GOP spending our children’s future income
In exchange for our $60 to
$400 tax cut for just
7 years, we and our kids will be working off the extra $1.5 Trillion of
principal and interest on the national debt forever. Right now your share of
the debt is about $60,000
so our kids will be paying interest every year of about the same as they would be
for a small house. Unfortunately, the principal of the loan is going up; not
down. Our extra $60 for 7 years is nothing compared to the average
millionaire’s $30 million tax bonanza FOREVER. The GOP has made our cuts
END and theirs last with the repeal of the Alternative Minimum Tax. They don’t
pay the 37% tax rate. Most of their income is capital gains and they pay 17% or less. Since there
will be less revenue in the future and GOP never stops buying military stuff,
there is only one way for GOP—cut programs for those without power—cut Social
Security, Medicare, Medicaid, children’s health, ObamaCare, arts, environment, regulation
of air, water, consumer finance and others. GOP
said it will have to cut ‘entitlements’ even though we paid for them. We
paid for them—Social Security and Medicare are not revocable benefits.
GOP: the party of spending
for the rich and the hell with the young, old, poor and sick.
This is what American Socialism looks like now
Our so-called ‘representatives’ got a $1.5 Trillion loan
from China and
will pay it to the wealthy to forward to their offshore
tax shelters. 323 million working Americans will have to pay back the loan:
From
323 million to the 400
oligarchs. (Socialism: from the many to the few). The GOP killed the ObamaCare
mandate, so the healthy will stop paying premiums and those left in the
coverage pool will need to pay more—almost like another tax. Premiums will go
up 10% or more so our temporary (ends 2025) ‘tax cut’ of $60-$400
will not be spent on more goods to fuel the economy as promised. No corp CEO
has passed out ‘permanent’ wage increases: a 1 year bonus doesn’t count. GOP
will cut
our social benefits starting 2018 to pay loan interest to China .
Tax the middle-class.
Use the code to avoid 2018 taxes: https://www.amazon.com/Americas-Socialism-Rich-little-people/dp/1535218584
“What should I do with my 401k now that I am retiring Dec
31?”
I was asked recently about this situation. You may work after
retirement too. IMPORTANT: DO NOT LET HR CUT YOU A CHECK: you
lose 20% to taxes.
Call Vanguard or your current IRA Trustee and have THEM move
your 401k or 403b from your employer’s trustee to theirs as a tax-FREE ‘trustee
to trustee transfer’ IF IF IF you don't want to contribute or are no longer
allowed to contribute to the old 401k.
First, determine if you want
to contribute. 2-3 days of work may not pay enough to make contributions. Your
taxes should be lower now and you don't need to defer paying tax on the money
now. You can contribute to a Roth IRA now and even after age 70.5. The only
rule is you must have income! Part time or self employment work is great.
IRS rules: traditional
IRAs require you to stop contributing by age 70½. But a Roth IRA has no age
limit on contributions and has no mandatory distribution. The Roth IRA is perfect
for an estate plan. You can keep contributing to the 401(k) until you
retire if they allow it. You gain 8% a year
if you wait and you
lose 25% of your benefits by starting Social Security at 62. However, you
will have to pay tax later and the distributions might require more tax on your
Social Security benefit. Best: Roth IRA for your estate plan as long as you
work/self-employed. A small business may boost your tax-FREE estate.
Use a small business to control taxes: https://www.amazon.com/Your-Tax-FREE-Account-IRS-approved-shelter/dp/153735292X
What American corporations do with new tax cuts
Since many corporations
pay NOTHING and very few paid the 35% rate, cutting their tax to 21% may
not have much impact on jobs or wages. Most businesses have enjoyed high
earnings in this growth economy. They hide their money overseas to avoid $
billions in taxes. Host
countries have already lowered their rates under 21%. Apple
hides its money on the island of Jersey. There are scores
of countries where corps can hide money. No CEO has announced a large expansion
plan here—most of the tax cuts and subsidies will go overseas to hire more
cheap labor. IBM needs
1600 people in Bangalore and Shanghai Houston Key West and Puerto Rico but they were not created by the anticipated
tax ‘reform.’ The tax reform actually benefits
real estate developers like Trump the most. James Repetti, Boston College Law School
Use the code
yourself to avoid future taxes: https://www.amazon.com/Most-U-S-Corporations-Pay-NO-Taxes/dp/1514274116
A few reasons to be grateful this holiday season: America
is GREAT already!
