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How are u
May 19, 2005

by Azathoth

Heck Yes! Loam! posted:

Yeah people don't seem to get that this is the new normal

Yep, we are never going back to pre-covid times. Hopefully omi is the beginning of the slow decline in lethality.

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Lib and let die
Aug 26, 2004

GreyjoyBastard posted:

Because it applies to tipped workers in restaurants et al on and closely related to federal land. It's not that relevant to the get back to business component, insofar as ski resorts that have to pay their employees $15/hour rather than peanuts would still like their employees working, but you were also (rightly) complaining that diner / tip culture in the US kinda sucks. This is good news on that front for the people it covers, and for the tea leaves on the Biden administration's various factions apparently not ALL being opposed to a $15 minimum wage increase.

I'm sorry, and I'm not (intentionally) being rude here, but from my recollection of my years slinging turkey dinners was that I was not, by any definition of the word, a federal employee or contractor; from the release you linked, this is the only reference to tipping I could find:

quote:

Eliminates the tipped minimum wage for federal contract employees by 2024.

Which, yeah, great. Fantastic. Good for tipped federal contract employees. Do we have any indication of about how many workers this would cover? I am, quite honestly, having trouble in understanding who, for example, would fall into this bunch:

quote:

care for our veterans, and ensure federal workers and military service members are provided with safe and nutritious food

While it wouldn't be surprising to hear that the VA was paying its workers on a tip system, I'm having trouble coming up with many federally-subsidized restaurants/chains with workers that would be affected (but I'm not familiar with how base towns operate in regards to if they have any federal contracts or anything of the nature - the best I knew was the little family joint I was working for had an outstanding deal with Narragansett Electric to be open and have a house account for the linemen during storms)

Judakel
Jul 29, 2004
Probation
Can't post for 9 years!

Discendo Vox posted:

You refusing to know things about how the government works, or what Fauci's position is, or what his communications have been, does not give you insight.

Your pedantic nonsense doesn't change the fact he has been a central figure in the public health response for two administrations. Being a media adjunct professor does not give you insight.

TheIncredulousHulk
Sep 3, 2012

Seems extremely convenient to me that the CDC would determine that the line for maximizing self-isolation compliance would align so neatly with the demands by corporate interests but maybe it's just a coincidence

Discendo Vox
Mar 21, 2013

This does not make sense when, again, aggregate indicia also indicate improvements. The belief that things are worse is false. It remains false.

Judakel posted:

Your pedantic nonsense doesn't change the fact he has been a central figure in the public health response for two administrations. Being a media adjunct professor does not give you insight.

It's not pedantry, it's basic effort for the forum that's supposed to be for informed discussion. Fauci's been head of NIAID since 1984. I wrote up like 500 words on his actual role and his communications status you're ignoring.

Srice
Sep 11, 2011

Judakel posted:

Your pedantic nonsense doesn't change the fact he has been a central figure in the public health response for two administrations. Being a media adjunct professor does not give you insight.

Heck, it wouldn't be too out there to call him *the* central figure. Everyone knows who he is at this point which is more than can be said of say, the head of the CDC.

TheIncredulousHulk posted:

Seems extremely convenient to me that the CDC would determine that the line for maximizing self-isolation compliance would align so neatly with the demands by corporate interests but maybe it's just a coincidence

:hai:

Ravenfood
Nov 4, 2011

Kalit posted:

The funny thing is the tweet of that interview on CNN that kicked off this discussion actually had Ranney talking about it. But apparently most people ITT didn’t even bother watching it :shrug:

As far as newer studies/research about it that Ranney mentioned, I’m not easily finding them. But that’s just based on a quick google search for keywords and not reading through them.

Yes, which is why I think complaining about mischaracterizing statements is worthwhile. Most people won't watch every piece of media linked in this thread, so when people just blithely and falsely announce what is in them, it will largely go unchallenged. And it shouldn't.

LeeMajors
Jan 20, 2005

I've gotta stop fantasizing about Lee Majors...
Ah, one more!


lil poopendorfer posted:

it's 'circulation, airway, breathing' now, from 'Airway, breathing, circulation' previously

rescue breathing w cpr only shown benefits in drug overdoses, drownings, and resp arrests... otherwise no difference. Maintaining coronary perfusion via chest compressions is biggest key to getting rosc, so constant compressions are more important than pausing for breaths.

I....I know that.

Not sure which part of my post you're clarifying.

Judakel
Jul 29, 2004
Probation
Can't post for 9 years!

Discendo Vox posted:

It's not pedantry, it's basic effort for the forum that's supposed to be for informed discussion. Fauci's been head of NIAID since 1984. I wrote up like 500 words on his actual role and his communications status you're ignoring.

It is accurate to point out that Fauci influences the direction of public health during the pandemic. You can write 10,000 words and it doesn't change that fact.

