Pink Slips and Sky-high minimum wages: 350 San Francisco restaurants close in a year (fast food, illegal)

[BobNJ1960]

Originally Posted by Mtnluver8956

I'm making 80K and I can say my "savings" will not be 2K+. Nice try though. And that not being able to write state and local taxes off will really help S Corps It's a total sham.

You must have huge deductions past SALT limit. If you do, at 80k, how did you afford food up until now?

The tiers leading to 80k went down 3% each.

80k * 3% = 2,400.

I have family who are all 50-80k, and savings range from 1,500 to 2,400 for them.

The 3%, 3 tier cut is straight-forward.

[BugsyPal]

Virtually many if not most large or even mid-size companies give some sort of Christmas bonus to workers.


That being said sums given to salary/wage employees (secretaries, assistants, janitors, etc....) will vary greatly from brokers, traders and the rest whose terms of employment include large parts of their earnings coming from a pool of earnings. That is the "performers" or "rain makers" are usually paid a base salary then get a share of the profits (if any) at year end in from of bonus.


https://news.efinancialcareers.com/u...street-bonuses


"The average bonus earned by traders, brokers and other industry employees last year is more than double the $59,039 income in 2016 for the median U.S. household, according to the U.S. Census Bureau's most recent income statistics."


https://www.usatoday.com/story/money...210/812501001/


https://www.wallstreetoasis.com/foru...8-bonus-rumors


https://www.salon.com/2017/03/16/onc...epens_partner/


Now sales and other assistants are another matter; some brokers/traders will dig into their own pockets and or the firm outright makes provisions:


https://www.wallstreetoasis.com/foru...t-did-you-give


Again it comes down to where one is in the pecking order and of course overall fiscal health of the firm. https://nypost.com/2007/12/19/bonus-bonanza/

[Mtnluver8956]

Originally Posted by BobNJ1960

You must have huge deductions past SALT limit.

Negative

[BobNJ1960]

Originally Posted by natalie469

And who is going to pay for the increased deficit. Oh, our children and their children. What a legacy we will leave them

growth, and our present growth is past 3% first time in a decade, will more than absorb tax cuts.

[BobNJ1960]

Originally Posted by Mtnluver8956

Negative

28% went to 25%, 15% to 12%, and those were only brackets affecting you after the first $9,525 which was not changed from 10%.

[Mtnluver8956]

Originally Posted by BobNJ1960

28% went to 25%, 25% to 22%, 15% to 12%, and those were only brackets affecting you.

If you think that's all that goes into taxes, then I feel sorry for you.

[natalie469]

Originally Posted by BobNJ1960

growth, and our present growth is past 3% first time in a decade, will more than absorb tax cuts.

But you said jobs would be automated in a few years. How will that pay for the deficit we are leaving for future generations.

[BobNJ1960]

Originally Posted by Mtnluver8956

If you think that's all that goes into taxes, then I feel sorry for you.

It's not all, however, its the primary factor, unless your SALT cost is absurd. If it is, that is your biggest problem by far.

SALT being too high is a local problem, which must be dealt with at the local level.

[Mtnluver8956]

Originally Posted by BobNJ1960

growth, and our present growth is past 3% first time in a decade, will more than absorb tax cuts.

oh boy

[BobNJ1960]

Originally Posted by natalie469

But you said jobs would be automated in a few years. How will that pay for the deficit we are leaving for future generations.

The jobs that are going do not generate much tax revenue. With EITC, in most cases, these people take income tax revenue, instead of pay it.

These are the McJobs.