Posted on 11/07/2017 12:19:30 PM PST by Mariner
Since details of the new tax overhaul bill were released on Nov. 2, people of all income levels and ages have been trying to figure out how they could be affected going forward. One group of folks not likely to be happy: those paying alimony.
Section 1309 of the House bill would eliminate the deductibility of alimony. Killing the alimony deduction is one of the smaller revenue targets for the House Republican tax bill, yet it is exceedingly significant to the people affected.
Under current rules, alimony payors may deduct their payments from their taxable incomes, thus lowering their income taxes. In return, recipients pay income taxes on their alimony income. Because payors are usually in higher tax brackets and recipients in lower tax brackets, families can save money on taxes by shifting the tax burden to the lower earner. The saving can help increase cash flow for divorcing couples. They can then decide how to allocate the savings: to the payor or the recipient ... or the court can do it for them.
According to the House, abolishing the alimony deduction would not be a large revenue generator. Over 10 years it raises only about $8 billion. That is because the tax increase on payors is offset by a tax decrease for recipients. For them, alimony income would no longer be taxable.
This wrinkle could have a significant impact on divorce settlements. For many payors, saving taxes on alimony payments is the one pain relief that comes with making the payments. According to John Fiske, a prominent mediator and family law attorney, "Alimony is the greatest tax deduction ever." Without the deduction, payors will find it much more expensive and more difficult to agree to pay.
(Excerpt) Read more at yahoo.com ...
Alimony is a penalty for wrong doing.
“Alimony is a penalty for wrong doing.”
That statement is as ignorant as any I have heard on Free Republic.
An abject lack of understanding, on purpose.
Another girl who wants to preserve alimony, but cloaks it in religion.
My ex didn’t get alimony because I didn’t do anything wrong.
In my state there has to be a proven wrong in order to get alimony.
What state, and what year?
In MOST states now, alimony is awarded based purely upon income disparity.
They call it by several names, but the IRS treats it all the same.
Every divorce situation is different. There is no way I could contribute to a solution.
Perhaps a counselor, pastor, priest could be of help.
NC, 1995.
“There is no way I could contribute to a solution.”
Somebody who cannot or will not take a definitive position cannot contribute to a solution to any problem.
That’s a certain axiom.
North Carolina makes allowance for Marital Misconduct.
But that’s probably the only state. How much credence the current judiciary gives such nowadays is suspect.
http://www.ncleg.net/EnactedLegislation/Statutes/HTML/BySection/Chapter_50/GS_50-16.3A.html
Yep - got divorced while in AF and wife had been around long enough to have “earned part of my retirement”. Initially, they took her share out after my taxes so I was paying the taxes and she was getting a net sum. Some years ago, they changed it so they take her share out pre-taxes so she pays the taxes instead of me — since it’s part of an enlisted military “retirement”, there’s really not much difference either way....
Yeah, that’s one guy. The person I responded to made it seem like every divorced father is a jerk.
Insipid means duul and tasteless - like the thinking behind your post. It fits. It’s you that gas a limited comprehension.
“Insipid means DUUL and tasteless - like the thinking behind your post. It fits. Its you that GAS a limited comprehension.”
“DUUL & GAS.” I rest my case! You can’t even spell the most basic descriptors even with the “outside help” of spell check. My bet is that you are getting some “outside help” with your spelling from the “good $hit” in your bong, or the Harvey’s Bristol Creme is going down the hatch at a prodigious rate. My “limited comprehension” tells me you are a person of “limited intellect.” Oh, and your punctuation needs some “attention” too. I see you’re in Connecticut, so it all becomes clear now. In the list of $hit hole states, CT is at the top. Living there is only slightly better than being a Masshole from next door Massoftwoshitts. My wife has a cousin who is a “professor” at Central CT U. We don’t speak to him because he’s a self-absorbed, fatuous idiot like you.
Awwww is diddums upset. Ooooh! I misspelled dull. You got me.
What’s a bong? Is that a musical instrument that you suck on?
There should be a paternity test for every baby born.
There should also be a guarantee that no man is required to pay child support for a child who is not their genetic daughter or son.
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