See specific numbers for your own age at Your Life in Numbers.
- In
1966, average life expectancy
was only 56 years. Today it’s 72. That’s an increase of 29 percent.
- Out of
every 1,000 infants born, 113 died before their first birthday. Today,
only 32 die. That’s a reduction of 72 percent.
- Median income per person rose from
around $6,000 to around $16,000, or by 167 percent – and that’s adjusted
for inflation and purchasing power.
- The food supply rose from about 2,300
calories per person per day to over 2,800 calories, an increase of 22
percent, thus reducing hunger.
- The
length of schooling that a
person could typically expect to receive was 3.9 years. Today, it’s 8.4
years – a 115 percent increase.
§
The world has become less authoritarian, with the level of democracy rising from -0.97
to 4.23 on a scale from -10 to 10. That’s an improvement of 5.2 points.
Happy Holiday
Happy Holiday Happy Holiday
Is your advisor a sales person first and foremost?
Your ‘advisor’ is a salesperson first and foremost. They
would not have a job otherwise. Contrary to the Wall Street hype, your ‘advisor’
has no special information. They are not
a therapist/doctor curing your financial problem or sickness. Few sales
people use the products they sell because of costs. The most successful Wall
Street executives are NOT traders. They do NOT try to time the market. They
have learned the lessons of the financial legends: “The stock market is a
device for transferring money from the impatient to the patient,” Warren Buffett said.
In fact, the average
managed-account equity investor earned just 3.79% a year over 30 years! A
simple index fund earned 11%. Buffett, perhaps the greatest investor of all
time, with 60 years experience, boils down the stock market to patience.
Mr Buffett's strategy of
patience is the most successful. He earns about 20% a year compounded over
time. He does NOT buy and sell stocks frequently. In other words, he does the
opposite of what Wall Street 'advises' us to do. Wall Street is a sales
industry not an advice industry. Do we ask a barber if we need a
haircut?
Trump and his tax-credit
class take at least $30 million EACH from working Americans
New tax cut does not reform
the code. It repeals the personal AMT and some personal deductions and
exemptions and expands the benefits of businesses. The AMT
was one of the only ways the wealthy had to pay taxes. It added back all their
deductions and special situations. Thus wealthy business people who were
‘self-employed’ and deducted all their expenses from their profits had to pay
something. EG: Trump paid $36.5 million instead of $5.3 million due to the AMT.
We have his leaked tax return from 2005. With the AMT gone, he
will avoid at least $30 million in taxes. He will probably start using overseas
tax shelters like his fellow tax credit class:
Use your tax shelter too: https://www.amazon.com/Your-Tax-FREE-Account-IRS-approved-shelter/dp/153735292X
Aren’t you glad you did not
fall for the Bitcoin scam
It went from $19,000
to $10,000 in one week. ‘Pump and Dump’ has been a favorite Wall Street
scam for a long time. Watch The
Wolf of Wall Street before you ever invest in anything. There are many
participants who drive up the price by using social media and stories and then
their computer sells before you have a chance to cash in. Bitcoin and other
VIRTUAL currencies don’t actually have any physical value—there is no bullion
or government like a normal currency. It’s pretend and the scammers owned it
when it cost nothing. In five days in 2010, the price grew 1000%, rising from
$0.008 to $0.08-8
cents. Your advisor/broker has sales stories to enhance their offerings of
real company stocks or bonds too. Puerto
Rico bonds fit that measure. Many investors are holding worthless paper now
even though they paid a pretty penny for them plus commission. Your advisor may
tell you that this or that opportunity is ripe but remember, your money can be wiped
out in an hour and advisors don’t give refunds for bad advice. Reconsider what
your advisor costs you—maybe now is the time to switch to a low-cost
balanced fund so your stock market exposure is less and earn 9% over time
too: https://www.amazon.com/Best-Robo-Advisor-Ultimate-Automatic-Management/dp/1537111957
“We think, as a result of
lowering business taxes, wages
will go up,”
Treasury Secretary Steven
Mnuchin said on CNN but he is not counting on wages going up. He is set just
like his cabinet mates under The Don. He has his money safe
in a Cayman tax shelter and other undisclosed hideouts. None of Trump’s tax-credit
class works for wages so they never pay the new 37% rate. Their interest and
capital gains go up at tax-advantaged rate. They pay 17% or less like Mr Buffett.
