So if 250 Haitians immigrants dem could come to shore in what supposed to be one of the most secure ports in the country, climb up in the navel string of the nation and disappear, can you imagine what’s happening out there on the high seas with our national resources? Our fish and conch and crab and groupers and yes sand and aragonite. The Haitians dem did us a favor and showed us how porous and penetrative our borders are.. and not just on the far flung islands. So when you catch them (is you do). Despite the egg on your face and international embarrassment don’t go into a frenzy and beat them to a pulp. Be kind. They are not terrorists but just persons from the poorest country on earth trying to seek a better way of life (many of them don’t even eat lobster or conch). So give them a good meal before you send them back home. Don’t be mad because they caught you sleeping 💤
At the end the f the day the richest people is those who till the soil or fish the ocean. Because at the end of the day if you gat millions and billions but ain’t gat nothing to eat you still a poor you know what. And if Bahamians could only come together for the next five years. Protect what is ours, share what is ours market our resources and share the common wealth this will be the richest and happiest lil country in the world.
The House plan lowers the maximum tax rate for small businesses to 25 percent. That includes sole proprietorships, partnerships, and S corporations. Many of those are real estate companies, hedge funds, and private equity funds. As a result, 85 percent of this tax cut benefits the top 1 percent of earners. Most mom-and-pop small businesses don't earn enough income to be taxed more than 25 percent. The reduced rate doesn't apply to labor-intensive firms like lawyers and financial services.
Both plans allow businesses to expense the cost of depreciable assets instead of writing them off over the years. It does not apply to structures. This feature expires in five years. The Senate version also allows them to expense all capital investments in 2018. Trump promised U.S.-based manufacturers they could deduct all expenses for new plants and equipment. The write-off would encourage mo"
"The deduction for Married and Joint Filers increases from $12,700 to $24,000. A single filer's deduction increases from $6,350 to $12,000.
Both plans eliminate personal exemptions. The exemption currently allows taxpayers to subtract $4,050 from income for each person claimed on the tax return. Families with many children would pay higher taxes despite the increased standard deductions. For example, a married couple with two children making $56,000 a year would pay $68 a year more. The increased deduction doesn't outweigh the loss of their exemption.
Both plans double the estate tax exemption. Current tax law for 2018 exempts the first $5.6 million for singles and $11.2 million for couples. The House plan repeals the estate tax and the generation-skipping transfer tax as of January 1, 2024.That would help the top 1 percent of the population who pay it.
That's 4,918 tax returns, but they contribute $17 billion in taxes.
Both plans eliminate the Alternative Minimum Tax. That helps those who make enough to be subject to it. In 2017, the AMT could affect those with incomes above $54,300 (single) or $84,500 (married filing jointly).
Child and Elder Care Deductions The Senate plan increases the Child Tax Credit from $1,000 to $1,650. The House plan increases it to $1,600. It also increases the income level so more middle-income families can take advantage of the credit. Both plans preserve the adoption tax credit. The Senate plan allow parents to set aside money for their unborn child in a tax-advantaged account.
The House plan eliminates the marriage penalty as it relates to the Child Tax Credit. Under the current tax system, two single parents receive the full credit up to a combined income of $150,000. But the credit shrinks for a married couple after they earn $110,000. Research shows that subsidizing child care encourages people to work. That boosts income and economic growth.
The House plan allows a $300 credit for each non-child dependent that sunsets in five years. Trump's 2016 plan gave a permanent $5,000 deduction for elder care.
Business Taxes Both plans lower the maximum corporate tax rate from 35 percent to 20 percent. The House plan kept it for just 10 years to keep costs down. The Senate plan delays the change until 2019. but then it becomes permanent. The United States has one of the highest corporate tax rates in the world. But that doesn't hurt large corporations. Most of them don't pay more than 15 percent. That's because they can afford tax attorneys who help them avoid paying more.
