don't think you're going to get the influx you think you're going to get.
Source of 60% and climbing?
http://www.businessinsider.com/citi-levk...16-2015-12

So we have an article that barely mentions 60% accompanied by a graph that shows 60%, but with no explanation of sources, methodology, or assumptions. As nearly as I can tell, it's not linked to any further discussion, so it's fairly difficult to tell what the data actually mean, particularly since the result is at least somewhat counterintuitive.

I tried to replicate the results, which should be easy if the numbers are correct, but it's not working. I went to the IRS tax database for 2013 (last year posted), which breaks down tax return data by line item. Based on that source, for all corporations the percent of labor to expenses was 17.5%. I tried excluding cost of sales, and looking only at labor compared to operating expenses, and that went up a bit, but only to 30.6%, which is about half what the article claims.

Can you shed any further light on how the number was determined? I suppose I could go through everything Haver Analytics has published and come up with some explanation, but that's a lot of looking for a needle in a haystack.
(This post was last modified: 11-03-2017 06:35 PM by Owl 69/70/75.)
11-03-2017 05:36 PM
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Post: #93
RE: Tax plan out
Oh for Pete's sake. Business Insider is a banana. They are fake news every single day.

That makes tommie a banana. But that's not a news flash or anything, he'll report to us from Uzbekistan tomorrow about how peaceful those people have been, and remain.
11-03-2017 06:04 PM
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Post: #94
RE: Tax plan out
(11-03-2017 12:10 PM)bullet Wrote:  http://www.ajc.com/news/local-education/...eE4R0WX6K/

One new feature:
"The Republican-led congressional proposal to change the federal income tax code includes a provision that would tax the endowments of private colleges and universities.
The “Tax Cuts & Jobs Act,” released Thursday, would collect a 1.4 percent tax on net investment income of schools with more than 500 students and assets of at least $100,000 per student...."

I'm not in favor of taxing non profits, but how many of the students at those colleges are paying tuition with federal student loans.
11-03-2017 06:18 PM
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Post: #95
RE: Tax plan out
(11-03-2017 12:42 PM)Redwingtom Wrote:  
(11-03-2017 09:31 AM)Bull_Is_Back Wrote:  
(11-03-2017 08:44 AM)Redwingtom Wrote:  That's the problem for me as well. But you and I both know that the only way to get enough cuts will be to cut things like defense and that ain't likely going to happen.

That's right kids out of the whole federal budget we have to hit an area which is less than 1/5th of our spending.

[Image: image.axd?picture=Budget5_thumb3.gif]

What part of "like defense" do you not understand? And it's the third biggest part of our budget and it needs cut if you're going reduce revenue by a projected 1.5 Trillion dollars! But my point is actually that the R's will more than likely be totally unwilling to actually cut it.

And nowhere did I say that I am opposed to cuts in all the other programs either! I'm guessing you might be hard pressed to find that on any DNC website...but don't let that stop your narrative of me. 03-zzz

How about we start with all the non critical stuff... Does that not registers?

How about this... Don't ahve a fit at the arts endowment or PBS and then we can start talking the Military.
11-03-2017 06:20 PM
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Post: #96
RE: Tax plan out
(11-03-2017 12:42 PM)Redwingtom Wrote:  What part of "like defense" do you not understand? And it's the third biggest part of our budget and it needs cut if you're going reduce revenue by a projected 1.5 Trillion dollars! But my point is actually that the R's will more than likely be totally unwilling to actually cut it.
And nowhere did I say that I am opposed to cuts in all the other programs either! I'm guessing you might be hard pressed to find that on any DNC website...but don't let that stop your narrative of me. 03-zzz

So what areas other than defense would you be willing to cut? You suggest that there are some. What are they?
11-03-2017 06:55 PM
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Post: #97
RE: Tax plan out
(11-03-2017 06:18 PM)Bull_Is_Back Wrote:  
(11-03-2017 12:10 PM)bullet Wrote:  http://www.ajc.com/news/local-education/...eE4R0WX6K/

One new feature:
"The Republican-led congressional proposal to change the federal income tax code includes a provision that would tax the endowments of private colleges and universities.
The “Tax Cuts & Jobs Act,” released Thursday, would collect a 1.4 percent tax on net investment income of schools with more than 500 students and assets of at least $100,000 per student...."

I'm not in favor of taxing non profits, but how many of the students at those colleges are paying tuition with federal student loans.

I'm ok with this. What schools do is to take in a tremendous amount of endowment money, and instead of investing it in the students, they basically live off of the money that the entire endowment generates. They can still do that, but any endowment above $100,000 per student would be taxed. Its one thing to take in money tax-free and spend it. (Which generates tax revenue) Its another thing to take it in and sit on it.
11-04-2017 10:40 AM
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Post: #98
RE: Tax plan out
(11-03-2017 01:25 PM)Redwingtom Wrote:  
(11-03-2017 12:51 PM)bullet Wrote:  
(11-03-2017 12:28 PM)fsquid Wrote:  I don't like

eliminating the medical expense deduction
eliminating both the education assistance from an employer and unreimbursed educational expenses
employer reimbursing child care costs without the employee recognizing the revenue

I wouldn't think the medical expense deduction would be that big a deal. You have to have 10% of AGI before you get it at all. And you pretty much have to have a mortgage before you can itemize. With the higher standard deduction, it probably goes away for even more people.

Agree. When I prepared taxes for a living, almost no one claimed a medical deduction on Schedule A.

We claimed it for a few years when my daughter lived at home. Now it is a waste of time to even calculate.
11-04-2017 12:25 PM
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Post: #99
RE: Tax plan out
(11-03-2017 06:55 PM)Owl 69/70/75 Wrote:  
(11-03-2017 12:42 PM)Redwingtom Wrote:  What part of "like defense" do you not understand? And it's the third biggest part of our budget and it needs cut if you're going reduce revenue by a projected 1.5 Trillion dollars! But my point is actually that the R's will more than likely be totally unwilling to actually cut it.
And nowhere did I say that I am opposed to cuts in all the other programs either! I'm guessing you might be hard pressed to find that on any DNC website...but don't let that stop your narrative of me. 03-zzz

So what areas other than defense would you be willing to cut? You suggest that there are some. What are they?

The first step should be to "incentivize" the bureaucratic leadership to reduce budgets by rewarding them monetarily to do so. For ever 5% cut?...You get a 5% pay bonus. You would see government shrink before our eyes with this type of program. What we have now is exactly the opposite situation. Bureaucratic leaders are penalized for not spending all of their budgets by having them reduced the next year. So...It leads to a year end spending splurge on things that they don't really need in order to maintain their budget levels. We need to stop this and reward managers for frugality...not penalize them for it. If we just went to a "cutting bars of soap in half" mentality throughout government?...We would have plenty of money to spend and probably reduce the our debt in process. We simply waste too much money now.
11-04-2017 12:36 PM
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Post: #100
RE: Tax plan out
(11-03-2017 12:51 PM)bullet Wrote:  
(11-03-2017 12:28 PM)fsquid Wrote:  I don't like

eliminating the medical expense deduction
eliminating both the education assistance from an employer and unreimbursed educational expenses
employer reimbursing child care costs without the employee recognizing the revenue

I wouldn't think the medical expense deduction would be that big a deal. You have to have 10% of AGI before you get it at all. And you pretty much have to have a mortgage before you can itemize. With the higher standard deduction, it probably goes away for even more people.
It's not a big deal to most, but to those it will effect, it's devastating. No reason to throw it out

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11-04-2017 02:44 PM
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