What about cutting the
956 corp subsidies?
What about the subsidies
to 956 profitable corporations?
Tax bill is not an
‘overhaul’ but a gift
to rich. The 10% rate goes UP. The 39% rate goes down. More of us will end
up in the next higher tax bracket because the bill shifts the income
range of each rate. Old
rate made taxes for incomes $$9,326 to $37,950 at 15% but new
rate 12%, 25%, 35% makes income $9,326 to $37,950 pay 25%. If your income
is over $418,000, you will pay less than 20%. Buffett, Romney, Kerry pay under
17%.
The average rate of
the richest 400
Americans is just 20%. Taxing investment income at lower rate loses $1.3
trillion over 10 years. This is why you and I must pay more!
‘Overhaul’ means changing
sources of revenue and tax “expenditures”
known as subsidies and loopholes. We let hedge fund profits be taxed at lower
rates because of special
interest groups’ FREE gifts to Washington. We
give money to agribusiness to turn corn into gas. We give oil companies our
money to produce gas too. We give our tax money to plane makers to sell
overseas. Many corporations hide their money overseas so they avoid paying tax.
We have
been paying for the subsidies since 1980s. Trump says he has been waiting
to give tax cuts for a long time. He
paid ZERO taxes from 1995 on. Wealthy stand to collect windfall
from Trump tax cuts like nothing in history. Tax cuts to corps like Koch Ind.
Pay your fair share:
https://www.amazon.com/Tax-Credit-Class-your-credits-ZERO/dp/1539462382
Wealthy pay only 17% or less now—few pay 39% or even 35%
Wealthy
don’t need the government’s taxes. Wealthy people usually take their income
as stock dividends and capital gains from assets they own. Like Warren Buffett
with $78 billion net
worth, they give themselves $100,000
or so in wages. They pay themselves in other ways. They receive stocks and
the right to buy stock at a lower price with no current income tax. For cash,
they borrow from their assets or a company they own. Loans are not income plus
the interest is deductible to the business. They receive benefits from their
assets like Trump, who does not pay for his room and meals at his golf clubs,
hotels, office or restaurants. They fly on their own planes and rides. When
their lawyers do their taxes, they
hide their incomes inside special legal entities. Their staffs are
deductible. As Buffett admitted, “I pay 17.7%. The average for
the office staff including receptionist was 33%. Romney
and Kerry pay even less.
Build assets not income: https://www.amazon.com/Your-Hidden-Wealth-Reserve-Reduce/dp/1540435148
Canceling estate tax
for millionaires raises debt for us
You and I will never
pay the estate tax which starts at $11 million per couple. Trump wants his
friends to avoid tax so their families can create a dynasty. Actually, with tax
and estate planning they would never have to pay it. Only 1
of 700 families pays this tax and we could use the $ Billions collected to
pay debt. We
will have to make up the $ billions treasury will miss if his bill passes. No
reason that family
farms had to be sold for taxes. Don’t you wish you had to sell your $100
million assets to pay the estate tax?
Avoid paying the
extra debt: https://www.amazon.com/Tax-FREE-Retirement-code-lifetime-income/dp/1475206976
Use Fact-based
Investing not fantasy investing
You now have a
choice: buy profitable company stocks at
cost using the largest fund firm with licensed reps and FREE planning
tools OR trust your salesman to give you hot tips.
Fact-based investing not fake facts
from Wall Street marketing!
You pay no
commissions or fees so you keep more of your money. If you are a long-term
investor, you avoid giving up 63% of your potential accumulations because of
charges.
First fact: John Bogle, founder of Vanguard Group, the largest
mutual fund firm, found that over 50 years of the normal 2% fees on your
portfolio, you can actually end up with 63% less than you could have earned. It
is simple math: your money earns 7% but the advisor, firm and trading/timing
take 2%. Instead of $1.4 million at $250 a month you end up with only $670,000.
The average managed-account equity investor earned just 3.79% a year over 30
years ended 2014. Inflation was 2.7%. The market benchmark returned
11.06%. We can invest in a fund that tracks the benchmark at the low cost
of 0.04% and so earn 11% over time. We can eliminate any current or future
taxes on the growth of our
money as it compounds in a tax-advantaged retirement account. No advisor or
computer system has proven to beat the market returns over time. Use facts to
grow your account: https://www.amazon.com/Fact-based-Investing-first-million-hardest/dp/1977574270
Cut taxes? Most
large corporations pay no taxes already—No
firm pays 35%
Trump and GOP want
to cut taxes for corporations but most don’t pay taxes
now. Many store
their cash overseas so they can’t be taxed. We can’t do that legally! We must pay tax
on all worldwide income and most of us don’t have a legal team (deductible)
to avoid
taxes with legal gimmicks. For instance, some like Google
use the Dutch Sandwich to save $3.6 Billion in taxes. Others use the Double
Irish to use foreign tax laws we can’t.
