Friday after business hours? Really?
More than doubled in pages? And no summary of titles?
I'll put what I can for a quick look here as I am able.
#mepolitics #TaxReform #TWPSBpic.twitter.com/JSvSbZsbQG
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4. Many states, like Maine, have no statutory framework for alimony - it's judicial discretion. You may hear things like "it is usually 40-50% of the collective income to the less monied party after attributing child support and tax effect."
#mepolitics #TaxReform
4 in english - not every state alimonies with clear rules or well, and statutes may or may not consider tax.
#mepolitics #TaxReform
5. Um...there isn't a nice way to say this, so Judges/Magistrates, turn away.
The bench doesn't always math well. They don't always have access to software to help them and we are all human. Unlike federal law that shouldn't be rushed, family often is.
#mepolitics #TaxReform
So why would anyone do this? It's a sneaky way to eek a few more $ out of families that can "afford" it. In Maine, you could start having to pay alimony at less than $30k/year. Sounds rich, huh?
#mepolitics #TaxReform
The better question is...if we are living in a world where businesses are people, then why do we have a congress that treats non-human people better with taxation than humans? If businesses have to be people, we should apply the same "fair" code to all.
#mepolitics #TaxReform
If a business sells or separates, requiring ongoing payments - those can be written off and not taxed. But not humans apparently. Huh.
#mepolitics #TaxReform
Before I switch topics...we should decide BEFORE we rewrite our tax code if businesses are people or not and act accordingly.
We should also decide who, what, when, why, and how we tax BEFORE we rewrite our tax code.
#mepolitics #TaxReform
Let's move to moving. I've covered this one before. This is another place that companies can write off an expense necessary to bring in income, but you cannot...and it's effective 12/31/17. Hope you don't have a move planned in January.
#mepolitics #TaxReformpic.twitter.com/MK5nzNJC5C
This really limits mobility for people. What do you do if there are no jobs in your town? Or the biggest employer shuts down and you have to choose move or lose your job?
#mepolitics #TaxReform
Sidenote - pro-tip: If you are reading this beast and want to save paper, print out starting on page 524.
#mepolitics #TaxReform
HELOC (Home Equity Line of Credit) deduction is gone. I've covered this before, but to recap, HELOCS are widely used by the middle class to facilitate a lot of life events.
#mepolitics #TaxReform
Common HELOC uses...
1. At purchase between 2 loans to save PMI
2. Emergency repairs
3. College tuition
4. Job loss
5. Buy out after a break up
6. Start businesses
7. Medical bills
These are frequently used for hardships or entrepreneurial risk.
#mepolitics #TaxReform
You know what thios document says to me: I don't always bury a table of contents, but when I do I logically put it on page 510.
Also, thank heavens for lasik, because I am not printing out 2 reams of paper for this.
#mepolitics #TaxReformpic.twitter.com/qUguVe3Ueo
This text is pretty small so I might skimp on photos. Next up is 529s, they are being amended to permit a favorable tax environment for up to $10k per year per student for enrollment at a "public, private or religious elementary or secondary school"
#mepolitics #TaxReform
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