VitalSigns
Sep 3, 2011

Discendo Vox posted:

It's not pedantry, it's basic effort for the forum that's supposed to be for informed discussion. Fauci's been head of NIAID since 1984. I wrote up like 500 words on his actual role and his communications status you're ignoring.

Ok Judakel is a slacker who didn't do the reading on NIAID vs CDC and he deserves an F in this course, but is what Fauci said correct or not

Devor
Nov 30, 2004
Lurking more.

Lib and let die posted:

I'm sorry, and I'm not (intentionally) being rude here, but from my recollection of my years slinging turkey dinners was that I was not, by any definition of the word, a federal employee or contractor; from the release you linked, this is the only reference to tipping I could find:

Which, yeah, great. Fantastic. Good for tipped federal contract employees. Do we have any indication of about how many workers this would cover? I am, quite honestly, having trouble in understanding who, for example, would fall into this bunch:

While it wouldn't be surprising to hear that the VA was paying its workers on a tip system, I'm having trouble coming up with many federally-subsidized restaurants/chains with workers that would be affected (but I'm not familiar with how base towns operate in regards to if they have any federal contracts or anything of the nature - the best I knew was the little family joint I was working for had an outstanding deal with Narragansett Electric to be open and have a house account for the linemen during storms)

Obama signed an EO establishing minimum wages for some people

Trump carved an exemption, "On May 25, 2018, President Donald J. Trump issued Executive Order 13838, titled “Exemption from Executive Order 13658 for Recreational Services on Federal Lands.” "

This Biden EO is closing that exemption, which is good. I don't have knowledge of how many that's covering, but if industry cared enough to lobby Trump for the exemption, it's not nobody

https://www.federalregister.gov/documents/2021/11/24/2021-25317/increasing-the-minimum-wage-for-federal-contractors

the_steve
Nov 9, 2005

We're always hiring!

TheIncredulousHulk posted:

Seems extremely convenient to me that the CDC would determine that the line for maximizing self-isolation compliance would align so neatly with the demands by corporate interests but maybe it's just a coincidence

Look, until an official CDC spokesperson ranking member of the CDC Johnathan McCDC, the King of the CDC himself comes out and says "The CDC accepted big bags of money in appropriate $-labeled sacks in exchange for saying what capital wanted to hear, which we also verbally stated to each other while transacting the big bags of cash in a very official capacity, here we are doing it on video from 36 different angles and 17 languages", we just can't truly know and will have to assume it's a coincidence.

Goatse James Bond
Mar 28, 2010

If you see me posting please remind me that I have Charlie Work in the reports forum to do instead
Oh drat, the thing i linked wasn't the actual rule, just the press release about it. I'll get to it but I'm POSITIVE I read a layman facing article and also some legal nerdery about the tipped employee thing. I'll try to pull some or all of rule, article, and nerdery up later today.

Iirc it's related to the clause about wage protections for outfitters and guides mentioned in the release.

Goatse James Bond
Mar 28, 2010

If you see me posting please remind me that I have Charlie Work in the reports forum to do instead
it also flew under the radar for a bit, don't remember if it was even in the original executive order

Kalit
Nov 6, 2006

The great thing about the thousands of slaughtered Palestinian children is that they can't pull away when you fondle them or sniff their hair.

That's a Biden success story.

the_steve posted:

Look, until an official CDC spokesperson ranking member of the CDC Johnathan McCDC, the King of the CDC himself comes out and says "The CDC accepted big bags of money in appropriate $-labeled sacks in exchange for saying what capital wanted to hear, which we also verbally stated to each other while transacting the big bags of cash in a very official capacity, here we are doing it on video from 36 different angles and 17 languages", we just can't truly know and will have to assume it's a coincidence.

Or people could just stop claiming stupid things/posting stupid tweets such as “the CDC admits it!!!”?

Honestly, I think almost everyone ITT agrees that industries had an influence on the change in this guideline.

Lib and let die
Aug 26, 2004

Kalit posted:

Or people could just stop claiming stupid things/posting stupid tweets such as “the CDC admits it!!!”. Honestly, I think almost everyone ITT agrees that industries had an influence on the change in this guideline.

This is pointlessly pontificating over sources, and it isn't granting you some special insight. Fauci is mediating the CDC's guidance and this is what is being discussed.

Discendo Vox
Mar 21, 2013

This does not make sense when, again, aggregate indicia also indicate improvements. The belief that things are worse is false. It remains false.
So, not the CDC, and Fauci doing the same thing he's been doing since the pandemic started. Somehow, whenever you misrepresent something, it's "pedantry" to identify how you're doing it.

BRAKE FOR MOOSE
Jun 6, 2001

Kalit posted:

Honestly, I think almost everyone ITT agrees that industries had an influence on the change in this guideline.

Oh my God, he admit it!!!

selec
Sep 6, 2003

Discendo Vox posted:

You refusing to know things about how the government works, or what Fauci's position is, or what his communications have been, does not give you insight.

