What are the implications of the tax bill passing for folks working in consulting?

like
Posting as :
works at
You are currently posting as works at

All our clients will be flush with cash that they’ll be tripping over themselves to give to their American manufacturing employees

like

Not necessarily. It depends a lot on your tax situation, particularly if you live in a high-tax state where the removal of the deduction for state and local taxes will matter

like

Prob won’t happen when they find out what it costs for Accenture to implement it

like

@ey1, you mean the tax bill that has hand written scribbles in the margins and text crossed out by hand? The senate doesn't even have a good copy of what was just passed. It's horrifying

like

Mc Kinsey can talk to 100+ CEO’s and draft a new study and shove it on everyone as their perspective

like

You’ll pay less

like

Doubt anyone here read it because I'm pretty sure at least 50 senators didn't.

like

It’s a crapshoot below $250K, though the higher you are, the more likely you come out ahead. Also, eliminating the personal exemptions hurt people with families - not sure where the child tax credit will get reconciled to.

Short term, most individuals benefit, but by 2027 a healthy chunk of lower and middle class folks will pay a lot more in taxes. This is a massive theft from individuals and future generations to support corporate welfare. It’s incredibly cruel and horrifying in so many ways.

like

They rewrote the bill yesterday. Nobody is reading that.

like

OW1 correct plus removal of mortgage and real estate tax deduction and significant new taxes on deferred compensation and retirement benefits (outside of the 401k). Red states looking very attractive for PPMD and Client Senior Executives.

like

It's not law yet, these shit heads have to compromise and combine, mort and prop tax deduction is still there but capped,

like

And the Trump supporters will be crying in 4-6 years when their rates are jacked

like

Depends. We have 500k HHI and 3 kids. House plan is a wash. Senate plan saves $10k/yr. We win on brackets and big on child credit. Lose on personal exemption and big on no state/local deductions. Overall, I consider it a loss as lack of state income and mortgage deduction hurts us more as spending increases.

like

But isnt there still up to 10k deductions for state and local taxes? Not sure if the latest version of the tax bill has mortgage interest completely removed or change other than the cap.

Anyone have a good link to the final tax bill just passed by Senate, including amendments?

Has anyone in fb read the bill?

Most of us making 200k plus household income in blue states will pay more after losing the deductions

I haven't done any real research yet but I've been told that it includes removal of deductions for state and local taxes. For those of us who travel and have to pay taxes in multiple states it could be bad. Anyone know if there's truth to that?

The Liberals you work with will be crying at work on Monday.

D1 - what are the new taxes on retirement savings outside of 401k and deferred compensation?

Related Posts

Encourage your friends and family that can vote to go out and vote today. Our H1Bs depend on it.

like

Anybody supporting the Disinformation Governance Board at DHS?

likefunny

Can someone walk through a general day-to-day if an in-house employment lawyer? Thanks in advance!

like

Career changers. Anyone?

like
likeuplifting

Self contained ASD room. Does anyone not follow school bell schedule? Do you start and end each hour like the Gen Ed kids ( 1st hr. 2nd hr. and so on)? If you don’t follow bells, how does that work for you and do you do anything different?

like

So I finally found time to have a haircut today but I can’t stop thinking about how a woman cut my hair. As a Muslim male, is it ok to have a non-mahram woman cut my hair? What do you guys think?

It’s a Christmas miracle! 🐶🐱

Post Photo
likeuplifting

Do you have to pay the application fee and the exam fee to retake a section of the exam?

like

Australian fishies at Deloitte - when do we find out if we got promoted?

like

Denver shops you envy?

likefunny

Hey ladies. I had a miscarriage July 2021 and my cycle started back up not long after. Then in January it just stopped. It’s been 3 months without my period and not sure what could be causing it (I’m not pregnant). My diet hasn’t changed and neither has my activity. I run marathons but I’ve been doing that for years now and it’s never impacted my period prior. I have an appointment to see my OB in a week but wondering if any of you experienced this.

like

How do you focus on work when looking at new jobs/going through interviews? Finding it really hard… anyone else

like

Can anyone help me yo get a current market value for an SFDC developer with 5.6 total exp and 3 yrs relevant exp with LWC and integration expertise ? TIA

like

There is a company that I want to apply to and I see opportunities on LinkedIn that interest me. I’m also working with a recruiter. It’s close to where I live and she knows where I live but she hasn’t recommended it. I’m guessing she doesn’t have a network with the company. Should I ask her to represent me or should I apply directly myself? What advice do you have? What are the pros and cons?

like

Any helpful tips for a Google TPM interview

like

Hi Fishes, How is Collabera with permanent position and having end Client as Shell india markets pvt ltd ? Since, this will be a model to work from Client Location, will there be any sword hanging around Job security and Work life balance? Notice period mentioned is 30 days from Collabera. Collabera technologies Collabera Shell india markets pvt ltd Shell

like

I love everything I see from We Are Rosie. Has anyone here worked with them? How did you find their unique staffing approach?

like

Where can I find good M&A integration checklists?

like

Additional Posts in Consulting

Do recruiters see your internal reviews? / would they request them?

like

I just signed an offer letter yesterday and today some guy called me about joining his project. Is that normal?

funnylike

Starting a new job in consulting soon. What are some must-do and must-avoid things to keep in mind? How do I hit the ground running?

like

Leaving company and HR asked who future employer is, should I disclose (in case I want to boomerang in a few years)

like

With so much stress in our day-to-day, what makes you happy?

likehelpful

When are moments you feel old at work? I'm looking at resumes for interns summer 2020. By the end of interning, I'll have my student loans paid and they wont start paying for another year.

like

For those with IBS, do you prefer WFH, Hybrid or in office?

like

Was feeling interior seeing all the partners' LinkedIn profile pictures showing a bunch of people my age until I realized they just haven't updated it since they started

likefunny

Anyone who did a successful side hustle as a seller on Amazon? Saw this video of people making $10-15K/month on a side hustle as Amazon seller and find it hard to believe

like
like

How does one obtain the elusive "loving relationship" as a consultant? Prescriptive recommendations needed

like

The minute I land in Chicago I start dreaming about Naf Naf. That pita bread is my undoing.

like

If you're going to attempt to be a smarta**, at least try to be both smart and an a**. Don't be just the latter.

like

Any female 🐠 in San Francisco looking to grab a drink?

likefunny

Heated hotel bathroom floor = one feature I wish every hotel would adopt. What's yours?

like

Got an offer at LinkedIn for twice my consultant salary 1 year out of school. What are some pros and cons of going into industry this early?

like

How many points should I ask for? Story cont...

like

What is there to do in DC today (7/7) ?

like

New to D. Been 5 months and got a scatterplot where I’m somewhere on the middle of the y axis bordering the 4th quadrant. Is this the most important metric during performance evaluation discussions?

I hate what Delta has done to the "shuttle" product by brining it to the main terminal at LGA. Screaming obnoxious children everywhere 👺

likeupliftinghelpful

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Send download link to your phone

OR

Scan your QR code to download
Fishbowl app on your mobile

By continuing you agree to Terms of Use and Privacy Policy.

Messaging rates may apply

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal