Saturday, November 25, 2017

GOP tax plan failed to END subsidies and loopholes to the special interests

GOP tax plan failed to END subsidies and loopholes to the special interests
GOP promise to ‘reform’ tax code in A Better Way. Speaker Ryan wrote:;;
“The tax code is littered with hundreds of preferences and subsidies that pick winners and losers and create complexity. Instead of free-market competition that rewards success, our tax code directs resources to politically favored interests, creating a drag on economic growth and job creation. In fact, Washington encourages individuals and businesses to make investment decisions based not on the most promising new technologies and innovations, but instead on the promise of tax savings. Many of these tax preferences, sometimes referred to as “tax expenditures,” are special-interest giveaways that are masked as tax breaks instead of direct grants. For fiscal year 2016, such “spending” through the tax code amounts to more than $1.4 trillion, or almost three-fourths of the amount of revenue raised by the entire Federal income tax. When Washington picks winners and losers with the tax code, the American people ultimately pay higher tax rates and keep less of their hard-earned money.”
Starve special interests by using the code for Tax-FREE retirement:

Congress tax ‘reform’ lowered tax rate but kept subsidies for profitable companies.
HALF of Americans will see taxes raised to pay for subsides and loopholes
GOP tax ‘reform’ means lowering the rate to 20% AND increasing their subsidy. We currently subsidize the oil industry by as much as $4.8 billion a year, with about half of that going to the big five oil companies—ExxonMobil, Shell, Chevron, BP, Conoco Phillips—which get an average tax break of $3.34 on every barrel of domestic crude they produce. But they are already profitable at $100 a barrel so why the subsidy. We taxpayers have been paying them a subsidy to drill since 1916. They don’t need the subsidy and depletion allowance anymore but our ‘reps’ depend on their money to get elected so the Congress does not repeal subsidies in the ‘reform’ bills.
Oil is not alone: gas, coal, cotton, Corn, Wheat, Soybeans, Rice, Beer, Milk, Beef, Peanut Butter, etc
Special interests won! NO subsidies/loopholes repealed! Tax shelters left open!
GOP repealed NONE of the 1,833 business subsidies. GOP repealed 32 deductions used by middle class. Apple and 500 corporations can leave their $2 TRILLION profits UN-taxed overseas. They also get to keep their subsidies and loopholes and foreign cash reserves we still pay for. They were NOT repealed. 1,833 large companies have received federal grants and/or tax credits worth $17.8 Trillion. Instead of giving our money to firms and people that are already making money, we could pay down the debt, which used to worry the GOP. Since our tax cuts are reversed in 2025, you need a shelter.

There is just one way left for us to avoid paying for corporate and wealthy tax breaks
The GOP has just one ‘corporate subsidy’ repeal in the ‘reform’ bill—“marginal oil and gas wells.” All significant corporate and tax shelters were left in tact. Trump’s mob, Commerce Sec Ross, State Dept. Tillerson, advisor Cohn, Treasury Mnuchin, Fed v-chair Quarles, and Ambassador Jon Huntsman hide their money in various shelters under fake firms/names. The new report says they hide their money in the Cayman Islands. Apple hides its money in the tiny island of Jersey. What can we do to avoid paying for these subsidies and business tax credits? You and I do NOT have to hide our money in a foreign country. We do NOT have to hire a lawyer to create fake firms and names. You and I have a legal tax shelter here with an IRS Sec. 408 Trust.
Avoid paying for their tax breaks with your legal tax shelter:

ONE THIRD of us will have higher taxes in 10 years to cover this ‘tax cut’
The Tax Policy Center ran the numbers. By 2027, 31% of middle-class filers would see tax hikes. Repealing the Alt. Minimum Tax created by GOP so the rich pay something means the burden will shift to those making between $48,600 and $86,100. GOP has rigged the tax ‘reform’ to trick us into giving them HUGE extra money for their tax shelters. GOP budget has big cuts in funding for Medicare and Medicaid in our future. Hidden in the budget they just passed are cuts of $4 Trillion in spending including nearly $500 billion in cuts to Medicare and $1 trillion to Medicaid. This means that in a few years, you and I will need to pay more for a relatives’ nursing home and our own health care. Plus our taxes go back up. Treasury Mnuchin says our tax cuts end while corporate cuts are permanent. You and I need a tax shelter like the Trump class.   

Younger singles go for Bronze ObamaCare for less
If your employer does not offer care, you may save by using ObamaCare, ACA, same. Employers usually require you to pay—some take over $6,000 from your pay for some plans. If you have no health issues but still need catastrophic care for an accident or illness, you may find exactly what you need at Subsidies for the monthly premium are available to those with incomes of $45,000 and so the only expense may be the deductible. If you anticipate no health expenses, your annual outlay could be tiny. Open enrollment for 2018 ends this Dec. 15. 2.3 million have signed just in 18 days—more than when Obama was prez. Congress is unlikely to fix it by 2018, an election year. Get help:

Most rich people would rather have better infrastructure than less tax
When you are already wealthy, you have fulfilled your desires and your relative position in the community hierarchy does not change when everyone gets a tax break. KS cut in taxes recently (and then a reversal) proved that cuts don’t produce growth. They just mean schools are worse, roads aren’t repaired, water pipes, power lines, other utilities are not fixed, and the quality of life falls. Granted that some tax money is wasted and governments are subject to corruption. However, rich people can’t live on special things alone. Their Rolls won’t last long on potholed streets. But not every American wants to live in a company town like Wichita with the Koch ‘blessings.’ In fact, most Americans think this tax cut is wrong at this time. The wealthy donors that keep our ‘reps’ in champagne like it. The rich have always had legal ways to cut taxes without the IRS. Corporations have thousands of ways to cut taxes now—shelters, fake subsidies, global addresses, tax lawyers, and lobbyists for Congress. Congress could do better for all working people. Corporations don’t even plan to expand the economy.