You understanding and believing the kayfabe, and making beanplating distinctions like this, does not give you insight either.

It’s possible to be ignorant, and also informed, at the same time. You can be mystified by knowledge, and as I have said several times in this thread, putting so much stock in press releases and official statements of policy does not make you smart, it makes you just a different kind of rube.

Judakel
Jul 29, 2004
Probation
Can't post for 9 years!

Discendo Vox posted:

So, not the CDC, and Fauci doing the same thing he's been doing since the pandemic started. Somehow, whenever you misrepresent something, it's "pedantry" to identify how you're doing it.

No one misrepresented anything.

Fister Roboto
Feb 21, 2008

This is beginning to remind me a lot of the whole "the president would never poo poo his pants" "I poo poo MY PANTS ON PURPOSE" thing under Trump.

punishedkissinger
Sep 20, 2017

Fister Roboto posted:

This is beginning to remind me a lot of the whole "the president would never poo poo his pants" "I poo poo MY PANTS ON PURPOSE" thing under Trump.

it has been like this since the primary tbh

Mormon Star Wars
Aug 13, 2005
It's a minotaur race...

In times like these, it is important to imitate the example of the prophet (a.s.)

From Sahih Muslim:


quote:

Abdullah reported Allah's Messenger (may peace be upon him) as saying: Ruined were those who indulged in hair-splitting. He (the Holy Prophet) repeated this thrice.

Nix Panicus
Feb 25, 2007

^^^ Great post for this to be proximate to

Discendo Vox posted:

Anthony Fauci is also not a CDC representative.

Fauci has also been a problem as a communicator for a very long time because his position is normally functionally a senior grant administrator, not a comms figure.

Ravenfood posted:

So I know you're not serious here (but someone will be along shortly to post it in seriousness) but I expect different things from someone who is part of the explicitly political government groups working on COVID and the CDC. I expect one to be making political calculations and the other to not be. The CDC clearly is making them and its upsetting but still somewhat different.

Because Fauci isn't internal, it makes it clear that the pressure isn't just from business directly, but from the Biden administration as well. Which is really lovely, but I expect business interests to have captured the White House and for that to change their messaging.

lol that it happened before you even made the post. Some things are extremely predictable.

VitalSigns
Sep 3, 2011

Discendo Vox posted:

I don't know that they have weighted economic or political factors more heavily- I'd need to actually dig into the evidence base for the guideline change, which as far as I can tell no one has done in the thread in favor of slamming twitter links. Reducing quarantine periods often has to do with backfire effects related to overall compliance and/or capacity factors; if you can get people to actually limit their exposure behavior during the period where there's actual risk, it can be better than a broader requirement that they breach.
I expect this wouldn't be unrelated to economic/ political factors.

A big reason why people would breach the quarantine requirement would be employer pressure: employers would want to discourage people from getting tested, to cover up cases etc if positive tests require employees to be out for too long. A shorter quarantine would reduce incentives for employers to discourage testing.

Although it's questionable whether the benefit is worth it, obviously having untested sick people ignore quarantine altogether to come to work and spread it will result in more cases, but so will telling still-contagious people to get back to work after a short quarantine. In a functional society you wouldn't have to make this Sophie's choice because you'd punish employers who covered up cases with fines so big it'd make it not worth it, but obviously we aren't going to inconvenience business owners so yeah just shorten the quarantine and send more potentially still contagious people back to work

Herstory Begins Now
Aug 5, 2003
SOME REALLY TEDIOUS DUMB SHIT THAT SUCKS ASS TO READ ->>

tokyo reject posted:

This is kind of where I’m at with it all. Our society has failed to handle COVID even remotely adequately from the beginning, and I don’t see that reversing course anytime soon. I live in a major American city with some of the tightest restrictions in place in the country, and most people still don’t really care. Sure, they put the mask on if they walk into a store or a Starbucks or something. But business or work meetings? Social settings? Ha. The predominant attitude I encounter on a daily basis is, “Meh, if you’re vaxxed gently caress it, you’re fine.”

I’m not defending that attitude at all, but it definitely makes it hard for me to see how current trends of apathy amongst large swathes of the populace re: COVID precautions are going to change barring some kind of “black swan event escalation of COVID”.

~40% of the country is actively hostile towards them because of their political beliefs, and “not giving a poo poo” has definitely set in with large portions of the rest.

yeah the 'we should shut everything down now for covid' view isn't really a thing with either dems or the gop at this point. in practical terms: if we can't get stuff done that 60-80% of the country wants, I wouldn't hold out hope for something neither side really wants.

Precambrian Video Games
Aug 19, 2002



The NYT has an article about yet another easily exploited tax dodge for billionaires, the Qualified Small Business Stock, or Q.S.B.S.:

quote:

This is the story of the incredible cloning tax break.

