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About The nugget. (Sisters, Or.) 1994-current | View Entire Issue (Feb. 14, 2018)
Wednesday, February 14, 2018 The Nugget Newspaper, Sisters, Oregon The Bunkhouse Chronicle Craig Rullman Columnist The Vanishing Middle It’s been another great week in the world of hyperbole. I’d been hoping for an outburst from Comrade Bob, former Zimbabwean dictator Robert Mugabe, who once famously declared “Britain is a very cold, uninhabitable country with small houses.” But now that he has been whisked away by security forces we are down at least one reliably great moonshot a week. Nevertheless, the world is large, contains multi- tudes, and the week in exu- berance started off with a bang when the DPRK News Service — that’s the mouthpiece of a nema- tode Korean dictator who executes people he doesn’t like with anti-aircraft guns and by feeding them to wild dogs — tweeted this gem into the world: “Egg-shaped idiot Donald Trump petu- lantly demands applause. Marshal Kim Jong Un never demands applause, only receiving it spontaneously.” So there you have it: an obvious moral victory for the DPRK. Over in Russia, Putin was the headliner at a fasci- nating convocation of cops, criminals, and dour, weav- ing, carton-a-day generals bedecked with their well- patinaed Soviet orders. The world learned two valuable things from this event. First, Putin’s nick- name is Uncle Vova, which is apparently an affectionate Russian term for Vladimir. Second, Uncle Vova told a fawning audience that in his oligarchy, “We will always take pride in our heroic deeds, we won’t allow a bad word about our great victories.” A brave dissenter in the crowd suggested to Reuters that the great victories were noteworthy, but it was hard to attend the event at all because the roads all over Russia are falling apart. Which brings me to President Trump, who wants a military parade “like the one they have in France.” It’s hard to think of a worse idea, given 16 years of continuous war- fare in Afghanistan that has resulted in no great victories. Our breathless expedi- tion into the Great Game follies is starting to look a lot like police work, actu- ally, which never results in great victories either, only the endless meat-grinder of chasing criminals around the block, day after day after day. It’s easy to be seduced into believing oth- erwise, but there really is no end to either crime or war. Over at ESPN, which has mostly abandoned sports coverage for an end- less roundtable of consum- erist social commentary, the venerable Stephen A. Smith — never one to sit idly by in the face of injus- tice — joined the hyperbole parade when he called New England Patriots Coach Bill Bellicheck’s benching of a star player for the Super Bowl an act of “pure evil.” True evil exists, though outside of Aaron Hernandez I’m not sure it’s found on the gridiron. Venezuela might be a bet- ter place to look for it, where the results of Chavismo- style socialism have placed 31 million people in danger of starvation. Venezuelan dictator Nicolas Maduro, who once noted that “We are all a little bit hippy, a little bit Bohemian,” denies all of this, of course, and predictably blames us damn Yankees. But we should probably give credence to Maduro’s view because, as top Venezuelan Henchwoman and former foreign minister Delcy Rodriguez told UK newspaper The Guardian: “In Venezuela there is no hunger, there is willpower.” Given that the average Venezuelan has reportedly lost nine pounds and has access to only one meal a day, maybe we should start thinking of Chavismo as something more than just a bad political alternative, but as a branding opportunity and a marketable weight- loss plan. Closer to home, Republican representative At Sweeney we bring ng Excellent Service e s! and a Smile with us! Call us for any Plumbing Emergency! 541-549-4349 49 9 LOCAL. RELIABLE. PROFESSIONAL. SIONAL 260 N. N Pine St St., Sisters Licensed / Bonded / Insured / CCB#87587 Rare Opening in Sisters H’ H 115 NW Greenwood, Redmond | 541-588-6119 A’ H 192 E. Tall Fir Ct., Sisters | 541-549-1726 P’ P 182 E. Tall Fir Ct., Sisters | 541-549-1336 D L T | O/O Business Cell (541) 848-3194 “Enriching the lives of those we serve, one day at time” • Locally owned and operated • Large natural & organic selection • Meat cut & ground fresh daily • Huge bulk-foods department • Only 20 minutes from Sisters Located in the Cascade Village Shopping Center, Bend Open every day, 6 a.m. to 11 p.m. Mark Harris implored vot- ers to “send a message to the Washington establish- ment that we will not sit by and watch them continue to spend our country into bankruptcy.” This case of daydream- ing aloud came after an all- night budget farce featuring Nancy Pelosi delivering a Castro-length speech in sti- letto heels. Nevermind that spending the country into bankruptcy has, is, and will continue to attract the undy- ing devotion of a bi-partisan Congress. But the world isn’t just traveling in polar directions. Gravity is still a thing. This was proven last week when Robert Meilhammer, of Crapo, Maryland, was “struck in the head … by a dead Canada goose that plunged from the sky after a fellow waterfowl hunter fired a blind shot on a flock over- head.” Meilhammer was knocked out cold and lost a couple of teeth, but earned a coveted Shredded Vest, 15 awarded annually by the Dick Cheney Hunting Club. That bit really isn’t hyperbole, but I thought you should know about it. But, in the midst of so much that is polarized, des- perate, and fringe, I urge you not to despair. There is