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Sage449

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Everything posted by Sage449

  1. Patrick, Prayers and fond memories are what we have to remember our loved ones—my most heartfelt condolences. May God give you strength, a peace filled heart and feel His love around you.
  2. PP, maybe I goofed, I thought it was a double hit 1. Scranton, the electric city sign has been shut off because can't pay electric bill; and 2. Brandon name is the chanting or saying “Let’s go Brandon” stands as an effective double joke about both Joe Biden’s incompetence and the media’s desperate urge to carry water for him. Takes the place of *uck Joe Biden chanted at the football game.
  3. Madame Wu say no Ling, ding-dong or dingnar
  4. A very short tidbit but oh so telling. For those of us not taking the vax or any vax with his involvement. signal-2021-10-12-223335.mp4
  5. Not debating, this is the article was referring to, couldn't find when I posted. Looks like a lot of increases, no relief. https://www.kitces.com/blog/biden-american-families-plan-bill-proposed-increase-tax-capital-gains-retirement-reform/ There's a lot more detail to this info but would be pages of read on here. Just picked the headline and not the subsequent full article. Analyzing Biden’s New “American Families Plan” Tax Proposal SEPTEMBER 15, 2021 01:50 PM 16 Comments CATEGORY: Taxes Table of Contents Navigation EXECUTIVE SUMMARY After months of anticipation with a ‘two-track’ process of infrastructure and separate tax legislation, Democrats on the House Ways and Means Committee released their tax proposals on September 13… and the measures are very different from what many expected! The legislation touches on a wide range of tax issues, from increasing the top ordinary income tax bracket to cracking down on popular retirement account strategies and bringing the estate and gift tax exemptions back to pre-2017 levels. Notably, though, the proposals do not include some rumored measures, such as equalizing the top ordinary income and capital gains rates or eliminating the step-up in basis. While the legislation will now be debated in Congress and finalized in the weeks to come, these proposals will create a range of planning opportunities for advisors to consider both in the future… and to take action before the legislation is signed and certain planning windows are closed! As originally proposed by the Biden administration in its American Families Plan, the bill includes a host of new tax increases on households earning more than $400,000. In addition to restoring the 39.6% top marginal rate (which was reduced to 37% by the 2017 Tax Cut & Jobs Act), the legislation also increases the top capital gains rate to (only) 25%, although it lowers the amount of income needed to get into the top tax bracket (for both ordinary income and capital gains) to only $400,000 (for individuals, or $450,000 for married couples). As a result, the taxpayers who will be most impacted by the new rates are those in the $400,000–$500,000 income range, who will see themselves move from the current 35% bracket to the new 39.6% bracket – as higher earners who were already in the 37% bracket will see ‘only’ a 2.6% increase to 39.6%. Other changes targeting higher earners include a limitation on the Section 199A deduction for Qualified Business Income (QBI), an expansion of the Net Investment Income Tax (NIIT) impacting S Corporation owners, and a 3% surtax for ultra-high earners with over $5 million of income (making the true top tax rate 42.6%). Another main focus of the bill is reforming retirement plan rules to close perceived “loopholes” commonly used by wealthy individuals. Perhaps most relevant for financial planners and their clients is the bill’s aim to eliminate the ‘backdoor’ Roth strategy, prohibiting Roth conversions of after-tax funds in retirement accounts altogether, as well as prohibiting all Roth conversions for those in the top income tax bracket (but only after a 10-year window, subtly encouraging high-income taxpayers to convert to Roth accounts – and pay taxes – sooner rather than later). Also notable are two new rules for high-income taxpayers with more than $10 million of aggregated retirement account assets: a prohibition on making new IRA contributions, and a new Required Minimum Distribution of 50% of the combined balances above $10 million (and 100% of combined balances above $20M), forcing dollars out of large retirement accounts. However, these forced-distribution rules only kick in for taxpayers in the top tax brackets, meaning those who are able to reduce or shift their income will still be able to contribute and accumulate retirement savings above and beyond the $10 million cap. The proposed bill also contains significant reforms to estate law, most notably a 50% reduction in the estate and gift tax exemption – while simultaneously increasing the special valuation reduction for real property used in family farms and businesses from $750,000 to $11.7 million. The bill also cracks down on Intentionally Defective Grantor Trusts (IDGTs) by including those trusts’ assets in their grantors’ estates. In addition, any sale between an individual and their own grantor trust will be treated as the equivalent of a third-party sale, and any transfers out of a grantor trust will be considered a taxable gift. Family Limited Partnership discounts would be similarly curtailed as nonbusiness assets – including stocks, bonds, options, Real Estate Investment Trusts (REITs) or mutual funds, and trademarks – would no longer be eligible for valuation discounts (though any remaining bona fide business assets would still be eligible for a minority and marketability discounts as appropriate). Ultimately, while some of the proposed changes may require large pivots to be made by advisors and clients, it’s worth remembering that this bill is not yet in its final form – there may still be weeks of negotiation before it is passed. That said, advisors should be prepared to act quickly, as many of the major proposals in the legislation are set to go into effect on January 1, 2022, and some will take effect as soon as the legislation is enacted… which may leave just weeks or even days to act if Congress proceeds! Analyzing Biden’s New “American Families Plan” Tax Proposal SEPTEMBER 15, 2021 01:50 PM
  6. In conjunction with this, if you have greater than $10 million (yes million) in your 401K, biden wants the IRS to have automatic access to it for tax purposes. Omgoodness!!!
