Jump to content
B-rad

Fed Tax cut

Recommended Posts

Is our tax rate going back to $13.50 at the end of the year?  Is there talk of making the cut permanent?

Share this post


Link to post
Share on other sites
42 minutes ago, B-rad said:

Is our tax rate going back to $13.50 at the end of the year?  Is there talk of making the cut permanent?

Advocate for it, or it may well get reset back to the old rates.

  • Thanks 1

Share this post


Link to post
Share on other sites

Haven't seen any news on this.  Is congress even in season?  Id be planning ahead for a big jump in taxes if it where me.  Back to the good old days I guess 

Share this post


Link to post
Share on other sites

It does not look good.  We can generally thank one politician elected by a single district in a single state that has held her position for 34 years. 

  • Thanks 1

Share this post


Link to post
Share on other sites
19 hours ago, Patio29Dadio said:

It does not look good.  We can generally thank one politician elected by a single district in a single state that has held her position for 34 years. 

Why do you think the speaker is holding up this legislation? That is not my understanding. It is true she is not a cosponsor, but that is not unusual for the speaker to not cosponsor a bill they might even be in support of. There are 320 sponsors of this bill, there is little doubt that it would pass. Same situation is true of the Senate bill, Mitch is not a cosponsor. But we DO know that he intends to pass no bills at this time. My suspicion is that BOTH bills are tied up in committee waiting to determine if they will be rolled into a single budget bill, and passed as a whole. So, it may die if we can't get a budget bill passed before the end of the calendar year. I suspect the House would be willing to pass it separately if it looks like we will need a CR beyond the end of December. The real problem might be in the Senate.

  • reaction_title_1 1

Share this post


Link to post
Share on other sites

The issue is that the bills (congress and senate versions) must be attached to other bills to make a package that can be voted on together. Once each bill has passed their respective houses, the bills get morphed into a single version that then both houses approve by another vote and it becomes law.  Can that happen before the end of the year, yes it can. Will it, probably not, if the first vote doesn't happen next week.

Share this post


Link to post
Share on other sites
11 hours ago, bluestar said:

Why do you think the speaker is holding up this legislation? That is not my understanding. It is true she is not a cosponsor, but that is not unusual for the speaker to not cosponsor a bill they might even be in support of. There are 320 sponsors of this bill, there is little doubt that it would pass.

She is not letting any bills get to the House floor.  USMCA is other example of something that has significant bipartisan support but she will not let it go to the floor for a vote.

She is a first rate politician.  

  • Thanks 1

Share this post


Link to post
Share on other sites

Ladies & Gentlemen - Let's keep this conversation to specifically to the FET & things we know about it. Please use other social media if you wish to opine on other political matters.

Share this post


Link to post
Share on other sites

I don’t see where any of the above statements not pertinent to the CBMTRA and its passage.  The mention of the USMCA is just another reference of pending legislation that is being held up also.  What I do know about is that our current government atmosphere is totally dysfunctional (all sides) and self serving.  We all need to keep the pressure up by continuously contacting your congressional and senatorial representatives requesting that the CBMTRA be made permanent.  And BTW one of the leave behinds that we had at the ASCA/DISCUS DC fly-in this July also requested support for USMCA and its passage.  A rising tide floats all boats as long as they are well maintained. 

  • Thanks 1

Share this post


Link to post
Share on other sites

Help a new guy out on this matter. We just opened and have our first TTB reports due for the month of November. Taxes are due when bottled or sold? I thought sold, but  if I bottle a bunch I am under the old rates if it doesn't pass?

Share this post


Link to post
Share on other sites
3 minutes ago, Naked Spirits Distillery said:

Help a new guy out on this matter. We just opened and have our first TTB reports due for the month of November. Taxes are due when bottled or sold? I thought sold, but reading above, if I bottle a bunch I am under the old rates if it doesn't pass?

Taxes are realized when the bottled product leaves your DSP.  As far as your reports go, you should be filing operations reports and excise reports from the day you received your DSP permit from the Feds, even if they are zeros.

Share this post


Link to post
Share on other sites
7 minutes ago, JNorris said:

Taxes are realized when the bottled product leaves your DSP.  As far as your reports go, you should be filing operations reports and excise reports from the day you received your DSP permit from the Feds, even if they are zeros.

Thank you! 

Share this post


Link to post
Share on other sites

 

20 minutes ago, JNorris said:

Taxes are realized when the bottled product leaves your DSP.  

Would it not be more accurate to say that taxes are typically due on all product that has been removed from bond at the end of the calendar quarter during which they where removed, from bond, not from your DSP.  Presuming the tax cut is not extended you will want to remove from bond all product that you can prior to the end of the year. 

If your able to bottle 1,000 750ML bottles at 80 proof now (even if you wont need them till sometime in 2020) and remove those bottles from bond prior to the end of the year you will be saving about $1,711.83 in Federal Excise Tax on those bottles..

Share this post


Link to post
Share on other sites
1 hour ago, Naked Spirits Distillery said:

Help a new guy out on this matter. We just opened and have our first TTB reports due for the month of November. Taxes are due when bottled or sold? I thought sold, but  if I bottle a bunch I am under the old rates if it doesn't pass?

Taxes are due on the product that is taken out of the bonded premises: sold, trashed, donated, whatever. Taxes are due to be paid for the year/quarter/month you are reporting on, depending on whether you are on an annual/quarterly/monthly payment schedule (they will have told you), even though you report production/storage/processing monthly.

Share this post


Link to post
Share on other sites

So what happened, did they extend the tax break or is it back to $13.50?

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

×
×
  • Create New...