Both plans eliminate the deduction for state and local taxes. That would hurt 44 million people, primarily residents in high-tax states like California and New York. It would add $1.3 trillion to federal revenues. The House plan allows taxpayers to deduct state property tax deductions up to $10,000. The Senate plan allows businesses to deduct state and local taxes.
Both plans double the standard deduction for everyone.
"By Kimberly Amadeo Updated November 13, 2017 On November 9, 2017, the Senate Finance Committee released its version of the Tax Cuts and Jobs Act. The House Ways and Means Committee released its version on November 2, 2017. Both are based on the Trump administration plan presented on September 27, 2017.
The Senate plan cuts the corporate tax rate from 35 percent to 20 percent, but not until 2019. The House plan does so in 2018. By delaying the tax cut for a year, the Senate version saves $100 billion in revenue loss.
Both plans cut income tax rates. They double the standard deduction but eliminate personal exemptions.
Here's a summary of how both tax plans change income taxes, deductions for child and elder care, and business taxes. The Trump administration believes the final bill will look more like the Senate plan.
Income Tax Brackets The Senate plan keeps the current seven income tax brackets, but lowers some tax rates. It maintains two rates: 10 percent and 35 percent. It lowers rates in five brackets from current levels. Instead of 15 percent, 25 percent, 28 percent, 33 percent, and 39.6 percent, it has 12 percent, 22.5 percent, 25 percent, 32.5 percent, and 38.5 percent. The Senate plan does not have income levels assigned to its brackets yet.
The House plan reduces the number of tax brackets to four and lowers rates. The lowest tax bracket would be 12 percent, down from 15 percent. The middle rate would be 25 percent, down from 28 percent.
The third bracket would be taxed 35 percent, down from 39.6 percent. The top bracket retains the 39.6 percent tax rate. The House plan creates the following tax chart.
Income Tax Rate Income Levels for Those Filing As: Current Tax Act Single Married-Joint 10 - 15% 12% $0-$44,999 $0 - $89,999 25 - 28% 25% $45,000 - $199,999 $90,000 - $259,999 28 - 39.6% 35% $200,000 - $499,999 $260,000 - $999,999 39.6% 39.6% $500,000+ $1M+
Both tax plans eliminate itemized deductions except for those on charitable contributions, mortgage interest, property taxes, and retirement savings. Current mortgage-holders aren't affected in either plan. But for new mortgages, the House plan only allows the deduction up to $500,000. That will affect home buyers in large cities, where most houses cost more than $500,000. The Senate plan allows the deduction to remain up to $1 million.
The Senate plan keeps the deductions for medical expenses. Currently, people can deduct medical expenses that are 10 percent or more of income. The House plan eliminates that deduction. It was used by 8.8 million people in 2015.
The Senate plan allows students to deduct interest payments on school loans. The House plan eliminates that deduction.
The deduction for Married and Joint Filers increases from $12,700 to $24,000. A single filer's deduction increases from $6,350 to $12,000.
The stock markets have been in in a downward spiral for several weeks. Is it in response to donald Trump's decision to restructure the tax law, giving businesses and high value Americans billions in tax cuts. The law will also see tax ***increases*** for lower and middle income individuals and families since a number of tax breaks currently available to them cease to be. Six months in and the Minnis' government has announced no new initatives to stimulate businesses and get the economy moving. Even tourism is at a standstill. Since may 2017 many businesses have saw a more than 30% decline in sales. This is on top of an economy that has been stagnant for several years. If nothing changes, for the better, many stores will close down shortly after the Christmas shopping season, after their hopes are dashed by weak holiday sales.
BTW, if you have loans at RBC or any other bank for that matter, check the interest rate! Ask your loan officer to give you a printout of the current interest rate your loan is drawing. Despite the drop in the prime rate, many banks have not dropped the interest rates on loans. Some will tell you they only have to do it when you request it. And worse than that, some banks like RBC, has increased their interest rates on overdraft facilities and other loans to its customers. When you make inquiries they will give you some off the wall excuse and if you don't stand your ground they will charge you up to 10% on a loan that should be around 6%.