always the promise of good news on the horizon. Over at Clickhole, inves- tigative journalists say the National Hockey League “has unveiled a new hyper- bolic penalty box that makes three minutes inside it feel like 500 years… Last night, Sidney Crosby officially became the first man to be sent to the box during NHL gameplay, and when he emerged, he immediately fell to the ground gasping and sobbing, having lost his ability to both skate and speak English after 500 years of isolation from his perspective.” Which, in the era of the rapidly vanishing middle road, and with fewer people than ever actually walking on it, can only be helpful. Five Ways the New Tax Law May Impact You The most sweeping tax-reform legislation in decades was enacted into law at the end of 2017. If you pay federal income taxes, you are likely to see an impact this year. As you plan your 2018 tax strategy, here are fi ve key changes to know about the tax reform law: 1. Tax rates and brackets have changed: Federal income tax rates progressively increase as your income rises. These are known as tax brackets. The new tax code reduces most of the ordinary tax rates and adjusts the tax brackets, applicable from 2018 to 2025. However, the number of brackets for individual tax fi lers and married couples fi ling jointly remains at seven. For instance, in 2018 the fi rst $19,050 of taxable income for a married couple fi ling a joint return is subject to a 10 percent federal income tax. For income the couple earns between $19,050 and $77,400, the ordinary tax rate for 2018 is 12 percent, lower than the 15 percent seen under the previous law. The highest ordinary income tax rate, which was previously 39.6 percent, was reduced to 37 percent and starts at $600,000 of taxable income for couples who fi le jointly. Visit IRS.gov to see the full list of tax rates and brackets. 2. Standard deduction is nearly doubled: When you prepare your tax return, you have a choice of either a standard deduction, or itemizing deductions such as mortgage interest, charitable gifts, or state, local and property taxes. Under the new law, more people will use the standard deduction. (Itemized deductions are changing as well – see item number three.) The standard deduction stood at $6,350 for a single taxpayer and $12,700 for a married couple fi ling a joint return in 2017. Under the new law, the standard deduction has increased to $12,000 for a single taxpayer and $24,000 for a married couple fi ling a joint return. These changes are effective from 2018 through 2025, unless Congress acts to extend them. 3. Changes in itemized deductions: For those who itemize deductions in 2018 (and through 2025), there are some signifi cant changes, even considering the increased standard deduction. Among the most notable: • The deduction for state and local taxes, including property taxes, is generally limited to a maximum of $10,000 per year. Under previous law, no maximum limit applied. • The ability to deduct interest on home mortgage remains, but the $1,000,000 debt limit under previous law is generally reduced to a $750,000 debt limit for home mortgages created after December 15, 2017. Also, deductions on interest paid on home-equity loans (whether new or existing loans) is no longer allowed. This may make home-equity loans less attractive as a borrowing option.• Miscellaneous itemized deductions, such as investment expenses and tax preparation fees, are no longer allowed. 4. Personal exemptions are suspended and child tax credit is increased: Under long-standing tax law prior to the new legislation, individuals could also claim personal exemptions for themselves and their dependents when fi ling their tax return. That exempted a portion of income from taxes. In 2017, the personal exemption was $4,050 per person. Under the new law, effective in 2018 through 2025, the personal exemptions no longer apply. If you have children, you may qualify to claim a $2,000 tax credit per qualifying child beginning in 2018 (and through 2025), double what was allowed in prior law. That is a dollar-for-dollar reduction of the taxes owed. It’s expected that more people will be able to take the credits because income limitations have been raised. Another credit of $500 is now allowed for dependents you may claim who are not qualifying children. 5. Expanded use of 529 plans: To this point, 529 plans have provided a tax- advantaged way to save money for qualifi ed higher-education expenses, such as tuition, room and board, and fees. The new law allows you to withdraw up to $10,000 tax-free per year per child from a 529 plan to help cover the K-12 tuition at a public, private or religious school. Consult with your tax advisor to understand how the new legislation may affect your circumstances. Mark Greaney is a Financial Advisor with PacWest Wealth Partners, an advisory practice of Ameriprise Financial Services, Inc. in Bend, Oregon. He specializes in fee-based fi nancial planning and asset management strategies and has been in practice for 17 years. Contact Mark at www.PacWestWealthPartners.com, or call him at 541-382-2354. Mark is located at 35 NW Hawthorne Avenue, Bend, OR. Ameriprise Financial and its affi liates do not offer tax or legal advice. Consumers should consult with their tax advisor or attorney regarding their specifi c situation. Investment advisory products and services are made available through Ameriprise Financial Services, Inc., a registered investment adviser. Ameriprise Financial Services, Inc. Member FINRA and SIPC. © 2018 Ameriprise Financial, Inc. All rights reserved.