Overpaying for car insurance can cost $640,000 over time
65% of us overpay for coverage. If we save the average of $500 a year by purchasing the right policy and taking our discounts, we could have an extra $640,000 by the time we retire. Most people have coverage for at least 50 years. For 40 years, our $1000 savings could grow to $530,000. Investing that $500 a year in a low-cost stock index fund uses the Miracle of Compounding over time. It is just math: Make sure you shop to avoid high premiums:

Trump and GOP are promising higher wages from corporate tax cut
“The hourly wages of high-wage workers rose 41 percent in the 34-year period between 1979 and 2013; the hourly wages of middle-wage workers grew 6 percent in that time frame, and the wages of low-wage workers fell 5 percent” according to the Economic Policy Institute. We did NOT see a bump in wages when Bush II cut taxes. Why would a company use its added cash to pay us more when we have been taking less since the 70s? They don’t use their subsidies to pay more wages, why would they use cash? Wouldn’t you keep it in a shelter or pay your own executives and investors more if you were in charge? Since the firms have money why would they invest the cuts in new operations? They haven’t and won’t. Fed revenue from corporate taxes has fallen while our taxes for Social Security and Medicare have ballooned. Our taxes are low compared to the world.
NO Don, this is NOT a middle class tax cut:

Where is the best place to save for your kids’ college tax-FREE?
Morningstar, the fund-rating service, has upgraded its rankings on six 529 college-savings plans and downgraded three others, the research firm announced Tuesday. 
Bright Start College Savings of Illinois received the gold ranking. The other gold programs—Invest529 of Virginia, the Vanguard 529 College Savings Plan of Nevada and the Utah Educational Savings Plan—remained unchanged from last year. Among the downgrades, Franklin Templeton 529 College Savings Plan of New Jersey sank the lowest, dropping from neutral to negative because of its uncompetitive fees and sudden declines in equity exposure that leave it open to market-timing risk, Morningstar said.


Trump is still just a mafia contractor from Queens—Dad taught him to be The Don.

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.”

Putin sent 60 money wires to US marked “to finance election campaign of 2016.”

Trump’s money launderer manager indicted on 12 counts: conspiracy against US.

Ministry of Truth1984 novel: Government propaganda is ‘truth’ when they say it!

Trump: Moore denied 8 women’s stories—child molester has special place in hell Ivanka
Trump and Moore blame the women: Hill hearing is why girls 14 don’t file public charge

FoxNews: “You’re the president. Why don’t you act like it?” Can Fox help impeach him?
Can 13 women be wrong: The Don’s ‘women are very special’ Groping genitals ‘special’

My Theory on Trump/Putin ‘love’:
Trump got Russian help/funding for business from business/mob ties to Putin. US banks not interested in more bankruptcies. 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. Trump always has a fall guy to blame when caught in lie. Sessions claims campaign execs all too inept and overwhelmed to collude on purpose.

TrumpWorld – using presidency to make money the old fashioned way: theft

The Don is losing cache of his name for NY visitors—NO Soho Trump
Trump selling his wine in national parks—you can’t sell your stuff though
We are paying $1 million for Trump’s thanksgiving at golf club—tax without represented

Dictator talk time:
“When the president does it, that means it is not illegal,” Richard Nixon

The president can’t have a conflict of interest.” The Don is above the law?
Fires FBI head because he was investigating The Don’s Russia mob ties.

Trump’s America looks like pre-civil war America: Trumpism is authoritarianism.

"The President would have left American students in a foreign jail because their families didn't lavish sufficient praise on him. How can someone in such a big office be so small?" 

1998 the House of Representatives approves two articles of impeachment against President Bill Clinton, charging him with lying under oath to a federal grand jury and obstructing justice.

2017 Nov. House of Representatives introduced articles of impeachment against President Don Trump, charging him with firing FBI Comey, violations of the Emoluments Clause, actions "undermining" the judiciary and freedom of the press.

2018 the House of Representatives approves two articles of impeachment against President Don Trump, charging him with lying under oath and obstructing justice.

Quid pro quo: "something for something."
Today child molester; tomorrow rapists? How GOP religionists justify support to Jesus

Flynn has gone over to the light side—Another enemy of the United States caught

We have given The Don time to act like president: Time to Impeach for obstructing FBI

Regulation is necessary: We need protection. Saves $12 billion of our money!
            (No one person can afford to sue a bank: class actions banned by GOP now.)

Gun play in church shoots man and wife – maybe not a good thing to play with guns!
Jay Costa Kelter, GA, caught misrepresented investment facts defraud clients
Honda Odyssey minivans recall faulty passenger seats that can come lose.
Will blind Uber see you in time to stop? You cannot see driver acknowledge you.
Citi caught failing student loan servicing that harmed borrowers. Fined $2.75 million.
Equifax hack costs us privacy for life—no regulation on credit bureaus to blame
Trump will determine which internet sites we get to watch—all equal use ends

National security adviser H.R. McMaster: Trump has intelligence of a “kindergartner”

How Govt wastes our money:


Jobs Don?: 40.6 million people living in poverty in 2016, $24,000 for 4-Census
 Mexico, Greece, Israel, and Turkey are the only countries with higher child poverty rates

Who owns your account now?

Still wonderful people in the world—can you imagine if we all were like this all the time.

41 Watchung Plaza, B242
MontclairNJ 07042

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