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New homes and end to price-gouging: Harris sets economic goals
Everyone likes free money, right? Building houses is good, having kids is good, paying less for life saving medications is good, taking power out of large landlords hands is good. But maybe trying to apply emergency price gouging laws to non-emergency situations is not so good. Maybe write a law that you have to lower prices when things are good as quickly as you raised them when they weren't so good. What are Trump's plans?
We're already producing a boatload of oil, but with russia somewhat out of the picture our european friends might appreciate it. Not sure about bringing down prices though.
A few months ago I commented on how vote buying is becoming commonplace of late.
Kamala's latest salvos have taken this to ridiculous new heights. It's hard to keep track but so far I see:
She even copied Trump's rather feeble attempt to buy votes with his "no taxes on tips" idea. (Not direct vote buying since this only offers relief from taxes, not direct payments).
Needless to say, subsidizing demand and price controls have a disastrous track record wherever they've been tried. Her policies, if implemented, would create huge disruptions in the market and likely to lead to high inflation as well as a serious and deep recession. If you are a net contributor to the tax system, things will become much worse for you as your taxes go up massively to pay for the freeloaders.
In other news, the price of gold hit an all-time high today.
I mean, to be fair, no taxes on tips acknowledges a de facto reality: who reports their tips in their tax returns? Enforcement would be impossible. As a handout to Nevada, it makes sense politically.
Harris's proposed policies make Trump look like the king of austerity. Considering how spendthrift he is, that's an accomplishment.
Taxing tips is basically a huge part of IRS enforcement. It is why you always see stats that most audits are on low-mid income people. The IRS knows they dont report so they audit them and check bank statements, and almost always find the person was committing tax fraud by underreporting tips.
In my country tips are much smaller and they're left as cash. Would there be a way to audit those? Are US tips all credit card based or given as part of waiter's salary?
Standard US tips are 20% of the bill. Restaurant owners strongly encourage credit card payments to 1) discourage employee theft and 2) prove their employees are making enough in tips to comply with certain regulations, both compensation and contract based. Tips left by credit card are paid to the waiter on a paycheck with the taxes already taken out.
That being said, waiters love it when they're tipped in cash and usually don't report it.
A cursory Google search suggests that 15 to 20 percent is the standard range.
What about the big class-action lawsuit regarding credit-card fees? And the other lawsuit regarding credit-card policies that forbade businesses from "steering" customers away from credit cards and toward cash?
That's the commonly held definition by most people, but there has been a noticeable push towards making 20% the new standard. 20% is usually the default suggested amount on POS systems when I use them, and in some cases it's the lowest option displayed aside from "no tip". This is probably favored by both tipped staff and management, because it leads to larger tips and it reduces pressure for management to raise wages.
This is dumb for all kinds of reasons, chiefly that percentage-based tips are inherently indexed to inflation. And "muh inflation" is the most commonly employed defense of this movement by advocates.
I remember when a flat 15% was standard and 20% was reserved for exceptional service. It wasn't even that long ago. Bah humbug.
Believe it or not 10% used to be standard. And of course you are correct that tips are automatically adjusted for inflation (like TIPS, funnily enough) so there is no legitimate reason for the percentage to increase over time.
My family has severely curtailed restaurant outings for many reasons but personally that is one of mine.
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