2024 ELECTION THREAD
The next presidential race will be here soon! Please see current Bovada odds. Thoughts?
Now THIS is a good criticism of Trump, by McConnell
No tax on tips seems fine/good. And although the rich people write the rules and I'm sure there would be some shenanigans, investment bankers counting large amounts of money as tips *might* be a bridge too far. Maybe not. It would be pretty trivial to cap this at some low/mid 5 figure number per year.
No tax on tips seems fine/good. And although the rich people write the rules and I'm sure there would be some shenanigans, investment bankers counting large amounts of money as tips *might* be a bridge too far. Maybe not. It would be pretty trivial to cap this at some low/mid 5 figure number per year.
they already have the utterly insane carried interest loophole guys
I have heard it debated on both center left and center right twitter by people who actually understand reality.
it's the kind of stuff I 100% expect "technocratic centrists" to craft in Congress (usually in the Senate) when a policy has enough broad bipartisan appeal, like that one has.
Anyway we know it's all about the 6 EC votes of Nevada
it's a tax cut, a very imperfect one but still a tax cut, and I am always in favor of tax cuts.
we have to starve the beast
Starve the beast makes zero sense. You want the government scope to be appropriate, and then make the government run as well as possible. Breaking government by throwing a wrench into the gears is wildly irresponsible.
It's not a big stretch to understand a tip as a gift. It is optional. And you can receive up to $18k/year in gifts without it being taxed.
Starve the beast makes zero sense. You want the government scope to be appropriate, and then make the government run as well as possible. Breaking government by throwing a wrench into the gears is wildly irresponsible.
when one of the pulling forces wants to increase the size no matter what are every occasion you need a countervailing force that reduces the perimeter of the state any chance it has.
we aren't in a conversation among adults that broadly agree with values, significant portions of the population want a radical, disastrous change in the role of the state in society.
and the present condition is already horrific, the state should be a tiny fraction of what it currently is
It's not a big stretch to understand a tip as a gift. It is optional. And you can receive up to $18k/year in gifts without it being taxed.
that can be a way to frame it yes.
another thing that people aren't realizing is, they cash those tips in anyway.
allowing them to declare them tax free just helps them getting a mortgage or other forms of credit.
But it's not like they are currently paying taxes on them that much anyway.
You can dislike it but the objection of "people will re arrange their income as tips" is easily fixable by writing the law appropriately
that isn't my main objection, and even without a change in law, I highly doubt that hedge fund managers could credibly recharacterize their carried interest as tips.
that can be a way to frame it yes.
another thing that people aren't realizing is, they cash those tips in anyway.
allowing them to declare them tax free just helps them getting a mortgage or other forms of credit.
But it's not like they are currently paying taxes on them that much anyway.
You fail to realize most folks tip on a debit or credit card so all those tips are recorded and pay taxes on them . I haven't paid in cash in years
Keeping records of cash tips is a wildly onerous requirement for that amount of money. That's become less and less common, but still.
No tax on tips seems fine/good. And although the rich people write the rules and I'm sure there would be some shenanigans, investment bankers counting large amounts of money as tips *might* be a bridge too far. Maybe not. It would be pretty trivial to cap this at some low/mid 5 figure number per year.
I don't like tax policy that favors one group of workers in a tax bracket over another group of workers in the same tax bracket. Why should waiters get a tax break, but not sanitation workers, or whatever? It's just pandering to a specific group to get votes. And I guess it might have helped in a state like Nevada if one candidate was proposing the policy and the other was not, but it still doesn't feel right to me.
Keeping records of cash tips is a wildly onerous requirement for that amount of money. That's become less and less common, but still.
I agree with this. The best outcome would be for the hospitality industry to charge more, pay workers more, and eliminate tipping entirely. But that isn't happening any time soon.
I don't like tax policy that favors one group of workers in a tax bracket over another group of workers in the same tax bracket. Why should waiters get a tax break, but not sanitation workers, or whatever? It's just pandering to a specific group to get votes. And I guess it might have helped in a state like Nevada if one candidate was proposing the policy and the other was not, but it still doesn't feel right to me.
Reasonable, but still, tips are unpredictable and onerous to account for. It's like turning a Barrista job into a small business - which, believe me, is onerous to account for stuff.
I agree with this. The best outcome would be for the hospitality industry to charge more, pay workers more, and eliminate tipping entirely. But that isn't happening any time soon.
Yeah, my last post made without seeing this.
But, as far as this goes, how does that even happen? It's more culture than law. Would tipping be illegal? That seems bad too even if I agree the world you describe (Europe I guess) is better.
Yeah, my last post made without seeing this.
But, as far as this goes, how does that even happen? It's more culture than law. Would tipping be illegal? That seems bad too even if I agree the world you describe (Europe I guess) is better.
in Europe tipping is rare (almost only Americans tip here for ex. we do tip for actually exceptional service).
when it happens it's 100% cash. like "place is empty at this hour you let me smoke, here it's 10 or 20 for you" kind of stuff. or "you did insane here it's a 10".
we tip if you go and fix an actual problem (like a waitress which played with our kid half an hour) and stuff like that. 100% cash. even the option to tip with a credit card is like alien to us.
and no one is expected to share those tips with the kitchen, or to declare them
I don't like tax policy that favors one group of workers in a tax bracket over another group of workers in the same tax bracket. Why should waiters get a tax break, but not sanitation workers, or whatever? It's just pandering to a specific group to get votes. And I guess it might have helped in a state like Nevada if one candidate was proposing the policy and the other was not, but it still doesn't feel right to me.
hospitality though is one of the few sectors where people ACTUALLY WORK. like they do work all the time. unlike the vast majority of white collar jobs where you can find Farmville or whatever while "working".
I truly think that paper shufflers (who when lucky are useful a small percentage of their working time, often their role is a complete waste and damaging to society) being taxed more than people who actually work isn't morally bad