In 2004, David Baszucki, fresh off a stint as a radio host in Santa Cruz, Calif., started a tiny video-game company. It was eligible for a tax break that lets investors in small businesses avoid millions of dollars in capital gains taxes if the start-ups hit it big.

Today Mr. Baszucki’s company, Roblox, the maker of one of the world’s most popular video-gaming platforms, is valued at about $60 billion. Mr. Baszucki is worth an estimated $7 billion.

Yet he and his extended family are reaping big benefits from a tax break aimed at small businesses.

Mr. Baszucki and his relatives have been able to multiply the tax break at least 12 times. Among those poised to avoid millions of dollars in capital gains taxes are Mr. Baszucki’s wife, his four children, his mother-in-law and even his first cousin-in-law, according to securities filings and people with knowledge of the matter.

The tax break is known as the Qualified Small Business Stock, or Q.S.B.S., exemption. It allows early investors in companies in many industries to avoid taxes on at least $10 million in profits.

The goal, when it was established in the early 1990s, was to coax people to put money into small companies. But over the next three decades, it would be contorted into the latest tax dodge in Silicon Valley, where new billionaires seem to sprout each week.

Thanks to the ingenuity of the tax-avoidance industry, investors in hot tech companies are exponentially enlarging the tax break. The trick is to give shares in those companies to friends or relatives. Even though these recipients didn’t put their money into the companies, they nonetheless inherit the tax break, and a further $10 million or more in profits becomes tax-free.

The savings for the richest American families — who would otherwise face a 23.8 percent capital gains tax — can quickly swell into the tens of millions.

The maneuver, which is legal, is known as “stacking,” because the tax breaks are piled on top of one another.

“If you walk down University Avenue in Palo Alto, every person involved in tech stacks,” said Christopher Karachale, a tax lawyer at the law firm Hanson Bridgett in San Francisco. He said he had helped dozens of families multiply the Q.S.B.S. tax benefit.

Early investors in some of Silicon Valley’s marquee start-ups — including Uber, Lyft, Airbnb, Zoom, Pinterest and DoorDash — have all replicated this tax exemption by giving shares to friends and family, according to people who worked or were briefed on the tax strategies.

So have partners at top venture capital firms like Andreessen Horowitz, who have figured out ways to claim tens of millions of dollars in tax exemptions for themselves and relatives year after year, according to industry officials and lawyers.

Representatives of those companies declined to comment or didn’t respond to requests for comment. A Lyft spokesman said the company’s two co-founders didn’t take the tax benefit. A Roblox spokeswoman declined to comment.

The story of the tax break is in many ways the story of U.S. tax policy writ large. Congress enacts a loophole-laden law whose benefits skew toward the ultrarich. Lobbyists defeat efforts to rein it in. Then creative tax specialists at law, accounting and Wall Street firms transform it into something far more generous than what lawmakers had contemplated.

“Q.S.B.S. is an example of a provision that is on its face already outrageous,” said Daniel Hemel, a tax law professor at the University of Chicago. “But when you get smart tax lawyers in the room, the provision becomes, in practice, preposterous.”

The Biden administration has proposed shrinking the Q.S.B.S. benefit by more than half. But the plan wouldn’t restrict wealthy investors from multiplying the tax break.

The likely result, said Paul Lee, the chief tax strategist at Northern Trust Wealth Management, would be even more tax avoidance. “You’ll end up having more people doing more planning to multiply the exclusion,” he said.

Disqualifying the Ducks

The idea for this tax break came from the venture capital and biotech industries in the early 1990s. Venture capital firms were raking in huge profits from early investments in high-flying start-ups like Gilead Sciences and MedImmune.

That stuck them with hefty capital-gains tax bills. The Q.S.B.S. exemption would shield at least a chunk of their future profits from taxation.

With the economy in a recession, Democrats branded the tax break as a boon to small businesses and an engine of job creation. In Congress, an original backer was Senator Dale Bumpers, and he had the support of the National Venture Capital Association. “This is a modest tax incentive that holds great promise for hundreds of thousands of small firms with good ideas but not enough capital,” he said in early 1993.

Mr. Bumpers was friends with his fellow Arkansas Democrat, President Bill Clinton, whose new administration embraced the cause within weeks of taking power.

The exemption became law in August 1993. It allowed investors in eligible companies to avoid half the taxes on up to $10 million in capital gains (it would later be changed to eliminate all taxes on the $10 million) or 10 times what the investors paid for their shares.

There were a few restrictions. To be eligible for the tax break, investors had to hold the shares for at least five years. Industries like architecture and accounting were excluded. And, at least in theory, the companies couldn’t be big: They had to have “gross assets” of $50 million or less at the time of the investments.

That number wasn’t picked at random. At the time, a new professional hockey team, the Mighty Ducks of Anaheim, had just been created with a price tag of $50 million. The team was owned by the Walt Disney Company. Lawmakers feared that if Disney stood to benefit from the tax break, it risked a public backlash, according to a congressional aide who worked on the legislation.