Trump’s aim, ‘make America America
Time to shelter your wages
from new taxes: https://www.amazon.com/Your-Tax-FREE-Account-IRS-approved-shelter/dp/153735292X
Homeowners may pre-pay 2018
property tax in 2017 for deduction
Homeowners in high property
tax states like NY, NJ, CT, CA, etc may pay
property tax early so they do not lose the deductions above the $10,000
limit set for 2018. Each
jurisdiction has their own rules on pre-pay tax, so this may not be for
everyone. You may also consider charity (buy land
to keep from development) and sales tax on a new car since these are
restricted in 2018. Many deductions are restricted in 2018 but can reduce tax
on a biz. Consult
your tax preparer.
Use your tax credits: https://www.amazon.com/Tax-Credit-Class-your-credits-ZERO/dp/1539462382
What can you do if you expect
your taxes to go up in 2018?
Many in the blue states need
to plan for their GOP increase in federal taxes due to the repeal of or limit
on their deductions and exemptions. If you used to deduct over $10,000 in property
and state income taxes, you may find you will owe more tax in 2018. There is a penalty for
underpaying your taxes so you might want to increase your withholding by
DECREASING your allowances on a W-4 at work and/or having
Social Security withhold 7, 10, 15, or 25% from your benefits each month on W-4V. Sign the form and
return it to your local Social
Security office by mail or in person. If you find you have no
deductions to offset your increased tax liability in 2018, you can send the IRS
estimated tax payments using form 1040 ES:
https://www.irs.gov/pub/irs-pdf/f1040es.pdf.
Avoid GOP tax increase: https://www.amazon.com/Tax-Credit-Class-use-your-credits-ZERO/dp/1539462382
Is your college saving plan
the best?
The rating firm, Morningstar,
places three
529 college savings plans at the top of state plans: UT, VA and NV. Most of
these plans are open to any state resident. However, some state plans also
provide residents with a state tax deduction which may reduce the cost. All
plans allow tax deferred income to be saved and used for education with tax on
the growth. Let’s say you start your college savings plan at age 5. With low
fee stock funds, you egg may grow to $100,000 with $250 a month. That is
tax-FREE money and you have no student loan obligations.
If you now must pay the loans off, you may have options
that help you cope. Federal borrowers can apply for income-based repayment
plans like Pay As You Earn (PAYE) or Income-Based Repayment
(IBR). Private borrowers often have fewer options than federal borrowers and
the options available can vary significantly from lender to lender. You will
have to contact your lending institution to learn whether you can adjust the
terms of your loan.
Consider setting up auto pay,
consolidating loans and paying down your most expensive debt first (to the
extent your budget allows). For example, setting up auto pay can reduce your
interest rate by 0.25 percent for some federal loans. It saves you a lot of
money over time.
****************
TrumpWorld
Mandate: ‘I was
elected President’ like Washington, Obama and Hitler
Except Bannon and I wish
to “destroy
the state”–our government.
Trump cancels housing for homeless veterans after
taking credit—‘new low’
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.”
Ross, Commerce, direct link to Putin energy
consortium and Russia-Cyprus bank
Putin sent 60 money wires to US marked “to finance election campaign of 2016.”
LOCK ‘EM UP--Mueller draining the swamp!—Everyone gets
pardon!
Papadopoulos rolls: Trump-Putin liaison pleads guilty.
Manafort rolls: Trump’s money launderer manager
indicted: conspiracy against US.
