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Proposal would make transit tax benefit permanent
How does that work? They mean when you file for taxes?
I think this is for a transit ‘flexible spending’ account. You put pre-tax dollars into it that you can use to pay for transit costs. It has to be done in conjuction with a weekly/monthly fare card – you can’t use it to reimburse cash fares paid on a daily basis.
The auto benefit is for parking costs (and perhaps others…)
How about a picture of something from Washington instead of Chicago?
Henry: Guse here is the expert in government and taxation. Let him explain!!!
Oh please Mr. Vasyl; do we any more of Goosie’s flatuence?
why do we subsidize transit riders ??
Yeah, they’re not “giving” you $245; they’re allowing you to pay up to $245 in pre-tax salary per month towards your commute. You get what looks like a credit card, and your employer withholds the amount you need for your transit and/or parking each month. When doing your taxes, up to $245/month for transit and (IIRC) up to $125/month for parking is no longer considered taxable income. Every little bit helps.
Yeah, they’re not “giving” you $245; they’re allowing you to pay up to $245 in pre-tax salary per month towards your commute. You get what looks like a credit card, and your employer withholds the amount you need for your transit and/or parking each month. When doing your taxes, up to $245/month for transit and (IIRC) up to $125/month for parking is no longer considered taxable income. Every little bit helps.