Category: Tax Reform

Trump Administration Mulls a Unilateral Tax Cut for the Rich- New York Times

The tax cut being considered by the President is intended to reduce capital gains taxes for those who sell capital assets (property or investments). Income inequality, already at record levels, will increase yet again since they are considering only tax cuts for the wealthy. For those of us who work for a paycheck and do not have (much less sell) capital assets there is no benefit.

US tax revenue will be reduced by $100 billion dollars, adding to the budget deficit, which was increased to $1.5 trillion by the 2017 tax cuts. You and your children will pay for this gift to the wealthy. These additional tax cuts can only be balanced by cuts in Federal spending on the favorite Republican whipping boys: Social Security, Medicare and Medicaid.

Proponents argue that this tax cut will generate a sell-off and drive the stock market up, so wage earners and the middle class will benefit. The same argument was used in selling the 2017 Republican tax cut for businesses from 35% to 20%. A boon for corporations, that windfall resulted increased profitability which was used for stock buy-backs, not wage increases.  In 2017 average wages increased about 1.75%.

This tax cut is deliberately targeted and timed to please the donor class as we go into the midterm elections.

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White House budget projects $1 trillion deficit in 2019

President Trump’s first budget (for FY 2018) projected a $526 billion deficit in 2019, under its policies. The FY 2019 Mid-Session Review released last Friday revises his current budget to a $1,085 billion deficit in 2019. That’s an increase of roughly $560 billion, or more than double.

Altogether, tax cuts and spending hikes account for more than four-fifths of the deficit increase between the President’s FY 2018 Budget and the recent Mid-Session Review. Moreover, CBO’s estimates show revenue will fall by $1 trillion, not rise by that amount.

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Republicans Mocked and Punished California Voters; Now They Are Facing a True Wave Election

You can do a lot to voters, but there is a limit to how much even invested social conservatives will put up with. The national party and their own Republican representatives are now actively harming their pocketbooks, and that is the one thing that will invoke a bit of self-reflection in an otherwise reliable party-line voter.

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CHARTS: See How Much Of GOP Tax Cuts Will Go To The Middle Class

The Republican tax bill, which Congress sent to President Trump on Wednesday, would give most Americans a tax cut next year, according to a new analysis. However, it would by far benefit the richest Americans the most. Meanwhile, many lower- and middle-class Americans would have higher taxes a decade from now … unless a future Congress extends the cuts.

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America, you’ve just called up the Kansas tax scheme to the big leagues. Here’s how to talk about it

The government will just go further in debt, and the US will sell more and more of our bond, mortgage, and consumer debt to foreign entities. 

The government will immediately need to move to cut services, often those that help the poor first. Unlike Kansas, which figured in roughly $2B in “Dynamic Scoring” (and missed by about $1.9B) , we’re going to try and dynamic score more than a trillion. 

Any idea how this turns out before we stop looking for the ship to come in? 

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