Some receive our
tax money as subsidies even though they are profitable: Nike, Royal Dutch
Shell, Fiat Chrysler, Ford, GM, Intel, Alcoa, Boeing. 75% of disclosed
subsidy dollars have gone to 965 big companies. We don’t know the total
value of subsidies to all business but it is in the $ billions. Corporations
have the money to make jobs ALREADY we make jobs by consumers having money.
GOP
targets our deductions: we end up paying more taxes (10%
rate raised to 12%) instead of corporations
paying their fair share. GOP says they are NOT
increasing our tax rates even though they
are by changing the income brackets. The net effect is we
will pay more. Business keeps its subsidies and loopholes and keeps
2.5 Trillion overseas. They send jobs overseas not
make jobs here! GOP just pushed the deficit to 20 Trillion and tax cut for
rich will cost 1.5
Trillion more!
And
GOP wants to give them more: https://www.amazon.com/Most-U-S-Corporations-Pay-Taxes/dp/1514274116
Building assets not income
Trump’s tax overhaul is about shifting more of the tax burden
to us. Big corporate subsidies will not be cut. Special interest will keep
their loopholes. The wealthy are never going to cut their benefits from the IRS
code. After all, their Congressmen put the code there for a reason: cut their own
taxes. Duh. Are they really going to cut off their noses to help us? Their basic
rule: Avoid taxes on taxable INCOME. They build ASSETS not income. Assets are
not taxable until sold. Individual income is taxed. Usually we have no choice
from W-2. We are not able to hide it overseas like Google, Apple and Facebook.
Most large corps have $ Trillions sitting in offshore accounts so their revenue
can’t be taxed. What can we do? To beat Wall Street, we must avoid the middle
people.
Win in an unfair market: https://www.amazon.com/Money-Ball-Investing-Winning-unfair/dp/1548831409
VA chief not helping Vets with 10 day vacation paid by US
How
would you like taxpayers to pay for your vacation to Europe? Vets still
have to wait to get appointments for service but not the VA head. Shulkin got
his vacation date as requested. We paid for the flights for Shulkin and his
wife, Merle Bari, and provided a per-diem reimbursement for their meals and
other expenses, VA said Friday. They wouldn’t say why Bari
qualified for the reimbursements and taxpayer-funded airfare, other than to say
she was traveling on “approved invitational orders” and had “temporary duty”
travel expenses. We have to wait a year to get ONE vacation day.
Avoid paying for their FREE vacation: https://www.amazon.com/Tax-Shelter-Americans/dp/1500426520
What is your strategy for retirement withdrawals?
Your situation is unique so there are no rules about when
and how much to withdrawal from your retirement accounts. First, determine
where all the income may be coming from—old pensions, rollover IRAs, regular
IRAs, Roth IRAs, savings, work, brokerage accounts. Second, get your SS benefit
estimate at https://www.ssa.gov/retire/estimator.html.
You need to plan whether taking your benefits at age 62 or 66 or 70
makes sense for you and your spouse. Visit your local office to decide the
complexity. Third, plan for the IRS requirement to take your RMD at age 70.5. Use
IRS worksheet to figure your ‘required’ amount: https://www.irs.gov/pub/irs-tege/uniform_rmd_wksht.pdf.
Basically, all your ‘deferred’ tax accounts are totaled and divided by your
life expectancy. Each year, your trustee will calculate this amount. You must
withdraw the RMD of all accounts or move all your money to one trustee so you
have one number. Your plan can tell you how much to take each year to avoid IRS
penalties. Consider taxes too. Where will you invest?
Will you have enough? https://www.amazon.com/Your-Retirement-Spending-Plan-enough/dp/1461084016
Does a low-cost annuity help you? https://www.amazon.com/Annuity-Decision-Tree-questions-answers/dp/1546454497
GOP cut health plan for 9 million poor children to spite
Dems
Congress just allowed the Children’s Health Insurance
Program, which provided low-cost health insurance to 9 million children, to
expire. GOP
would not bring renewal to vote so CHIP screening and immunizations will
stop. Sick children will make others sick. CHIP was instrumental in lowering
the percentage of children who were uninsured from nearly 14% to 4.5% in 2015.
Amid unsuccessful efforts to repeal and replace the Affordable Care Act, the
Republican-led Congress allowed the CHIP deadline to pass without action.
Trump and GOP must have a ‘win’ for the rich no matter what
the cost!
GOP
Rep claims health—life—is privilege for the few not a right as in “life, liberty,
etc”
Best rides for the thrifty consumer
IF you need your vehicle to take you from here to there over
and over again, you must use
the CR
report on the top 10. These are the most popular buys in America
and most are made in America
too. Ford provides the best and only pick up. Good design has made the
difference between these 10 and those at the bottom of the reliability
list at JD Power.
