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Is anyone else debating on when to sell items based on tax reforms? The bills are in conference coming now and it sounds like a final bill will be on Trump's desk hopefully on the 20th. With at least 2 more large scrap purchases and potentially 4 or more sales possible, delaying the sales until January could have a decent impact on what is paid in taxes.
Cash In The Trash
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Both the media and activists have blown this completely out of the water. I literally can not do a Google search with out having thousands of worthless "news" stories pop up.
Here is the full text of the bill its self [ LINK ]
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Taxes are not as much a concern as National Sword the circuit boards you are holding on to may be worth less or not even being bought in the next year.
Better than the dump!
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Link is to the House Bill. Thier is also a Senate Bill and the differences need to be hashed out in conference committee. Then the Senate will vote on it. If it passes Senate, then the House votes. It passes and it goes to Trump for signature.Originally Posted by RLS0812
There are differences in the two Bills, in how "pass thru" businesses are handled.
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I'm not really worried about National Sword and circuit boards. I think there are enough people in the states processing boards that it won't have a huge effect.
Metal Recycling Entrepreneur
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I used to delay depositing the receivables this time of year. Wait till after the new year and it goes on the next year's taxes. HF's got a good point though. It's probably safer to empty out the shop now while you know the buyers are still buying. It's not likely that National Sword will drive scrap prices up.
If you think that National Sword won't effect prices. You could be in for a rude awakening. What I have seen in the past 20 plus years in the scrap business. Brokers and buyers want a reason to drop prices. Plus if China is not buying or cutting back on buying something . It is a automatic price drop.
Cash In The Trash
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Last I looked, National Sword is mainly aimed at plastic scrap .
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I should have clarified my statement. I don't think National Sword is going to affect clean circuit board prices. Now if your are sending stuff that is not broken down and or still contains plastics, then yes, you may see a drop. In addition, there are already refiners in the states that process circuit boards. Natonal Swords biggest effect will be on items we don't process here already and items that we can not or will not clean up.
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I am doing what I dub "the expansion" in 2018 which will include building. My plan originally was to do a dec 15 cutoff for the year. That is no longer the case, already started processing another lot of scrap ram, sent out 14 gaylords this morning after spending the weekend prepping the shipment. At the same time we are processing a thousand or more sticks a day of ram, pushing through everything we can to catch up, limiting the year at this point is out the window, we will probably add 10% or more to what we have so far for the year.
WI ITAD LLC, IT Liquidation Services, we remarket, buy and sell scrap electronics No customer too large or small!
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If you are in a state that charges property tax, I recommend paying as much of it as you can this year because next year you may not be able to deduct that expense.
If it wasn't for the $ in $crap, it would just be.....
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Starts with plastic and textiles and then this is next...
ISRI reports that in its Nov. 15 filing with the WTO, China proposed the following standards for contamination, which would apply beginning March 1, 2018:
LME inline RT Oct Cube •smelt slag, 0.5 percent;
•wood, 0.5 percent;
•paper, 0.5 percent;
•ferrous, 0.5 percent;
•nonferrous, 1 percent;
•electric motors, 0.5 percent;
•wires and cables, 0.5 percent;
•metal and appliances, 0.5 percent;·
•vessels, 0.05 percent;
•plastic, 0.5 percent; and
•autos, 0.3 percent.
In its alert to members, the association states: “Although ISRI is pleased to see that there has been movement away from the 0.3 percent thresholds, the new proposed threshold levels are still of great concern.”
China to ban two dozen types of scrap imports in 2018
Some 24 types of materials will be prohibited from entering China starting in 2018, including several types of postconsumer plastic scrap, one grade of unsorted paper, several types of used textiles and metal slags containing vanadium.
Steve Wong, who is the executive president of the China Scrap Plastics Association (CSPA), a member of two Bureau of International Recycling (BIR) committees and the chairman of Hong Kong-based plastics recycling firm Fukutomi Co. Ltd., is citing an announcement issued jointly by five Chinese government agencies as the source for the information.
Plastic scrap materials within the categories of production scrap, offcuts and regrind will still be allowed to enter China in 2018, according to the latest market update from Wong.
The Aug. 16, 2017, announcement issued by the Ministry of Environmental Protection (MEP), the Ministry of Commerce, the Development and Reform Commission, the General Administration of Customs and the AQSIQ (General Administration of Quality Supervision, Inspection and Quarantine) is known as Announcement No. 39 of 2017. It spells out 24 scrap items that will move from being restricted to being prohibited, but the announcement leaves other types of scrap off of that list.
The five agencies say that in efforts to comply with the Basel Convention on the Control of Transboundary Movements of Hazardous Wastes and their Disposal, China’s Environmental Pollution Prevention and Control Law for Solid Waste and other Chinese government measures, they have targeted 24 items that will move from restricted to outright prohibited, including:
•eight types of postconsumer plastic scrap;
•one type of unsorted scrap paper;
•11 types of used or scrap textile materials; and
•four types of metal slag that contain vanadium.
Omitted from that list, says Wong, are four types of plastic production scrap, offcuts and regrind with the designated HS (Harmonized System) codes of 3915100000, 3915200000, 3915300000, 3915901000 and 3915909000.
The prohibitions will go into effect beginning Dec. 31, 2017, and the new directive supersedes Announcement No. 80 of 2014 and Announcement No. 3 of 2017 from the five departments, he says.
– Brian Taylor, Recycling Today
Last edited by hobo finds; 12-12-2017 at 02:50 PM.
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I don't think tax reform will happen.
Too many moderate Republicans can;t and won;t vote for it.
And even if, I don't think it will affect the day to day scrapper much.
China and Russia buying more of our scrap is a much nicer thing. Liked my $15 bump the other day at Sims for Tin.
Time is Money - Crunch the Numbers - It's a Numbers Game!
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How closely have you been following this. Final bill from conference committee to be released tomorrow, with votes in both houses scheduled for Monday and tuesday. Could be on Trump's desk wednesday.
As far as effecting the day to day scrapper, it certainly does, if you are reporting your income as required. Looks like a 20% deduction on business income for pass thru businesses.
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Bill passed the House earlier today. Senate may vote tonight and Trump could sign as early as tomorrow.
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some reason house needs to vote again?
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So lets say my wife is getting an inheritance of $15 - $30 thousand Euros, should she wait to sign until the New Year?
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Senate found 2 clauses that violate the Byrd rule.
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The 2017 exemption for federal inheritance tax is about $5.5 million. I don't think it is going to make a difference.
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