[Topspinmo]

Originally Posted by Pballer

The promise to exempt social security benefits from income taxes will turn out to be a sham with plenty of ifs, ands and buts.

Wow, with all the knowledge I surprised you’re not second Nostradamus? Please tell us more future predictions..

[JRcorvette]

Originally Posted by tophcfa

Holly crap Batman, if the USA can’t have a AAA credit rating then what entity possibly can. Can’t say I’m surprised, $36 trillion in debt and pushing for another $4 trillion in additional debt limit. Actually, I’m surprised it took this long for Moody’s to finally wake up to reality, Standard and Poor’s downgraded the US debt rating about 14 years ago. This national debt thing is totally unstable and will eventually be the downfall of our once great nation. Not good for our children and grandkids : (

It has happened in the past… but we better get our debt under control and demand a Budget every year. This raising the debt ceiling every 4 months is BS, Yes your kids and grandchildren will pay the price Big Time!

[Bill14564]

Originally Posted by Topspinmo

Wow, with all the knowledge I surprised you’re not second Nostradamus? Please tell us more future predictions..

Writing on the wall is in large, neon letters. Can only be missed by those with blinders on.

[Pballer]

Originally Posted by Topspinmo

Wow, with all the knowledge I surprised you’re not second Nostradamus? Please tell us more future predictions..

The House tax bill has no provision for exempting Social Security benefits from income taxes. Instead they are providing a relatively meaningless increase in the standard deduction for taxpayers over 65 with phaseout for higher income taxpayers. I don't need to be Nostradamus to know that the promise was a sham.

[CoachKandSportsguy]

Originally Posted by Pballer

The House tax bill has no provision for exempting Social Security benefits from income taxes. Instead they are providing a relatively meaningless increase in the standard deduction for taxpayers over 65 with phaseout for higher income taxpayers. I don't need to be Nostradamus to know that the promise was a sham.

The marketing appeal is "waste, abuse, and fraud." In today's world, it's all about the marketing story. Depends upon whose view is judging the spend. But even if there was no cutting spend, the increased future spend is way beyond the historically "non inflationary" level of spend relative to GDP.


Call me a communist but I don’t need my SALT deduction quadrupled so we can accelerate the debt crisis.

[Normal]

The bond market is at 5.08 percent and climbing. Moody’s didn't just cause a rise in mortgage rates at over 7%. The market will react because it has no choice at those rates. Further complicating the matter is the zero chance of the Fed to cut rates anytime soon with their inflation parameters.

[retiredguy123]

Originally Posted by Pballer

The promise to exempt social security benefits from income taxes will turn out to be a sham with plenty of ifs, ands and buts.

I think the promise has already been broken. They no longer say that Social Security benefits will be tax free.

[Normal]

Originally Posted by retiredguy123

I think the promise has already been broken. They no longer say that Social Security benefits will be tax free.

That ship may have sailed. Tips are still in the sight though.

[Pballer]

Originally Posted by Normal

That ship may have sailed. Tips are still in the sight though.

If no tax on tips passes, I for one will be reducing my tipping percentage. Is earning tips income really so noble as opposed to earning other types of income that people earning up to $160,000/year should be entitled to up to $25,000/year in tax free tips income?

[Normal]

Originally Posted by Pballer

If no tax on tips passes, I for one will be reducing my tipping percentage. Is earning tips income really so noble as opposed to earning other types of income that people earning up to $160,000/year should be entitled to up to $25,000/year in tax free tips income?

I couldn’t agree more. They want to appear like they are handing out a gift, but reality is, not many pay taxes on the tips they receive. The impact is nominal. SS recipients get thrown under the bus yet again.

[Aces4]

Originally Posted by Pballer

If no tax on tips passes, I for one will be reducing my tipping percentage. Is earning tips income really so noble as opposed to earning other types of income that people earning up to $160,000/year should be entitled to up to $25,000/year in tax free tips income?

You must move in some pretty important circles where the cost of food and booze is so high that the servers are getting filthy rich.

I suggest an attempt to work as a server in The Villagers to those who feel people performing those "menial" jobs shouldn't be paid adequately for their efforts. Also, inquire what the base wage is before tips. Talk about a crappy job for peanuts...

And if you know any waitress/waiter making $438.36 a day, seven days a week, 52 weeks out of the year, I'm impressed.

[MorTech]

Is the global fiat currency Ponzi finally coming to an end?
Lots of no-bids in global treasury auctions.
The GENIOUS Act and Stablecoin can't come soon enough.

[Pballer]

Originally Posted by Aces4

You must move in some pretty important circles where the cost of food and booze is so high that the servers are getting filthy rich.

I suggest an attempt to work as a server in The Villagers to those who feel people performing those "menial" jobs shouldn't be paid adequately for their efforts. Also, inquire what the base wage is before tips. Talk about a crappy job for peanuts...

And if you know any waitress/waiter making $438.36 a day, seven days a week, 52 weeks out of the year, I'm impressed.

Why should a low paid waitress who gets tips be entitled to tax free income while a low paid supermarket cashier who doesn't receive tips is not? If Congress is really interested in helping the working class poor they should simply increase the standard deduction for taxpayers below a certain income threshold. I do not consider income of $160,000/year to be working class poor. Highly compensated taxpayers will find a way to game the system to convert salaries, bonuses, commissions and business income into tips. And, since thousands of IRS employees were recently fired there is very little chance of them being audited.

[asianthree]

Originally Posted by Pballer

If no tax on tips passes, I for one will be reducing my tipping percentage. Is earning tips income really so noble as opposed to earning other types of income that people earning up to $160,000/year should be entitled to up to $25,000/year in tax free tips income?

Originally Posted by Normal

I couldn’t agree more. They want to appear like they are handing out a gift, but reality is, not many pay taxes on the tips they receive. The impact is nominal. SS recipients get thrown under the bus yet again.

My guess is you probably have no idea how tips are reported. Establishments report to IRS receipts food, beverage, and tips. If receipts have -0- in tip line, a percentage is added by calculation of past records. Once employees file taxes red flags fly high for unreported tips by employees compared to reported receipts from restaurants. 20 years ago you could get away with under reporting tips. Not true today. Well it could be true if you were the owner, no staff, and cooked the books

If you personally know any wait staff in TV, you shouldn’t be surprised when they tell you tips are far less than other restaurants they were employed.
Yesterday at lunch our favorite waitperson had taken a job in Ocala along with 3 other staff members. They love their restaurant but can’t survive on lack of tips.
Her tip average last week about 10%. Our 2 person lunch bill without alcohol was $97. It’s not an inexpensive menu. I have never understood how someone can spend $50+ on a meal and leave a $5 tip on the table. Yes there are TV residents that tip appropriately, however, it’s not the norm.

Yes there are establishments with six figure waitstaff. You will find excellent chefs, above and beyond staff, with a built in % tip. Yet you will often see additional cash tip left on the table.

[Normal]

Originally Posted by Pballer

Why should a low paid waitress who gets tips be entitled to tax free income while a low paid supermarket cashier who doesn't receive tips is not? If Congress is really interested in helping the working class poor they should simply increase the standard deduction for taxpayers below a certain income threshold. I do not consider income of $160,000/year to be working class poor. Highly compensated taxpayers will find a way to game the system to convert salaries, bonuses, commissions and business income into tips. And, since thousands of IRS employees were recently fired there is very little chance of them being audited.

Tips were not always claimed by restaurant waiting staff anyway. Little has changed except for the extremely honest.