We are continuing the exploration of the proposed new tax law. Parts 1 and 2 covered individual taxation issues. (There was a preamble, as well.) Yesterday, we started our discussion of what may happen to business taxes.
I’ve written about how some folks are drowning in debt. And, the methods one can employ to restructure one’s credit card bills. of course, that process means you will no longer have any credit cards at your disposal. (Unless you obtain what is called a secured credit card– where you provide $ 1000 deposit that “secures” your credit line of up to $ 1000. In essence, you can use a credit card only up to the amount of deposit you have with the bank or agency that issued your card.)
Do you know that the IRS has not changed its policies on gifts? That any business gift that costs more than $ 25 is taxable to the extent if exceeds that threshold? That is has been in place since 1981- which means at the very least the IRS should have changed the deductible limit to $ 66.
What a surprise- NOT!
I’ve said for years that the bloated, sky-high compensation proffered to corporate executives, the CEO pay, has nothing to do with corporate performance. OK. I apologize. I have been wrong.
Everyone have to recognize one basic fact. WE are not the customers of Equifax, Experian, or TransUnion. That’s right- banks, credit cards, finance companies, employers- these are the customers of those agencies. But, the credit reporting firms feel that they have no obligation to keep our information- stuff we NEVER authorized them to collect- secure.