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The Trump tax plan screwed me big time. My  tax rate jumped a ton because I can’t deduct all of my state & local taxes. Big number. Need to evaluate the Biden tax plan more rigorously, but do not like it at first glance. Change in the tax code always makes me more revenue, and it is silly as hell. I am a Master of Tax Code Stupidity!

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1 hour ago, Gavin said:

The Trump tax plan screwed me big time. My  tax rate jumped a ton because I can’t deduct all of my state & local taxes. Big number. Need to evaluate the Biden tax plan more rigorously, but do not like it at first glance. Change in the tax code always makes me more revenue, and it is silly as hell. I am a Master of Tax Code Stupidity!

The only thing that tried to hose me last year was my insurance went up for no reason whatsoever, and ATT began literally raping us on our service with them....but the service is head over heels excellent compared to the competitors so I'm stuck with it. Gotta have the best phone and internet service available in this business.  

Usually when the cost to keep afloat goes up I just bump my labor rate, so all stays equal here at home.  Last year I didn't, I kept my rate steady, but increased volume of work made up for it.  

This year I stayed the same on labor rate again, for the 5th year in a row, but DUE TO THE PANDEMIC I am making far less on my parts markup.  In many cases I am making NOTHING on the sale of parts.  I also have peaked myself out on workload this season. There's no way I can take on more projects without help (which I can not find).   Turning work away goes against everything I believe in, but #1) I don't even have room to store any more boats that are going to wait 20 days+ before I can even look at them.....and #2) I don't want to be responsible for babysitting them that long either. 

So it's going to be interesting to see how the tax return goes for 2020

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Our tax rate went Up but Trumps tariffs leveled the field with the Chinese and Korea so my income went up.  In fact the whole US steel industry got much needed help.  China was dumping steel on the rest of the world with government subsidized mills.  They were selling formed steel products in the US cheaper than we could buy raw steel coil and plate.  Idled mills actuallyfired back up.  I personally know hundreds of people whose jobs were either saved or got better.  We’ve paid out profit sharing for the first time in years the past two years.  Been in business since 1979.  

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