The Internal Revenue Service doesn’t publicly disclose data on how frequently the Q.S.B.S. tax break is used. But tax lawyers said it was slow to gain popularity. It would be decades before Silicon Valley figured out how to fully exploit it.


A few years after graduating from Stanford University in 1985, Mr. Baszucki started a software company, Knowledge Revolution. He sold it in 1998 for $20 million.

Around 2004, after a brief detour into radio, Mr. Baszucki teamed up with a former colleague, Erik Cassel, on a new venture. Mostly using Mr. Baszucki’s money, they spent two years writing the computer code that would become an early version of Roblox, which they publicly introduced in 2007.

Roblox was a hub for players to find and play video games featuring virtual pets and murder mysteries and much more. The platform allowed users to create games and receive a portion of whatever revenue the games generated.

About a decade ago, after outside investors had begun kicking in millions of dollars, Mr. Baszucki and his wife, Jan Ellison, gave Roblox shares to their four children and other family members, according to people familiar with the matter.

The gifts appeared to be the product of estate planning. If Roblox ever became a Silicon Valley powerhouse, the Baszuckis could avoid hundreds of millions of dollars in future gift and estate taxes because they gave away shares when the company wasn’t worth much.

And because Roblox met the criteria for the small-business tax break, the gift recipients could also become eligible for millions of dollars in profits free of capital gains taxes.

Children for Tax Avoidance
In the past few years, a procession of blockbuster tech I.P.O.s has showered Silicon Valley in well over $1 trillion of new wealth, according to Jay R. Ritter, a finance professor at the University of Florida. The unprecedented explosion — and the corresponding tax bills — has made the Q.S.B.S. tax break more enticing.

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Continue reading the main story
Tax experts had discovered a big loophole. While the law said that the benefit was off-limits to people who bought shares from other investors, there was no similar restriction on people who received the shares as gifts.

If investors gave shares to family or friends, they, too, could be eligible for the tax break. And there were no limits on the number of gifts they could make.

Stacking was born — and it became a rite of passage for a select slice of Silicon Valley multimillionaires, according to lawyers, accountants and investors.

One tax adviser said he was helping a family, whose patriarch founded a publicly traded tech company, avoid any taxes on more than $150 million in profits by giving shares to more than seven of his children, among other maneuvers.

Mr. Karachale, the San Francisco tax lawyer, said he jokes to clients that they should have more children so they can avoid more taxes. “It’s so expensive to raise kids in the Bay Area, the only good justification to have another kid is to get another” Q.S.B.S. exemption, he said.

Investment banks like Goldman Sachs and Morgan Stanley and law firms like McDermott Will & Emery have advised wealthy founders and their families on the strategy, according to bankers, lawyers and others.

Stacking has become so common that it has spawned other nicknames. One is “peanut buttering” — a reference to the ease with which the tax benefit can be spread among the original investor’s relatives.

‘An Act of Patriotism’

In 2015, Rachel Romer Carlson helped found an online education company, Guild Education, that was eligible for the Q.S.B.S. tax break.

Guild was recently valued at nearly $4 billion, and Ms. Carlson owns about 15 percent of the company. She will face an enormous capital-gains tax bill if and when she sells her stake. To mitigate that, she said, a tax adviser urged her to distribute her shares into trusts to multiply the exemptions.

“You can then take this an infinite number of times,” she recalled the lawyer saying. The adviser, whom she wouldn’t identify, told her that some lawyers will recommend creating 10 or more trusts but that his more-conservative advice was to limit the number to five.

Ms. Carlson said she rejected the advice because she thought the strategy, while perfectly legal, sounded shady. “I believe paying taxes is an act of patriotism,” she said. (When she sold about $1 million worth of Guild shares last year, the Q.S.B.S. exemption saved her roughly $200,000 in taxes.)

Venture capitalists that invest in start-ups — the same group that pushed for this tax break in the first place — potentially have the most to gain.

The founder of a successful start-up might get this tax-free opportunity once in a lifetime. At large venture capital firms, the opportunity can present itself several times a year.

Partners at venture capital firms often acquire shares in the companies in which their firms invest. For each Q.S.B.S.-eligible company that a partner has invested in, he can avoid capital gains taxes on at least $10 million of profits. If he gives shares to family members, those relatives get the tax break, too.

In a good year, partners at a large firm can collectively rack up more than $1 billion in tax-free profits, according to former partners at two major venture capital firms.

‘A Welcome Relief’
As the tax break’s popularity has grown, the strategies for exploiting it have grown more aggressive.

The Q.S.B.S. tax break is limited to either $10 million in tax-free capital gains or 10 times the “basis” of the original investment. The tax basis is the cost of an investment — the money you spent or the assets you contributed in exchange for shares. One way to expand the value of the tax break is to find ways to inflate the basis.

