Will we lose per diem

Discussion in 'Trucker Taxes and Truck Financing' started by true122, Dec 2, 2017.

  1. true122

    true122 Bobtail Member

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    Will truck drivers lose per diem tax deduction under the new trump tax bill? Can't find anything about it
     
  2. x1Heavy

    x1Heavy Road Train Member

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    There isnt anything in that taxbill.

    The problem is that the Senate has recieved out of Comittee several hundred pages in the bill brought to debate after a procedural vote, and made a number of amendments and changes via sharpie marker up until midnight eastern last night with everyone writing in changes on the senate floor. They are trying to buy each others votes as usual.

    No one in the Senate has really had a chance to read and digest the full current bill as amended and marked all over. They may try to vote today or tonight but it's going to be a bill in which no one really knows all what's in it. As usual.

    One thing they will do is insert a clawback for social security for at least 10 years, should Cola fail as it does some years (A raise of benefits indexed to customer price index inflation which has been a pittance) then there will be a negative loss in benefits for all social security across the board to pay "Additional lost taxes" to keep the USA from suffering more debt.

    The entire bill is a historical wealth transfer from the poor and middle class to the few rich big enough to enjoy that kind of money. It will increase the national debt by another trillion upon passage.

    After the senate votes, should they tie, VP pence will break it and if it passed, it goes back to the house and senate have to reconcile differences. With the looming last dozen or so legislative days left in this current Congress, there is a need to have a National Fiscal budget to be set and passed for 2018 which is not going to happen, resulting in a govt shut down again sometime early Jan.

    Once the tax reform differences are reconciled by both house and senate with respective votes to pass, it goes to the president for signature or not. If the president vetos, it goes back to congress for a 2/3 override attempt. If 2/3 vote to override it, then it becomes law. If president does nothing in a fixed amount of days, it becomes law.

    We have been here before back in the Reagan era. They did a big tax reform thing in those days calling it trickle down. Guess what, it's been almost 40 years since and we aint seen a #### thing so far. And we are going to go through this again for 10 years and see a negative clawback from certain groups of people. Usually the poorest.
     
  3. Hillbilly hauler

    Hillbilly hauler Bobtail Member

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    Yes one thing for sure is all of the working Americans middle class and down we'll all be paying more in taxes at the end of 10 years while the rich will be paying less but that is the American people's fault for voting them into office. Especially Donald Trump after he said I would run as a Republican for president because Republicans are stupid and will believe whatever lie you tell them... you can look at all the lies he tells and you can see that he has proven that to be true.
     
  4. x1Heavy

    x1Heavy Road Train Member

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    Anything happens in DC it will be at night.

    I find myself thinking there needs to be something some day to clean the place by fire, we can always elect another 535 or so to run the Nation somewhere nicer. It hurts me to even say it.

    I follow Tom Cotton, one of our Senators, he is not too involved in the senate lately because Trump wants to make him Boss of the CIA which will be a step up for him. I don't have a problem with it considering his access to classified material.
     
    Last edited by a moderator: Dec 21, 2017
    Puppage Thanks this.
  5. x1Heavy

    x1Heavy Road Train Member

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    The tax reform passed 51 to 49.

    It goes to both the house and the senate to reconcile differences at the same time. If both vote and agree, then it goes to the president.

    I myself as a disabled trucker has been making ready for this day a long time. When the benefit cuts come on, Ive already begun to make plans to accommodate them. I would imagine many seniors such as my family back home will find their current living situation unsupportable and have to sell out and move downwards in housing. (Explanation, real estate taxes are not deductible anymore and for them it's close to 10K a year.)
     
    94coupe and Trucker61016 Thank this.
  6. Taipan

    Taipan Light Load Member

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    Yes per diem goes away
     
  7. x1Heavy

    x1Heavy Road Train Member

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  8. tucker

    tucker Road Train Member

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    Where’s the link?
     
  9. true122

    true122 Bobtail Member

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    I read the tax bill but didn't find anything saying the per diem is gone just suspension of itemized deductions. Is per diem considered a itemized deduction for some one who is a 1099?
     
  10. kemosabi49

    kemosabi49 Road Train Member

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    Anyone, W2 or 1099, that does not use the standard deduction itemizes
     
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