Tax bomb ?

company drivers no deduction owner ops 100% deductible and not itemized off the top ....... over the road company drivers got screwed over big time ... but as the new order in America I didn't lose mine so I don't care

 

My company has said they may pay us per diem to offset the tax increase we are likely to get. I think the adjusted gross threshold for the 22% tax rate is a little over $38,000. That would amount to a tax increase for me so I may need to accept the per diem which I have always been wary of.

 

And the company drivers can’t deduct the reserved parking fees.
At least the tax code is simpler, LOL

 

actually the better payed otr are probably going to pay a little more and the owner ops are going to be paying a lot less ... I am not sure how that 20 % pass through works but I have a llc and can pay myself a Salery of 30000 or so and rest of the income coming from dividens from the corporation taxed at 21 % but that is not subject to 15% social security tax ..... but the big kicker is being able to write off 100 % of major purchases the first year instead of over 7 years .... ... what that means is you may have a profit of 100000 so you have 200 per diem days so now your down to 88000 and all the so called business expenses your down 80000 now you buy another truck for 60000 so now your down to 20000 and with a 20 % pass through your at 16000 which is 0 income taxes and about 2400 for social security ...... at that income you would be eligible for food stamps and Medicaid .... free lunches .... you have the truck financed so the out of pocket expenses would be about 15000 ....and minus the 2400 you would have a net income of about 83000 of a 100000 gross income. .. I am not going to try and get food stamps ect . but I think you probably could lol .... which means that company driver making 50000 would be taxed around 11000 (with the s.s. ) would be paying taxes to go to the owner ops food stamps lol

 

now with all that how long will it be before the pilot start taking food stamps

 

I am an owner operator so will likely result in lower taxes for me. However I do feel for the company drivers out there. Someone mentioned it was criminal to list yourself as a 1099 contractor. While true look at Trump that man ought to have a picture of himself by the definition of corruption. But oh no Hilary was so horrible. Most Truckers (not me) voted for Trump. Now you have to reap what you've sown. You wanted him you got him. And someone mentioned the new 12000 standard deduction well guess what. Most Otr drivers spend 300 days a year on the road that means an extra 3000 dollars a company man can't write off. Problem is that Republicans have this idea we will give rich people tax breaks and it will trickle down. Unfortunately this is the third time trickle down has been tried. Didn't work the first 2 times more than likely won't work this time. Sorry for the rant. I just don't like that our government came up with this again.

 

finally a Democrat that is not blaming the Russians for everything if you are a owner operator have you noticed the increase in frieght rates since his highness Obama got out of there with the 1% growth or maybe the unemployment rate .. this tax cut is doing all business good ... if you are an owner operator which I seriously doubt I think maybe a fleece operater suckered in by a mega carrier .......... but the Democrats are right about the Russians the rates would be higher and not the ones in Moscow the ones in the Democratic stronghold of Chicago .... would it be better to tax and regulate the businesses to extinction. .... think about it who is more likely to give you a raise somebody that is making money and in a tight job market or somebody that is barely hanging on and drivers are a dime a dozen

 

I am an owner operator with my own Authority. It took Obama eight years to dig ourselves out of the mess left by George W. Bush. See he had the idea of trickle down as well. You know why it doesn't work? Rich people don't spend more it's more for the bank account. Rates have gone up but that's not because of Trump. I think a fair tax is fair. 20% across the board on income after expenses. And don't tell me that's unfair the sky is falling. In the 1950s rich people had a 90% tax on earnings. I'm not advocating that. But rich people need to start paying. Also instead of these tariffs which will hurt Trump voters why not tell the companies you'll either pay our tax rates or you can't sell your products here. Other countries have their own companies and this is our companies number 1 market. But I digress talking to someone who watches Fox News and praises Trump is like talking to someone who is slightly retarded. Good luck.

 

you can't have much buisness sense if you liked the Obama years or any democrat for that matter ... I have got in the habit of not arguing with morons so can't say it any planer