The strategy is called “packing.”

Say you invested $1 million in a Q.S.B.S.-eligible business called Little Company. Your basis would be $1 million, which means you’d be eligible to avoid taxes on $10 million of future profits.

But let’s say you want to save more. Here’s how you can pump up the basis. Little Company developed software patents, and you put those patents into a new company that you also own. The patents grow to be worth $5 million. Then you merge the two companies. The basis for your investment in the original Little Company has now soared to $6 million. That means you are eligible to avoid taxes on 10 times that — $60 million — even though your out-of-pocket investment remains $1 million.

One tax lawyer said he recently used such a strategy to help a pair of clients completely avoid taxes on more than $100 million in capital gains.

Another increasingly common strategy has been to put shares into multiple trusts that benefit the same children.

In August 2018, the Trump administration’s Treasury Department proposed regulations to curb such tax avoidance. The rules included hypothetical examples of abusive transactions in which children were given multiple trusts.

But opposition mounted quickly. The next month, the American College of Trust and Estate Counsel, a trade group of tax lawyers who advise the wealthy, wrote to the I.R.S. that the proposal was “overbroad” and “an impermissible interpretation of the statute.”

By the time the Treasury’s rules were completed in early 2019, the proposed crackdown on trusts had been watered down.

It was, the accounting giant EY declared in an online alert, a “welcome relief.”

A Gift From Grandma

Roblox says that more than 47 million people use its platform each day. It has branched out beyond gaming, becoming a venue for virtual concerts by the likes of Lil Nas X.

In early 2020, Andreessen Horowitz and others invested $150 million in the company, valuing it at about $4 billion. Shares of tech companies were racing higher, and Roblox planned to go public in late 2020 or early 2021.

The Baszuckis were about to become billionaires.

The family took steps to help insulate their fortune from future federal taxes.

Giving away the shares before the I.P.O. — which was likely to drive the stock’s value higher — would make it easier to avoid federal gift and estate taxes.

Mr. Baszucki and Ms. Ellison had already given away so many shares that future large gifts would be subject to the 40 percent gift tax. (A married couple can give about $23 million over their lifetime without incurring the tax.)

But Mr. Baszucki’s mother-in-law, Susan Elmore, had not. In the fall of 2020, she began giving away Roblox shares to about a dozen relatives, including Mr. Baszucki’s four children, according to people familiar with the matter.

Ms. Elmore’s nephew, Nolan Griswold, said he was among those to receive shares last fall.

Ms. Elmore’s shares were eligible for the Q.S.B.S. exemption; now that exemption was replicated for the recipients of her gifts.

In March 2021, Roblox went public. Its market value hit $45 billion.

That day, Mr. Baszucki’s brother Gregory, whose large Roblox stake made him a billionaire, began selling shares. The resulting capital gains taxes could be defrayed in part by the Q.S.B.S. exemption.

I presume most people aren't familiar with this particular (purposeful) loophole but won't be terribly surprised to learn of it's existence, but I found a few things interesting:

- it was created under Clinton (of course it was), and the authors of the article (who certainly don't seem in favour of it) present the idea as reasonable in principle, quoting only one professor who's willing to say that it was outrageous to begin with, considering that it exempts a huge amount of capital gains tax, which is already discounted compared to other income precisely to "encourage investment". Can we call this double taxation avoidance?
- there are a few references to "hefty tax bills", again without mention of the low capital gains tax, and presented as if this would be some kind of unreasonable burden.
- there's a brief mention that the Biden administration is trying to cut the benefit in half, but even if it happens (not much mention of whether it will; I'm guessing probably not), it would probably just motivate zillionaires to spread out the savings even more. An outright repeal must be out of the question.
- I didn't see any mention of whether this helped fuel the dot-com boom or the current stock/tech bubble, but I would presume so?
- the exemption's name literally ends in B.S. Is it a masterful troll?

tokyo reject
Jun 12, 2019

when she's tryin to slide into your dm's but you wanna talk about a better america

Herstory Begins Now posted:

yeah the 'we should shut everything down now for covid' view isn't really a thing with either dems or the gop at this point. in practical terms: if we can't get stuff done that 60-80% of the country wants, I wouldn't hold out hope for something neither side really wants.

And I mean honestly, even if we had some kind of meaningful leadership or support for shutting it all down again I don’t really see a plurality, much less a majority of Americans calling for it.

There’s plenty of pressure to open stuff up and ease restrictions from the “vote blue no matter who” crowd, it’s not just Republicans. Whoever said it upthread that society has largely relegated COVID to being a “poor person’s disease” was spot on.

COVID is just going to go the way of getting cancer in America, you’re hosed without some kind of financial support structure. It’ll be like how people who supposedly support progressive values walk across the street to avoid a homeless person and then just don’t talk about it.

