@RyanLEllis @George_A_Callas Dumb enough to take the cash, but responsible enough to pay the tax (potentially at their parents' rate)? Really threading the needle with that one.
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Matt Smith
15.9K posts
Matt Smith
@SmithMatthewC
Husband to @arianakukors. Wahoo➡️Longhorn➡️CPA. Proponent of Tax Simplification. Loather of PTPs.
Hermosa Beach, CA Katılım Ağustos 2010
254 Takip Edilen2K Takipçiler
@George_A_Callas @SmithMatthewC If they are idiots and cash in, they pay taxes on it. No harm, no foul.
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The more we pre-fund retirement savings, the easier it will be to move high income retirees off of full Social Security benefits in the future.
Also, it would be great if employers and non-profits funded Trump accounts for young people, so they can have retirement savings, too.
Richard Rubin@RichardRubinDC
For most households, Trump accounts are a way to start investing for kids, even if all they get is the $1,000 government $$. At the top end, however, Trump accounts can be a path to creating very large Roth IRAs for their kids. From @ashleaebeling: wsj.com/articles/the-h…
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@RyanLEllis Not much of a dilemma. Rich parents overwhelmingly (if not exclusively) do not give their kids no-strings-attached money at 18.
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@RyanLEllis Well, the best way to do that would probably be to not give them a bunch of money they didn't earn at 18 years old, but call me old fashioned.
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@SmithMatthewC Or be a good parent and raise financially smart kids.
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@DailyTaxMemes Well, Arsenal won’t get their quadruple I guess.
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@cordes_tax Americano, Boulevardier, and Manhattans are more my speed but I appreciate a good Old Fashioned on occasion.
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@cordes_tax I would suggest the non-watered down espresso version of the Americano personally.
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@Tyler_Menzer @johnarnold They will manage it the same way they have the whole time. They will build out. See Frisco, McKinney, The Woodlands, around Rock/Pflugerville, etc etc. NYC is surrounded by various bodies of water, is dependent of public transit/walking and not cars, and has had to build up.
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@SmithMatthewC @johnarnold People want to be in the big metro areas, and it will be interesting to see how DFW or Houston can manage growth as they move to LA sized (~13m).
I just don't think people are going to trade 3h+ commutes and terrible weather for low taxes.
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There is a group of states actively competing to attract businesses and high earners, and another group adopting policies that drive them away. I don't see how this doesn't end up as a disaster in the long-term for the latter.
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@Tyler_Menzer @johnarnold Dallas, Austin, and Houston have more in common with Buffalo or Albany than NYC.
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@SmithMatthewC @johnarnold Technically yes, but that is kind of like saying NY can expand, which is true, but people want to live in NYC, not rural western NY. People are not moving en masse to random counties in TX, they want to be by the large city centers (DFW, Austin, Houston).
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@Tyler_Menzer @johnarnold Texas can build out forever. California has limited coastal areas with dramatically better climates and views… plus mountains. The difference between any two spots in Texas is negligible from a topography (save for the less populated western portion) and climate perspective.
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@johnarnold The big question is whether TX can avoid falling into the same trap that caused CoL to skyrocket in CA?
and if they can't, what do they have once TX is expensive? CA is a literal paradise with perfect weather and ocean views. TX...well...isn't.
4/4
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What percentage of taxpayers that hire nannies, housekeepers, health aides, etc. are property treating the workers as household employees?
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@JaredWalczak @MarcGoldwein Also politicians: “Taxes are too complicated so we’re going to “simplify” them by creating a thousand narrow carveouts with random cliffs, phaseouts, and qualifiers.”
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Economists: broad bases, low rates
Politicians: how about high rates but no taxes on (homeowners / teachers / middle class households / retirees / overtime pay / tips / car loan interest)?
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@NickKruse_ @DailyTaxMemes Yeah, I honestly have no idea how but I want to say it still goes in the XML file. Maybe I’m wrong. Truthfully, I don’t really care I just plug it in with whoever has the SSN assuming nontaxable and haven’t had any issues in several years. Maybe just coincidental.
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I'm a grown up tax preparer and I have no idea which return to put 1099-Q info for 529 distros
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@joebwan Unfortunately, everything else they’ve done has made most people’s lives more expensive so I doubt they’ll get muc credit for the one time windfall.
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It is. It was also time last July, when the bill was enacted. Unfortunately, the powers-that-be wanted to keep your money so they could give it back all at once during tax season to buy your vote - so they waited until now to update the withholding calculator.
Phyllis Jo Kubey@PKubeyEA
Time for a withholding checkup! #IRS #tax irs.gov/newsroom/updat…
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@nickmeals I think they've already got one foot in Nashville. Doubt it changes much corporate tax wise for them to move, but their executives will undoubtedly have to be itching to get out between the income tax and capital gains tax.
Microsoft and Boeing will be interesting to watch.
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@SmithMatthewC How long until Starbucks leaves for Miami, Nashville, Dallas?
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The new income tax probably didn't help, but the chances of Howard Schultz moving in the near term given he's 72 were already at 100%.
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@Mike_Palicz @RyanLEllis The income tax impact of the ExxonMobil legal domicile move is ~$0.
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As Exxon flees NJ to Texas (zero income tax), Cory booker raises the combined top tax rate for NJ small businesses to 53.75 percent.
New Jersey has 1.1 million individually owned businesses that pay taxes on the individual side of the tax code.
Cory Booker@CoryBooker
Matt. I hope we can discuss my bill. Someone making 900k would pay an additional $2,917 because we raise the top tax brackets from 35 and 37 percent to 41 and 43 percent. The median American family would indeed get an 85% tax cut. So a married couple with two kids earning 150 k would get to keep an additional $10,360 of their money. A Single Mom making 60K with one young child would keep an additional $5,693.
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Why did Boomer Mike disappear?
Embarrassed to admit he became addicted to coffee or negotiating a sale to PE ?
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