As was explained today: the $800 million is not all new loans. Some of it will be to replace older loans in the form of bonds that have expired. So the net result will NOT be an increase in the national debt by $800 million. It will be LESS! If that adds any comfort. There will be a netting out effect. But it may also mean that some of the older loans will be replaced with ones at higher coupon (interest) rates, since our financial ratings have been downgraded several times since the money was borrowed.
In The main time Donald Trump has signed a law that will see 50,000 to 60,000 Haitians deported before Thanksgiving 2017. "*On May 24, 2017, USCIS announced the extension of the designation of Haiti for TPS for 6 months. This allows eligible Haitians (and people without nationality who last habitually resided in Haiti) to re-register for TPS. During this 6-month extension, beneficiaries are encouraged to prepare for their return to Haiti in the event Haiti’s designation is not extended again, including requesting updated travel documents from the government of Haiti. At least 60 days before Jan. 22, 2018, Secretary Kelly will re-evaluate the designation for Haiti and will determine whether another extension, a re-designation, or a termination is warranted, in full compliance of the Immigration and Nationality Act.*"
Since Donald trump decided not to extend this agreement, Haitians affected by this status are asked to leave voluntarily rather than having to be deported. So authorities here in The Bahamas must prepare for another influx of immigrants, this time coming from the opposite direction.
John says...
So if 250 Haitians immigrants dem could come to shore in what supposed to be one of the most secure ports in the country, climb up in the navel string of the nation and disappear, can you imagine what’s happening out there on the high seas with our national resources? Our fish and conch and crab and groupers and yes sand and aragonite. The Haitians dem did us a favor and showed us how porous and penetrative our borders are.. and not just on the far flung islands. So when you catch them (is you do). Despite the egg on your face and international embarrassment don’t go into a frenzy and beat them to a pulp. Be kind. They are not terrorists but just persons from the poorest country on earth trying to seek a better way of life (many of them don’t even eat lobster or conch). So give them a good meal before you send them back home. Don’t be mad because they caught you sleeping 💤
On Migrants are hunted as Haitian sloop lands
Posted 13 November 2017, 9:22 p.m. Suggest removal
John says...
At the end the f the day the richest people is those who till the soil or fish the ocean. Because at the end of the day if you gat millions and billions but ain’t gat nothing to eat you still a poor you know what. And if Bahamians could only come together for the next five years. Protect what is ours, share what is ours market our resources and share the common wealth this will be the richest and happiest lil country in the world.
On Govt seeking new $800m foreign loan
Posted 13 November 2017, 9:03 p.m. Suggest removal
John says...
The House plan lowers the maximum tax rate for small businesses to 25 percent. That includes sole proprietorships, partnerships, and S corporations. Many of those are real estate companies, hedge funds, and private equity funds. As a result, 85 percent of this tax cut benefits the top 1 percent of earners. Most mom-and-pop small businesses don't earn enough income to be taxed more than 25 percent. The reduced rate doesn't apply to labor-intensive firms like lawyers and financial services.
Both plans allow businesses to expense the cost of depreciable assets instead of writing them off over the years. It does not apply to structures. This feature expires in five years. The Senate version also allows them to expense all capital investments in 2018. Trump promised U.S.-based manufacturers they could deduct all expenses for new plants and equipment. The write-off would encourage mo"
On Govt seeking new $800m foreign loan
Posted 13 November 2017, 7:14 p.m. Suggest removal
John says...
"The deduction for Married and Joint Filers increases from $12,700 to $24,000. A single filer's deduction increases from $6,350 to $12,000.
Both plans eliminate personal exemptions. The exemption currently allows taxpayers to subtract $4,050 from income for each person claimed on the tax return. Families with many children would pay higher taxes despite the increased standard deductions. For example, a married couple with two children making $56,000 a year would pay $68 a year more. The increased deduction doesn't outweigh the loss of their exemption.