Once vaccines came out I really couldn’t see this end game going any other way.

Heck Yes! Loam!
Nov 15, 2004

a rich, friable soil containing a relatively equal mixture of sand and silt and a somewhat smaller proportion of clay.
There's literally zero evidence the CDC reduced quarantine guidelines at the behest of business...

https://twitter.com/NateSilver538/status/1475893387098218514

Ignore that evidence!

Goatse James Bond
Mar 28, 2010

If you see me posting please remind me that I have Charlie Work in the reports forum to do instead
Lengthy article on how the federal land minimum wage hikes would positively impact Utah workers, which turned me on to that particular bit in the rule:

https://www.sltrib.com/news/2021/12/10/raft-guides-ski-lift/

summary law article which links in the first paragraph to a pdf of the actual rule which is 348 pages long:

https://www.natlawreview.com/article/dol-publishes-final-rule-implementing-president-biden-s-15-federal-contractor

(if I'm reading this correctly the tipped minimum for relevant workers becomes 10 and a bit, not 15, but still)

Can't find a better layman summary of the rule, but here's a basic one while it was in the review process:

https://www.natlawreview.com/article/dol-publishes-final-rule-implementing-president-biden-s-15-federal-contractor

Lib and let die
Aug 26, 2004

GreyjoyBastard posted:

Lengthy article on how the federal land minimum wage hikes would positively impact Utah workers, which turned me on to that particular bit in the rule:

https://www.sltrib.com/news/2021/12/10/raft-guides-ski-lift/

summary law article which links in the first paragraph to a pdf of the actual rule which is 348 pages long:

https://www.natlawreview.com/article/dol-publishes-final-rule-implementing-president-biden-s-15-federal-contractor

(if I'm reading this correctly the tipped minimum for relevant workers becomes 10 and a bit, not 15, but still)

Can't find a better layman summary of the rule, but here's a basic one while it was in the review process:

https://www.natlawreview.com/article/dol-publishes-final-rule-implementing-president-biden-s-15-federal-contractor

Thanks for going back and digging into this. From https://www.natlawreview.com/article/dol-publishes-final-rule-implementing-president-biden-s-15-federal-contractor:

quote:

The $15 wage rate will apply to workers on four specific types of federal contracts that are performed in the U.S. (including the District of Columbia, Puerto Rico, and certain U.S. territories):

Procurement contracts for construction covered by the Davis-Bacon Act (DBA), but not the Davis-Bacon Related Acts

Service Contract Act (SCA) covered contracts

Concessions contracts – meaning a contract under which the federal government grants a right to use federal property, including land or facilities, for furnishing services. The term “concessions contract” includes, but is not limited to, a contract the principal purpose of which is to furnish food, lodging, automobile fuel, souvenirs, newspaper stands, or recreational equipment, regardless of whether the services are of direct benefit to the government, its personnel, or the general public

Contracts related to federal property and the offering of services to the general public, federal employees, and their dependents

Am I parsing this correctly in that if an entity (either for- or non-profit) is granted space to use in, let's say, Yellowstone National Park for an event, any caterers or workers contracted for that event would need to be paid the $10/hr minimum? Basically, "if your usage of federal land involves paid labor, you're going to pay this minimum to your laborers working on federal land."?

Discendo Vox
Mar 21, 2013

This does not make sense when, again, aggregate indicia also indicate improvements. The belief that things are worse is false. It remains false.
Here's a direct link to the final rule in the federal register.

On a quick skim, section 23.280 appears to indicate that it starts at 10.50 and phases to $15 an hour Jan 1 2024.

The coverage of food workers and contractors is discussed at this section.

The below suggests it would not cover delivery of services to an event, depending on whether they're under the Service Contract Act:

quote:

For example, if a Federal agency contracts with an outside catering company to provide and deliver coffee for a conference, such a contract would not be considered a covered contract under section 8(a)(i)(D), although it would be a covered contract under section 8(a)(i)(B) if it is covered by the SCA. In addition, section 8(a)(i)(D) coverage only extends to contracts “related to offering services for [F]ederal employees, their dependents, or the general public.” Therefore, if a Federal agency contracts with a company to solely supply materials in connection with Federal property or lands (such as napkins or utensils for a concession stand), the Department would not consider the contract to be covered by section 8(a)(i)(D) because it is not a contract related to offering services. Likewise, because a license or permit to conduct a wedding on Federal property or lands generally would not relate to offering services for Federal employees, their dependents, or the general public, but rather would only relate to offering services to the specific individual applicant(s), the Department would not consider such a contract covered by section 8(a)(i)(D).

