Using the four letter "F" word

[Mebuck]

To be "fair" should the 6A school who get 6 points in the 2 year cycle get moved up? They can't, so maybe the should sit out two years to let the other schools have a chance to win. 

What I am saying is, if you are going to punish a program for success then be fair and do it for all the schools. 

[foxbat]

10 hours ago, DanteEstonia said:

If the income is over $50 million annually, yes. 

But this also assumes that all PPs are equal. Success Factor show that they are not. 

And therein is the bigger issue with a multiplier vs. SF.  SF is based on what you did, not based on what is expected.

Imagine in January telling the IRS that you expect to make $120,000 ... $10,000/month.  They say, "OK your tax for the coming year is going to be $10,000 and you have to write the check up front."  Then in mid-February you lose your job and are unemployed for the rest of the year.  Your income for the year ends up being $15,000.  Under multiplier it'd be "tough sh*t" that's what you were supposed to make, we don't really care what you did and you basically get stuck paying $10,000 on $15,000 income while someone else who made $120,000 and didn't lose the job also pays the $10,000.  And the person who thought they were going to make $120,000, but got a better job and actually made $200,000 also pays $10,000 for the year.

Under SF, we wait until the end of the year to see what you did ... performance ... and, if you did more, then you "pay" for it.

[DanteEstonia]

18 minutes ago, foxbat said:

Imagine in January telling the IRS that you expect to make $120,000 ... $10,000/month.

Lol-

https://turbotax.intuit.com/tax-tips/small-business-taxes/estimated-taxes-how-to-determine-what-to-pay-and-when/L3OPIbJNw

[foxbat]

9 minutes ago, DanteEstonia said:

Lol-

https://turbotax.intuit.com/tax-tips/small-business-taxes/estimated-taxes-how-to-determine-what-to-pay-and-when/L3OPIbJNw

Yes, but if you don't make that money, you get those estimated taxes back.  If you make more, I'm pretty sure the IRS doesn't say "c'est la vie." 🙂

[DanteEstonia]

24 minutes ago, foxbat said:

Yes, but if you don't make that money, you get those estimated taxes back.  If you make more, I'm pretty sure the IRS doesn't say "c'est la vie." 🙂

I'll ask my mom about this later; she has to pay taxes under this rule. 

[Grandpa B]

12 hours ago, DanteEstonia said:

If the income is over $50 million annually, yes. 

But this also assumes that all PPs are equal. Success Factor show that they are not. 

Agreed!  No PP has the equal of $50 million annually.   Some might be in the $200K income bracket, so let's not tax them at 80% (2.0 multiplier)

[foxbat]

37 minutes ago, DanteEstonia said:

I'll ask my mom about this later; she has to pay taxes under this rule. 

OT:  My mom does too, but her quarterly estimated tax stuff is tied to her retirement distributions and investments income rather than employment income as she's been long-ago retired.  I  know that she definitely gets a refund if there's over-payment of those estimated taxes ... and vice-versa an additional bill if she's short at the end of the year on the estimated taxes.

One tax-related item where you don't get the money back is FSAs.  In that one, if you don't spend it, you lose it.  But that's a whole bunch different than a multiplier scenario as it's individually-based and the amount to put in the FSA is selected by the individual, not an external entity.  Matter of fact, the individual figures out whether they even want to do it or not.  In that case, you still get the whole tax savings whether you use it or not, but it's possible to be at a net loss in the whole thing depending on how much you leave on the table.

[Purdue Pete]

17 hours ago, Grandpa B said:

Well said.  The Tax Rate that DT want to levy on the PPs of a 2.0 multiplier is the equivalent of a 80% Tax Rate.  Does anyone think 80% is, shall I say it, fair? 

We’ve got @brettlow (trump) arguing no one should pay income tax and @dt (aoc) arguing the merits of socialism.

Imo Tweaking the SF to a rolling 2 year accumulation period would be an appropriate step.  See how it goes for few years.

[Impartial_Observer]

On 12/5/2020 at 7:29 PM, Purdue Pete said:

Not really

“The recipient of a gift does not pay tax on any gift valued at $11,000 or less, no matter if it is a boat, car, cash, or stock. This means you don't owe taxes at the time of the gift of the stock. When the recipient sells the stock, however, it is a taxable event.”

Just like the SF.  Keep ur total points below 6 (or $11k) and no tax.  

Dude you’re all over the place. You’re talking about inheritance tax, gift tax, unearned income tax, and I’m assuming cap gains tax in this thread. Inheritance tax is pretty easy to navigate around, gift tax is what it is, tax rates are pretty reasonable on unearned income, cap gains requires some ingenuity. As I keep telling my son, you gotta get “a guy”. 

[foxbat]

1 hour ago, Impartial_Observer said:

Dude you’re all over the place. You’re talking about inheritance tax, gift tax, unearned income tax, and I’m assuming cap gains tax in this thread. Inheritance tax is pretty easy to navigate around, gift tax is what it is, tax rates are pretty reasonable on unearned income, cap gains requires some ingenuity. As I keep telling my son, you gotta get “a guy”. 

Or be "the guy."

[hhpatriot04]

6 hours ago, Impartial_Observer said:

Dude you’re all over the place. You’re talking about inheritance tax, gift tax, unearned income tax, and I’m assuming cap gains tax in this thread. Inheritance tax is pretty easy to navigate around, gift tax is what it is, tax rates are pretty reasonable on unearned income, cap gains requires some ingenuity. As I keep telling my son, you gotta get “a guy”. 

Yeah, living abroad for four years now and being paid into a foreign bank account. I'm going to need "a guy" very soon to make sure everything is correct as immigration is processed for my wife (who we already have "a gal" [lawyer] on retainer who specializes in this type of immigration).

[Impartial_Observer]

10 hours ago, hhpatriot04 said:

Yeah, living abroad for four years now and being paid into a foreign bank account. I'm going to need "a guy" very soon to make sure everything is correct as immigration is processed for my wife (who we already have "a gal" [lawyer] on retainer who specializes in this type of immigration).

Everyone needs “a guy”. Whether it’s haircuts, car repair, or financial planning. My son recently moved to Fort Wayne for a new job, and he has always just kinda flown by the seat of his pant, get “a guy”, build a relationship, it will save you time, headaches, and most of all money in the long run.