#discretionary — Public Fediverse posts

“Buried in the #budget papers is a revelation that Labor plans to impose a minimum effective #tax rate of 51 per cent on distributions from #discretionary #trusts to so-called bucket #companies.

The move is aimed squarely at the “hundreds of thousands” of people who use such strategies to split income with their #families”

Who has a family trust?

This is the new “Franking Credit” squeals from the Pearl clutching set. Isn’t it?

#AusPol / #RulingClass / #wealth / #power <https://archive.md/t2rFf> / (paywall) <https://afr.com/wealth/investing/how-labor-is-killing-family-trusts-starting-with-the-bucket-company-20260513-p5zw9r>

#Trump #Musk #Ramaswamy have huge ambitions no humility about what they are undertaking. What they have talked about amounts to wholesale attack on federal agencies designed to eliminate thousands of #regulations, reduce the federal #workforce by an order of magnitude that could cripple the delivery of vital services, effect cost savings that would amount to nearly 1/3 of the #federal #budget or the entire #discretionary part of the budget #government #economy #democracyhttps://wapo.st/4fHN3FA

#Spending on the #military would grow next year, as would spending on some #veterans’ care that falls under nondefense #discretionary spending. The rest of nondefense #DiscretionarySpending would fall slightly — or roughly stay flat from — this year’s levels.

It would also roll back $10B of the $80B #Congress approved last year for an #IRS crackdown on high earners (#wealthy) & #corporations that evade #taxes

In exchange for lifting the #DebtLimit, the #deal would meet #Republicans’ demand to #cut some federal spending, albeit w/the help of accounting maneuvers that would give both sides #political cover for an agreement likely to be unpopular w/large swaths of their base voters.

It would impose #caps on #discretionary spending for 2 yrs, though those caps would apply differently to spending on the #military than to other #nondefense #DiscretionarySpending.

Walmart gets over half of its US #revenue from #groceries, while #Target’s business is more skewed toward #discretionary categories such as home goods, apparel, electronics and beauty products.

https://www.wsj.com/articles/target-tgt-q3-earnings-report-2023-11668561739