The discounts go with safety: https://www.amazon.com/Vehicle-Insurance-Beware-Double-Coverage/dp/1480027634
Medicare for All
GOP thinks health is a privilege for those who can afford
it. Some attack Medicare since the tax
we pay for it does not cover the whole cost. Some believe the individual
must carry the cost otherwise people would not take care of themselves. Some
consider that the government should not be responsible for individual health
care because that is not its job. Others feel that the government is
incompetent to run health care, like Amtrak—it is always in the red. However,
when you consider that our taxes don’t cover all the weapons we make for war,
that argument seems trivial. Our health care system has shown that individuals
are responsible for their own health except when they can’t pay due to illness,
unemployment, and other reasons out of their control. Medicare has been run to
the delight of most seniors who use it. Medical special
interest groups have kept Congress from fixing the cost overrun problem. We
give more taxes for weapons than the generals can use and no Congress
person is willing to fix the cost overruns. No one says we can’t afford to run
up more debt for weapons. “I
won’t let people die in the streets.” He will!
GOP doesn’t worry about the deficit except when it is used
to pay for citizens’ needs.
Let’s get on with a solution that covers taxes and costs since
we all need health.
****************
TrumpWorld
Trump is still just a mafia contractor from Queens—Dad
taught him to be The Don.
The
Don thanks his wife after introduction with a handshake like she’s a guy?
Smoking
gun: “Our boy can become president of the USA
and we can engineer it,” Sater wrote in an email to lawyer Cohen. “I will get
all of Putins team to buy in on this.” Manafort
tells Russian mob he will keep them informed about “our boy.”
Trump’s
group places mob ties above country; it’s about money POWER not US
service.
Mob
doesn’t call the FBI when Jr doing an illegal deal with fellow
mobsters. Receiving
stuff from ‘foreign power’ during campaign is illegal—even for idiots.
Jr meeting with Russian mob ties to tax
refund fraud scheme.
Trump
legal defense paid for by Russia wealthy tied to Putin
‘Ministry
of Truth’ 1984 novel: Government propaganda is ‘truth’
Puerto
Rico debt ‘wiped out’; Budget chief: wealthy bond holders get “no
bail out”
I have never considered leaving Sec
State
My Theory:
No one expected him to win so no harm getting Putin help. Don
owes Vlad’s mob money so they sent mob
gofer Manafort to run the campaign. ‘Colluding’
Putin style.
TrumpWorld –
using presidency to make money the old fashioned way: theft
Change
tax law to benefit yourself and say
it is for middle class: Liars all!
Dictator talk time:
“When the president does it, that means it is not
illegal,” Richard Nixon
The Don is moving
us to a dictatorship where the only people who go to jail are his enemies and
non whites he does not like. Racists
and nationalists get pardons. If Flynn and Manafort
get indicted by Mueller, The Don will just give them a “get out of jail
free” card so they don’t rat him out.
Dictators use “back
to law and order” to limit rights, fill jails, fund army, follow enemies.
“The
president can’t have a
conflict of interest.” The Don is above the law?
Quid pro quo:
"something for something."
The
Don lost money on Puerto Rico club; now payback time?
Koch
$ millions to target Dems in tax bill fight: Billionaires decide issues,
not ‘reps’
Regulation is
necessary: We
need protection. Saves $12 billion of our money!
Fiat recalls 700,000 Jeeps Dodge SUV for bad
brakes from water damage
Brian
Murphy caught stealing $890,000 property and failure to pay income taxes
Carmax sells cars with outstanding
recalls.
TX
judge tells Trump no voter data—it’s private.
Robert “Rusty” Tweed, Glendale, caught
in fraud of $1.7 million
Coach,
JCrew sued for deceptive pricing—‘sale’ is gimmick, we pay regular price.
Trump
has suspended our right to bring class action lawsuits against our
advisors.
How Govt wastes our
money:
Wealthy
don’t need the government’s taxes—80%
of tax cuts go to 1%.
Secret
Service has spent at least $137,505 on golf cart rentals so far. Room
rentals extra.
Ivana Trump, the
first wife offered an ambassadorship to the Czech Republic
SCAMS:
$10,000
for concert tickets—only the elites go to live entertainment
Flooded cars thousands will be sold unsuspecting used car
buyers The Car Book advice.
‘Sale ’ word used
to deceive
us about price at top stores
Jobs:
IBM
employs more in India than US. Why Trump cannot bring back jobs to US?
Miners
learn to make solar and wind energy instead of coal
Hurricanes
make jobs—manufacturing at high but for how long?
Who owns your account
now?
Guggenheim
Investments’ exchange-traded fund to Invesco Ltd.
Miracle:
IAN
41 Watchung Plaza, B242
973.746.2014
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