Flynn rolls: Trump’s national security advisor and
foreign agent pleads guilty to lying. “my actions were wrong” "if I
did a tenth of what she [Clinton ]
did, I'd be in jail today.” I am not a traitor. Right, but he also said he
never talked to Russia Russia and
said was not paid by Turkey
McFarland (“If there is a
tit-for-tat escalation, Trump will have difficulty improving relations
with Russia which has just thrown U.S.A.
election to him.”)
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.)
Fiat recalls 1.8 million RAM
trucks that can ram you in back—Drives itself when parked.
Aston
Martin recalls 5,500 models that roll by self and battery cables make fire
John Rogicki, Train Babcock Advisors, stole
from foundation of elderly widow
Another special person dead—“guns don’t kill people” for
fun. Is your wife next?
‘Ministry of Truth’ 1984 novel:
Government propaganda is ‘truth’ when they say it!
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.
Putin
gives The Don a big kiss—first name basis—Don made markets hum
TrumpWorld – using presidency to make money the old
fashioned way: theft
President’s coin lost the 13 original states and motto, “E
pluribus unum”: name
3 times.
Tillerson Exxon calls Trump a ‘f__king moron” ‘MORON’
and LIAR:
McMaster, National security adviser: Trump has intelligence of a “kindergartner”
Dictator talk time:
“When the president does it, that means it is not illegal,” Richard Nixon
Trump” not
ready ‘YET’ to give Flynn his pardon for conspiracy against US
Banned words -- Burning books next?
Trump’s Disease Control has banned
words he does not like as if disease disappears
So Trump like Putin is a dictator.
Trump is no longer claiming Russia just fake news—collusion/conspiracy
real—but he can do it cause he is prez, they say.
Trump storm troops arrest people who look like immigrants.
How do you prove you are citizen? ICE acts like Gestapo: no record if you’re taken. No calls to family allowed.
Make American ‘Conservative-White’ Again
Trump
packing in young Scalia-type judges to kill abortion, liberal rights across
US.
Obama: we must protect
democracy from Nazi-style dictatorship—vigilance and press
I can never be wrong: “The reason I
originally endorsed Luther Strange (and his numbers went up mightily), is that
I said Roy Moore will not be able to win the General Election.
I was right! Roy
“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 then blames FBI.
Fear is a ruler’s weapon: “Media
is America’s enemy” but 1st
amendment still US law.
Ideology can justify any policy: At RedState,
there has always been one hard and fast rule: Oppose abortion at all costs.
Christian Right is not Christianity but ideology.
Today child molester; tomorrow rapists? How GOP religionists justify crimes of the Fuehrer and
followers. He can pardon every crime.
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. Trump was
told that Flynn lied to FBI so he commanded Comey to drop it. Lied on TV about
why he fired Flynn. Fired Comey to end inquiry on Trump’s conspiracy with
foreign power to destroy lawful election admitted on TV. Fired NY AG who was
investigating his laundering Putin money via real estate.
TX Rep Al Green’s Articles of Impeachment failed Dec2017.
WWIII next?
Quid pro quo: "something for something."
We have given The Don time to act like president: Time to Impeach for
obstructing FBI
How Govt wastes our
money:
Trump
chopped down Andrew Jackson tree on WH grounds
Corporate subsidies AFTER ‘tax overhaul’: $6 billion for sugar
processors, $1 billion for dairy, $800 million for marketing to foreigners,
$370 million for peanut corps, $650 million for manufacturer’s consultants,
$2.5 billion for F-35 problem fixes, $1.2 billion to subsidize southern power,
$1 billion for TVA parks etc, and thousands more.
SCAMS:
Wire
transfers cannot be requested by legit businesses
Jobs:
35
high pay jobs without degree: over $50,000
Who owns your account
now?
Cape
Cod chips to Campbell’s, 21 CenturyFox to Disney, Regal Theaters to
Cineworld, Au bon Pain to Panera, TaskRabbit to Ikea, Uber
to Softbank
2.8% best
5-year CD even if you must pay penalty to withdrawal
Miracle:
Sheriff
saves 8 year old from frozen pond after 30 minutes breaking ice with hands.
IAN
41 Watchung Plaza, B242
973.746.2014
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