Jan 8, 2019-Rotary Forum

Pres. Scott opened the meeting at 12:35 PM and and auctioned off the IDS-free badge to Dick Dannells for $30.

Pres. Scott announced that the board has approved our participation in the Rotary Youth Exchange Program in which we will sponsor Matthew Vanderkelan. His first choice is to go to Japan. Andrea Lueker announced that the work party for the Grover Beach Exploration Station Project has been rescheduled for Saturday, January 26 starting at 8 AM and continuing to between 2 and 4 PM. She also announced that January 11 is the deadline for getting in our Community Giving forms. Soon she will be sending out the forms to the local schools for the Literacy Program. Scott reminded us that the the Cal Poly Women’s, Basketball Annual Polio Fund Day is this Saturday starting at 2 PM with a three-game reception at 1 PM for those that have a $5 ticket.

Deenie Dotson paid $35 IDs for her and Jim’s 35^th wedding anniversary. Mary Ann Reis’s 10^th Rotary anniversary caused her to spin the wheel for $30 IDs. Michael Boyer’s 17 years with Rotary cost him $25 IDs.

Don Weber took the podium and began by stating that 1933 was the year of his birth in Charleston, West Virginia. His family moved to California when he was very young. When he was 4 years old his family moved to Indiana and remained there until he graduated from high school and college. He joined an insurance company for 6 years and worked in sales and service. He decided to go to work for a Chicago insurance company and became a broker handling commercial insurance where he represented the client. He went to Detroit and formed his own company that was subsequently bought out. He then started up a company in Kansas City where he remained for 17 years. His company was purchased in 1990 and he went to San Francisco. He stayed with the purchasing company until he moved to Central Coast in 1995. He is now 85 and is having the best years of his life being retired and only occasionally having to do some consulting. He feels lucky to have found this club

The new tax code has a sunset clause for 2025. At that time the rates will go back to the 2017 rates of 10%, 15%, 25%, 28% 33%, 35% and 39.6%. The 2018 percentage rates are: 17, 22, 24, 32, 35, 37. There are no more personal and dependent exemptions. There’s a doubling of the standard deduction, which means that more people will not have to itemize their deductions. You will have higher child tax credits. There have been no changes in the alternative minimum tax and not much change in the capital gains taxes. You can deduct the interest on mortgages up to $750,000 debt. Home equity interest is not deductible. The total amount of state and local taxes you can deduct is $10,000. Miscellaneous deductions have a 2% threshold. Under the amended Affordable Care Act, you are no longer penalized if have no medical insurance. There’s no change in rules concerning Roth and ordinary IRA’s. There’s been a major change in the estate and gift taxes as you now can shelter up to a 11.2 million estate. You cannot casualty losses unless they are covered under the Federal Disaster Relief Act. Patricia Patel then proceeded to discuss changes in the corporate tax structure. She stated that the corporate tax rate has dropped to a flat rate of 21%.

Pres. Scott opened the meeting at 12:35 PM and and auctioned off the IDS-free badge to Dick Dannells for $30.

Pres. Scott announced that the board has approved our participation in the Rotary Youth Exchange Program in which we will sponsor Matthew Vanderkelan. His first choice is to go to Japan. Andrea Lueker announced that the work party for the Grover Beach Exploration Station Project has been rescheduled for Saturday, January 26 starting at 8 AM and continuing to between 2 and 4 PM. She also announced that January 11 is the deadline for getting in our Community Giving forms. Soon she will be sending out the forms to the local schools for the Literacy Program. Scott reminded us that the the Cal Poly Women’s, Basketball Annual Polio Fund Day is this Saturday starting at 2 PM with a three-game reception at 1 PM for those that have a $5 ticket.

Deenie Dotson paid $35 IDs for her and Jim’s 35^th wedding anniversary. Mary Ann Reis’s 10^th Rotary anniversary caused her to spin the wheel for $30 IDs. Michael Boyer’s 17 years with Rotary cost him $25 IDs.

Don Weber took the podium and began by stating that 1933 was the year of his birth in Charleston, West Virginia. His family moved to California when he was very young. When he was 4 years old his family moved to Indiana and remained there until he graduated from high school and college. He joined an insurance company for 6 years and worked in sales and service. He decided to go to work for a Chicago insurance company and became a broker handling commercial insurance where he represented the client. He went to Detroit and formed his own company that was subsequently bought out. He then started up a company in Kansas City where he remained for 17 years. His company was purchased in 1990 and he went to San Francisco. He stayed with the purchasing company until he moved to Central Coast in 1995. He is now 85 and is having the best years of his life being retired and only occasionally having to do some consulting. He feels lucky to have found this club

The new tax code has a sunset clause for 2025. At that time the rates will go back to the 2017 rates of 10%, 15%, 25%, 28% 33%, 35% and 39.6%. The 2018 percentage rates are: 17, 22, 24, 32, 35, 37. There are no more personal and dependent exemptions. There’s a doubling of the standard deduction, which means that more people will not have to itemize their deductions. You will have higher child tax credits. There have been no changes in the alternative minimum tax and not much change in the capital gains taxes. You can deduct the interest on mortgages up to $750,000 debt. Home equity interest is not deductible. The total amount of state and local taxes you can deduct is $10,000. Miscellaneous deductions have a 2% threshold. Under the amended Affordable Care Act, you are no longer penalized if have no medical insurance. There’s no change in rules concerning Roth and ordinary IRA’s. There’s been a major change in the estate and gift taxes as you now can shelter up to a 11.2 million estate. You cannot casualty losses unless they are covered under the Federal Disaster Relief Act. Patricia Patel then proceeded to discuss changes in the corporate tax structure. She stated that the corporate tax rate has dropped to a flat rate of 21%.