Both plans double the estate tax exemption. Current tax law for 2018 exempts the first $5.6 million for singles and $11.2 million for couples. The House plan repeals the estate tax and the generation-skipping transfer tax as of January 1, 2024.That would help the top 1 percent of the population who pay it.
That's 4,918 tax returns, but they contribute $17 billion in taxes.
Both plans eliminate the Alternative Minimum Tax. That helps those who make enough to be subject to it. In 2017, the AMT could affect those with incomes above $54,300 (single) or $84,500 (married filing jointly).
Child and Elder Care Deductions
The Senate plan increases the Child Tax Credit from $1,000 to $1,650. The House plan increases it to $1,600. It also increases the income level so more middle-income families can take advantage of the credit. Both plans preserve the adoption tax credit. The Senate plan allow parents to set aside money for their unborn child in a tax-advantaged account.
The House plan eliminates the marriage penalty as it relates to the Child Tax Credit. Under the current tax system, two single parents receive the full credit up to a combined income of $150,000. But the credit shrinks for a married couple after they earn $110,000. Research shows that subsidizing child care encourages people to work. That boosts income and economic growth.
The House plan allows a $300 credit for each non-child dependent that sunsets in five years. Trump's 2016 plan gave a permanent $5,000 deduction for elder care.
Business Taxes
Both plans lower the maximum corporate tax rate from 35 percent to 20 percent. The House plan kept it for just 10 years to keep costs down. The Senate plan delays the change until 2019. but then it becomes permanent. The United States has one of the highest corporate tax rates in the world. But that doesn't hurt large corporations. Most of them don't pay more than 15 percent. That's because they can afford tax attorneys who help them avoid paying more.
On Govt seeking new $800m foreign loan
Posted 13 November 2017, 7:14 p.m. Suggest removal
John says...
Both plans eliminate the deduction for state and local taxes. That would hurt 44 million people, primarily residents in high-tax states like California and New York. It would add $1.3 trillion to federal revenues. The House plan allows taxpayers to deduct state property tax deductions up to $10,000. The Senate plan allows businesses to deduct state and local taxes.
Both plans double the standard deduction for everyone.
On Govt seeking new $800m foreign loan
Posted 13 November 2017, 7:11 p.m. Suggest removal
John says...
"By Kimberly Amadeo
Updated November 13, 2017
On November 9, 2017, the Senate Finance Committee released its version of the Tax Cuts and Jobs Act. The House Ways and Means Committee released its version on November 2, 2017. Both are based on the Trump administration plan presented on September 27, 2017.
The Senate plan cuts the corporate tax rate from 35 percent to 20 percent, but not until 2019. The House plan does so in 2018. By delaying the tax cut for a year, the Senate version saves $100 billion in revenue loss.
Both plans cut income tax rates. They double the standard deduction but eliminate personal exemptions.
Here's a summary of how both tax plans change income taxes, deductions for child and elder care, and business taxes. The Trump administration believes the final bill will look more like the Senate plan.
Income Tax Brackets
The Senate plan keeps the current seven income tax brackets, but lowers some tax rates. It maintains two rates: 10 percent and 35 percent. It lowers rates in five brackets from current levels. Instead of 15 percent, 25 percent, 28 percent, 33 percent, and 39.6 percent, it has 12 percent, 22.5 percent, 25 percent, 32.5 percent, and 38.5 percent. The Senate plan does not have income levels assigned to its brackets yet.
The House plan reduces the number of tax brackets to four and lowers rates. The lowest tax bracket would be 12 percent, down from 15 percent. The middle rate would be 25 percent, down from 28 percent.
The third bracket would be taxed 35 percent, down from 39.6 percent. The top bracket retains the 39.6 percent tax rate. The House plan creates the following tax chart.
