Big Beautiful Tax Bill

[sunnyandseventytwo]

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Anybody doing anything differently on account of the new tax bill?

I might volunteer for more overtime; unfortunately, most of the overtime I make is from working holidays, which does not appear to be tax free.

 

[Rouelle]

I’m under contract to buy a self storage facility. It sounds like there might be some good year 1 bonus depreciation benefits. If so, not sure if I want to use the money for capital improvements, or put it towards the note.

 

[Prepharm1214]

No tax on overtime does not apply to salaried positions which most retail pharmacists technically are correct?

 

[projektreverb]

No tax on overtime does not apply to salaried positions which most retail pharmacists technically are correct?

Exactly. Unless you work B rate at Walgreens. Then maybe no tax on the B rate, which is chump change compared to the rest.

 

[sunnyandseventytwo]

Exactly. Unless you work B rate at Walgreens. Then maybe no tax on the B rate, which is chump change compared to the rest.

You alls need a union.

 

[Pronounce Doxazosin]

Generally speaking, less insured Americans is bad for pharmacy bussiness.

Retail pharmacy is already shrinking as is, and imagine many rural hospitals will close or downscale

 

[RxPreceptor]

Nothing special, just continue to focus on my own personal goals financially (work on improving allocation for sinking funds, less BS spending Amazon, energy drinks, clothing, etc.). Loving my new work life balance going from 60 to 40 hours/week this year

I’m dying to know who’s interested in making Trump fund babies 🤣🤪

 

[sunnyandseventytwo]

So I find myself working a 14 hour shift with a lot of time on my hands. And tax free overtime isn't a very good deal: Only the 0.5 premium is tax free, the "straight time" portion of the overtime is taxed as previously. What I thought would be an extra $200 is probably only going to be $30. Thanks a lot, Biden.

 

[projektreverb]

You alls need a union.

I haven’t been at the corner of depression and misery full time since late 2020 but yes, they do need a union

 

[lord999]

I’m under contract to buy a self storage facility. It sounds like there might be some good year 1 bonus depreciation benefits. If so, not sure if I want to use the money for capital improvements, or put it towards the note.

Given how many people are going to be downsizing, I think it's a good investment move (and I'm not an investor).

 

[BidingMyTime]

So I find myself working a 14 hour shift with a lot of time on my hands. And tax free overtime isn't a very good deal: Only the 0.5 premium is tax free, the "straight time" portion of the overtime is taxed as previously. What I thought would be an extra $200 is probably only going to be $30. Thanks a lot, Biden.

Spoken like a true cultist, blame the previous administration for a bill passed by current administration.

 

[BidingMyTime]

It should also be pointed out that not paying tax of tips or overtime....also means less income counted as credit towards social security. For people planning to die young, the no tax is a win. For people planning to live the average life span or longer, this no tax may cost them in the long run.

 

[Rouelle]

Given how many people are going to be downsizing, I think it's a good investment move (and I'm not an investor).

I’m getting to the age that an eventual retirement is in the back of my mind. I’m hoping having additional (mostly passive) income streams will add more peace of mind than simply having some money sitting in an account when that time comes.

 

[sunnyandseventytwo]

Spoken like a true cultist, blame the previous administration for a bill passed by current administration.

Definition of IRONY

the use of words to express something other than and especially the opposite of the literal meaning; a usually humorous or sardonic literary style or form characterized by irony; an ironic expression or utterance… See the full definition

www.merriam-webster.com

 

[lord999]

I’m getting to the age that an eventual retirement is in the back of my mind. I’m hoping having additional (mostly passive) income streams will add more peace of mind than simply having some money sitting in an account when that time comes.

I don’t believe anyone has the answers, so having multiple answers seems to work best not knowing. That and keeping yourself healthy to not need to depend on our healthcare system as ironic as that sounds for us.

 

[lord999]

It should also be pointed out that not paying tax of tips or overtime....also means less income counted as credit towards social security. For people planning to die young, the no tax is a win. For people planning to live the average life span or longer, this no tax may cost them in the long run.

There’s a political science theory (resource prospect) that the people a government doesn’t tax doesn’t need to care about them. The elitist in me thinks that situation is quite the intentional outcome. Anyone we can screw over from federal entitlement programs like teachers , we do so taking advantage of the workers’ ignorance of their long term interests.

 

[RxPreceptor]

Godforbid should the government step in and mandate personal finance education as a part of standard high school education. Let’s just keep ignoring the root cause of the problem and continue letting 18yos with next to zero financial experience take out 6 figure loans for education without being able to comprehend the long term consequences and opportunity costs