Discendo Vox fucked around with this message at 19:40 on Dec 28, 2021

Ravenfood
Nov 4, 2011

the_steve posted:

Look, until an official CDC spokesperson ranking member of the CDC Johnathan McCDC, the King of the CDC himself comes out and says "The CDC accepted big bags of money in appropriate $-labeled sacks in exchange for saying what capital wanted to hear, which we also verbally stated to each other while transacting the big bags of cash in a very official capacity, here we are doing it on video from 36 different angles and 17 languages", we just can't truly know and will have to assume it's a coincidence.
Is anyone saying that or are you just weirdly upset that people who agree that there is industry capture of the CDC and it sucks also don't want people in the thread breathlessly repeating misleading statements about the links they post?

Not sure why that's so hard to understand.

Herstory Begins Now
Aug 5, 2003
SOME REALLY TEDIOUS DUMB SHIT THAT SUCKS ASS TO READ ->>

Lib and let die posted:

Thanks for going back and digging into this. From https://www.natlawreview.com/article/dol-publishes-final-rule-implementing-president-biden-s-15-federal-contractor:

Am I parsing this correctly in that if an entity (either for- or non-profit) is granted space to use in, let's say, Yellowstone National Park for an event, any caterers or workers contracted for that event would need to be paid the $10/hr minimum? Basically, "if your usage of federal land involves paid labor, you're going to pay this minimum to your laborers working on federal land."?

yes

Goatse James Bond
Mar 28, 2010

If you see me posting please remind me that I have Charlie Work in the reports forum to do instead

Lib and let die posted:

Thanks for going back and digging into this. From https://www.natlawreview.com/article/dol-publishes-final-rule-implementing-president-biden-s-15-federal-contractor:

Am I parsing this correctly in that if an entity (either for- or non-profit) is granted space to use in, let's say, Yellowstone National Park for an event, any caterers or workers contracted for that event would need to be paid the $10/hr minimum? Basically, "if your usage of federal land involves paid labor, you're going to pay this minimum to your laborers working on federal land."?

As Vox suggests I'm not up on event workers (must be open to the general public if they can pay, otherwise the event workers may be exempted), but it applies to things like restaurants on ski resorts. There's also something I don't entirely get where they're ending the practice of employers 'paying' employees through tip credits?

oh lol yeah, they can deduct "a reasonable" tip level from non-tip minimum wage or something

Lib and let die
Aug 26, 2004

GreyjoyBastard posted:

As Vox suggests I'm not up on event workers (must be open to the general public if they can pay, otherwise the event workers may be exempted), but it applies to things like restaurants on ski resorts. There's also something I don't entirely get where they're ending the practice of employers 'paying' employees through tip credits?

oh lol yeah, they can deduct "a reasonable" tip level from non-tip minimum wage or something

And I'm presuming, specifically, restaurants on the resorts' lands? Not, say, the Applebee's in downtown Colorado Springs outside the resort?

:rubby:

the democrats are going to get destroyed in 2022

Herstory Begins Now
Aug 5, 2003
SOME REALLY TEDIOUS DUMB SHIT THAT SUCKS ASS TO READ ->>
the limitation is what can be done by executive order

Goatse James Bond
Mar 28, 2010

If you see me posting please remind me that I have Charlie Work in the reports forum to do instead
There's a "related to" clause and the article I can't currently find went into some detail on who is and isn't covered, but I'd guess a restaurant primarily serving downtown Colorado Springs isn't and can't be covered by an executive order and rules change regarding federal land.

Lib and let die
Aug 26, 2004

GreyjoyBastard posted:

There's a "related to" clause and the article I can't currently find went into some detail on who is and isn't covered, but I'd guess a restaurant primarily serving downtown Colorado Springs isn't and can't be covered by an executive order and rules change regarding federal land.

So it's not going to do much of anything at all for the millions employed by Olive Gardens and Outback Steakhouses that make up the large majority of service industry workers?

The most generous interpretation of this is going to be the boilerplate shrug and "that's what we're confined to doing!" and the most critical will be "of course they're doing something for workers in federal contracts, they always take care of their own!"

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Goatse James Bond
Mar 28, 2010

If you see me posting please remind me that I have Charlie Work in the reports forum to do instead
I thought I'd seen this in passing when I was trying to puzzle out the tip credit thing. Issued about the same time (...and coming into effect today! score one for me posting a current events) was a somewhat complicated change to allowable tip credit calculations for tipped employees nationwide, under the DOL's authority to interpret the time and duty requirements.

https://www.jdsupra.com/legalnews/dol-issues-final-rule-changing-flsa-tip-8426271/

Significant improvement for workers over Trump's rule change, at least some improvement to workers over the one in place under Obama, restaurants are whining about it being less clear than Trump's because it doesn't codify their ability to steal as much wages. The biggest clear benefit is that before customers are in the restaurant and after there are no customers in the restaurant, nothing any employee is doing is tip-related work and so their wages from that time cannot be robbed (in this way).

although I bet a lot of employers are going to try to sneak by doing the old way, and it's such a boring and federal regulation that a lot of restaurant workers may be unaware

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