* And there is more - “IRS provides relief to Minnesota victims of severe storms, flooding; various deadlines postponed to Feb. 3, 2025.”
* And even more – “Hurricane Debby relief expanded to all of Vermont; various deadlines postponed to Feb. 3, 2025”.
* Prof. James Edward Maule joins the discussion on the proposal to eliminate tax on tips in “Some Tips About Tips and Taxes” at MAULED AGAIN (highlights are mine) –
“Both major party candidates for the presidency have expressed support for the notion of eliminating federal income (and perhaps employment) taxes on tips. There is no question that this is a ploy designed to gather votes, especially since the proposal wouldn’t amount to much of a benefit, if at all, for most workers who rely on tips to make ends meet.”
Jim correctly explains – “And if tips are exempted from employment taxes, it jeopardizes the eligibility of tipped workers for Social Security and Medicare coverage or reduces what they are eligible to collect.”
Not to mention eliminating tips from income would also reduce, or eliminate, any Earned Income Tax Credit.
As Jim points out –
“Tips are nothing more than another form of compensation for the performance of services. It should make no difference whether money flows directly from a customer to a worker or from the customer to the worker through the employer. In both instances the worker is receiving compensation. If the handful of tipped workers who pay taxes on their tips should be excused from doing so because they are perceived to be earning insufficient income, then the same benefit should be given to all other workers who are earning the similar amounts of insufficient income. In other words, raise the standard deduction or make adjustments in the tax rate schedules rather than singling out one class of worker for special treatment.”
The major beneficiary of eliminating employment taxes on tips would be those who own resorts, hotels, casinos, and restaurants where the bulk of employees are tipped – someone like Trump.
* And the TAX FOUNDATION finds that moron Trump’s other tax proposal “Exempting Social Security Benefits from Income Tax Is Unsound and Fiscally Irresponsible” –
“Exempting Social Security benefits from income tax would increase the budget deficit by about $1.6 trillion over 10 years, accelerate the insolvency of the Social Security and Medicare trust funds, and create a new hole in the income tax without a sound policy rationale.”
The current method of calculating taxable Social Security, and Railroad Retirement, benefits is unfair and wrong and should be changed. As I said in my post “Taxing Social Security” –
“Social Security and equivalent Railroad Retirement benefits would be taxed the same as regular employer pensions are currently taxed. There would be no special calculation, and the taxable benefit would no longer be affected by increases or decreases in other items of income. Taxpayer employee contributions would be recovered by amortizing them over the taxpayer’s life using the, what else, ‘Simplified Method’ to determine the taxable amount of the benefits received.”
* PATCH.COM reports “Automatic ANCHOR Payments Coming For 1.5M NJ Residents” –
“Letters will begin going out on Aug. 19 to about 1.5 million people who have already received a payment, confirming their automatic eligibility for the program, said Treasury officials. Most of these homeowners and renters won't have to re-submit their information, as the Division of Taxation will file their applications automatically. But if any of these residents have moved, changed their name, or gotten a new bank account, they will have to file a new application by Sept. 15 at anchor.nj.gov.”
THE LAST WORD -
The greatest threat to the future of America, American freedom and democracy, and true American values is today’s Republican Party (see here).
No American with a brain or a conscience could possibly support Trump and today’s racist and repressive Republican Party. If you do you either have no brain, have no conscience, do not care about anyone or anything but yourself, or, like Trump, all three.
TTFN
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