  7. Could you hum a few bars? 🎶🎶🎶🎶🎵🎵🎵
  8. Understand Collins has health issues from injuries. Realize the song "In the Air" is about his divorce, but still really like it. Beat and background are ethereal but for the lyrics. Yikes!
  9. ANDDDD - another date 📅 bites the dust ...🎵🎵🎵🎶🎶🎼🎶🎶🎶
  10. PHM, you are very angry, and defensive. Much of what you quote is JW related. Like taken right out of their Bible. You are fighting a lost battle - prayers for you.
  11. No Prehistoricman, not going to battle you. Already proven Y'shua is God and have read JW rationale and don't believe it anymore than you believing Y'shua is God. The biggest difference is the beliefs of Jehovah's Witnesses are based on the Bible teachings of Charles Taze Russell—founder of the Bible Student movement—in the late 1800s and successive presidents of the Watch Tower Society, Joseph Franklin Rutherford, and Nathan Homer Knorr. Since 1976 all doctrinal decisions have been made by the Governing Body of Jehovah's Witnesses, a group of elders at the denomination's headquarters. And further the Jehovah’s Witnesses believe in a very complex, work-oriented, two- class system of salvation. Most Jehovah’s Witnesses strive to earn their way into the “New Order” or “the reward of eternal life”, and most fear that they will fall short. In their view, only a very limited number of people – 144,000 – will enter the higher levels of paradise. Thankfully believing in Christ Jesus, I'm granted grace and justified and no amount of works will get me to heaven nor do I need to worry about being one of 144,000 elect given the billions having lived since Yehovah first made man. I'm satisfied with His grace and assurance of a place with Him in paradise.
  12. Apologies for putting my oar in this boat too. John 1:1 ESV 1 In the beginning was the Word, and the Word was with God, and the Word was God. John 10:30 ESV 30 I and the Father are one.” Titus 2:13 ESV 13 waiting for our blessed hope, the appearing of the glory of our great God and Savior Jesus Christ, Good luck Mark, you've quote so much as evidence that Y'shua is God. 💕
  13. Shixjr, no OSHA or other Health & Safety type programs. Solely what we brought with us and included the local hires in our programs. Placed Ex-patriot, Third Country Nationals & Local hires under our work comp coverage. And if a government contract, then bought DBA (Defense Based Act) coverage. At that time I could only get AIG to step up for public work comp and CNA for DBA. AIG has done a lot for this country even though it makes you want to smack it because of attitude, but only way could get the peeps insured. Loved my job!
  14. shixjr, it'll be an automatic waiver and not offered- an exclusion just like war, insurrection etc. I wrote insurance in Iraq mid-2000 for the government projects involving public companies. Was interesting to say the least, could get liability and work comp but no auto or property coverage.
  15. Hi JonnyV, I'm poking fun at the fact it is 10000% "finished and done this next week" which he then countermands to not get fixed on a date. Kind of like "soon" etc. 😀😃🙂
  16. Interesting articles Umbertino. I never thought Italy got tornadoes. I live in tornado alley and expect them to happen and prayerfully not hit. Hard to think of Virgin Mary as a mafia gun moll and found it more interesting that it came about because of the mafia and papal collaboration against communism. That I did not know.
  17. Miraj & Caddieman, honest question here, why do you care if someone has a 50 caliber gun? If intent is to protect oneself and family? If not used for or by a criminal, or to perform criminal acts what difference does it make? Am asking you not to deflect but tell me why it matters to you. You can get rid of every gun possible and the criminals will still get them and have them.
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