Income Tax Rate Income Levels for Those Filing As:
Current Tax Act Single Married-Joint
10 - 15% 12% $0-$44,999 $0 - $89,999
25 - 28% 25% $45,000 - $199,999 $90,000 - $259,999
28 - 39.6% 35% $200,000 - $499,999 $260,000 - $999,999
39.6% 39.6% $500,000+ $1M+
Both tax plans eliminate itemized deductions except for those on charitable contributions, mortgage interest, property taxes, and retirement savings. Current mortgage-holders aren't affected in either plan. But for new mortgages, the House plan only allows the deduction up to $500,000. That will affect home buyers in large cities, where most houses cost more than $500,000. The Senate plan allows the deduction to remain up to $1 million.
The Senate plan keeps the deductions for medical expenses. Currently, people can deduct medical expenses that are 10 percent or more of income. The House plan eliminates that deduction. It was used by 8.8 million people in 2015.
The Senate plan allows students to deduct interest payments on school loans. The House plan eliminates that deduction.
The deduction for Married and Joint Filers increases from $12,700 to $24,000. A single filer's deduction increases from $6,350 to $12,000.
On Govt seeking new $800m foreign loan
Posted 13 November 2017, 7:10 p.m. Suggest removal
John says...
The stock markets have been in in a downward spiral for several weeks. Is it in response to donald Trump's decision to restructure the tax law, giving businesses and high value Americans billions in tax cuts. The law will also see tax ***increases*** for lower and middle income individuals and families since a number of tax breaks currently available to them cease to be. Six months in and the Minnis' government has announced no new initatives to stimulate businesses and get the economy moving. Even tourism is at a standstill. Since may 2017 many businesses have saw a more than 30% decline in sales. This is on top of an economy that has been stagnant for several years. If nothing changes, for the better, many stores will close down shortly after the Christmas shopping season, after their hopes are dashed by weak holiday sales.
On MPs’ pay will need economic upturn
Posted 13 November 2017, 7:01 p.m. Suggest removal
John says...
BTW, if you have loans at RBC or any other bank for that matter, check the interest rate! Ask your loan officer to give you a printout of the current interest rate your loan is drawing. Despite the drop in the prime rate, many banks have not dropped the interest rates on loans. Some will tell you they only have to do it when you request it. And worse than that, some banks like RBC, has increased their interest rates on overdraft facilities and other loans to its customers. When you make inquiries they will give you some off the wall excuse and if you don't stand your ground they will charge you up to 10% on a loan that should be around 6%.
On Govt seeking new $800m foreign loan
Posted 13 November 2017, 6:52 p.m. Suggest removal
John says...
As was explained today: the $800 million is not all new loans. Some of it will be to replace older loans in the form of bonds that have expired. So the net result will NOT be an increase in the national debt by $800 million. It will be LESS! If that adds any comfort. There will be a netting out effect. But it may also mean that some of the older loans will be replaced with ones at higher coupon (interest) rates, since our financial ratings have been downgraded several times since the money was borrowed.
On Govt seeking new $800m foreign loan
Posted 13 November 2017, 6:40 p.m. Suggest removal
John says...
In The main time Donald Trump has signed a law that will see 50,000 to 60,000 Haitians deported before Thanksgiving 2017.
"*On May 24, 2017, USCIS announced the extension of the designation of Haiti for TPS for 6 months. This allows eligible Haitians (and people without nationality who last habitually resided in Haiti) to re-register for TPS. During this 6-month extension, beneficiaries are encouraged to prepare for their return to Haiti in the event Haiti’s designation is not extended again, including requesting updated travel documents from the government of Haiti. At least 60 days before Jan. 22, 2018, Secretary Kelly will re-evaluate the designation for Haiti and will determine whether another extension, a re-designation, or a termination is warranted, in full compliance of the Immigration and Nationality Act.*"
Since Donald trump decided not to extend this agreement, Haitians affected by this status are asked to leave voluntarily rather than having to be deported. So authorities here in The Bahamas must prepare for another influx of immigrants, this time coming from the opposite direction.
On MPs’ pay will need economic upturn
Posted 13 November 2017, 4:35 p.m. Suggest removal