Colorado Springs, CO · Member since 2014 · 57 posts · 48 votes
5y
Let me preface this by stating I am not a Republican. However it seems very clear to me that many Biden policies and legislation will be chopping the middle class at the knees. The 1031 exchange is primarily used by smaller, private investors (ie. middle class), removing it or severely capping it will remove an upward mobility tool. Instating taxation of unrealized capital gains at death will force hiers to liquidate assets in order to pay a massive tax bill. If you have 10 million in unrealized capital gains, would your hiers be able to pay a $4 million dollar tax bill in order to keep the assets? Raising minimum wage to $15 per hour is a direct hit to small business owners. I could go on...
It is time to revisit the Biden tax plan. It clearly states 1031 exchange is on the chopping block!
I'd just like to clarify that 'chopping block' is a proposal to cap deferred GAIN at $500k, like the 121 forgiveness of up to $500k of gain from the sale of a primary res.
As far as the $15/hr min wage, I think a lot of momentum would be assuaged if some states would raise their food service worker minimums above $3/hr. C'mon. Extremes bring out extremes.
if starting wages are too low, get a different job or protest. How have the restaurant owners gotten away with this for so long?
Let me preface this by stating I am not a Republican. However it seems very clear to me that many Biden policies and legislation will be chopping the middle class at the knees. The 1031 exchange is primarily used by smaller, private investors (ie. middle class), removing it or severely capping it will remove an upward mobility tool. Instating taxation of unrealized capital gains at death will force hiers to liquidate assets in order to pay a massive tax bill. If you have 10 million in unrealized capital gains, would your hiers be able to pay a $4 million dollar tax bill in order to keep the assets? Raising minimum wage to $15 per hour is a direct hit to small business owners. I could go on...
it has been time to step away from the party lines and see that they are using this to keep you locked in identity politics. the current cabinet politics are anti american, anti middle class. they simply high jacked the democrat party and hiding in its shell within which they are fully evolving as a fascist dictatorship tyranny. middle class is what makes USA the USA and not some dictatorship. There are NO personal rights and freedoms without property rights and ownership.
It is time to revisit the Biden tax plan. It clearly states 1031 exchange is on the chopping block!
I'd just like to clarify that 'chopping block' is a proposal to cap deferred GAIN at $500k, like the 121 forgiveness of up to $500k of gain from the sale of a primary res.
As far as the $15/hr min wage, I think a lot of momentum would be assuaged if some states would raise their food service worker minimums above $3/hr. C'mon. Extremes bring out extremes.
if starting wages are too low, get a different job or protest. How have the restaurant owners gotten away with this for so long?
working as a server in a restaurant has never been about being a career choice. it is just a stepping stone. however, some waiters make plenty of money because of tips. an individual is the person who decides on their destiny. you chose if you will be a dishwasher for the rest of your life or if you will move onto to something else. we cannot save everyone because they make bad choices. choices have consequences.
It is time to revisit the Biden tax plan. It clearly states 1031 exchange is on the chopping block!
I'd just like to clarify that 'chopping block' is a proposal to cap deferred GAIN at $500k, like the 121 forgiveness of up to $500k of gain from the sale of a primary res.
As far as the $15/hr min wage, I think a lot of momentum would be assuaged if some states would raise their food service worker minimums above $3/hr. C'mon. Extremes bring out extremes.
if starting wages are too low, get a different job or protest. How have the restaurant owners gotten away with this for so long?
working as a server in a restaurant has never been about being a career choice. it is just a stepping stone. however, some waiters make plenty of money because of tips. an individual is the person who decides on their destiny. you chose if you will be a dishwasher for the rest of your life or if you will move onto to something else. we cannot save everyone because they make bad choices. choices have consequences.
Raising restaurant wages of the extremely low base of $2.85/hr or whatever where it exists would be an easy compromise both sides can get behind and save face or look good with. It should also take pressure off of the $15 for everyone stance.
While I agree people work in an employment at will 'leave and or better yourself if you desire more' environment, basic wages not subsidized by tips apparently needs to be adopted. Why restaurant owners get a pass is beyond me. Robber Barron industrial age stuff right there.
It is time to revisit the Biden tax plan. It clearly states 1031 exchange is on the chopping block!
I'd just like to clarify that 'chopping block' is a proposal to cap deferred GAIN at $500k, like the 121 forgiveness of up to $500k of gain from the sale of a primary res.
As far as the $15/hr min wage, I think a lot of momentum would be assuaged if some states would raise their food service worker minimums above $3/hr. C'mon. Extremes bring out extremes.
if starting wages are too low, get a different job or protest. How have the restaurant owners gotten away with this for so long?
working as a server in a restaurant has never been about being a career choice. it is just a stepping stone. however, some waiters make plenty of money because of tips. an individual is the person who decides on their destiny. you chose if you will be a dishwasher for the rest of your life or if you will move onto to something else. we cannot save everyone because they make bad choices. choices have consequences.
Raising restaurant wages of the extremely low base of $2.85/hr or whatever where it exists would be an easy compromise both sides can get behind and save face or look good with. It should also take pressure off of the $15 for everyone stance.
While I agree people work in an employment at will 'leave and or better yourself if you desire more' environment, basic wages not subsidized by tips apparently needs to be adopted. Why restaurant owners get a pass is beyond me. Robber Barron industrial age stuff right there.
just letting you know that usually a percentage of tips per day is shared with the entire staff. so per hour wage is actually greater.
Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes
5y
I've known of plenty of people who make big bucks after a few years of waiting tables and even retire well from that industry. And yes, the busboys, Etc get a share of the tips and are just working these jobs as stepping stones anyway. Cooks are paid well.
Restaurant owners have the most thankless job ever. Most fail. Does anyone care about them? No, people would rather whine about a poor busboy......jeeeez
Investor · Palmdale, CA · Member since 2020 · 46 posts · 29 votes
5y
Reason I don't like tipping. It's not my job to subsidize the server/busboy income. I teach kids but the parents don't tip me for teaching them.
And that would be a terrible hit to the upward mobility of the middle class' attempt to move to the next level if 1031 exchanges were eliminated. Maybe they'll just cap it like Steve mentioned. Nonetheless they should leave it alone. Or expand it. To something like stocks aha.
The 1031 exchange was already restricted by Trump. Previously you could exchange all kinds of assets like trucks, horses etc. I doubt any politician would widen the asset class.
Since the wage issue does not want to go away, put that into your pipe and smoke it: 2 days ago I had my driveway sealed. The 34-year-old owner of the business told me, he could not send employees to do the job, because he would lose money! He also said that the going hourly rate for an entry-level untrained factory worker in Northern Nevada was $30! He can not compete with that.