Friday, December 1, 2017

You and I will pay more tax: our tax cuts reversed in 2019

You and I will pay more tax: our tax cuts reversed in 2019
A deeper study of the bill shows the benefits for workers are thin. Trump has promised Americans “huge” tax cuts, but only 44 percent of taxpayers would see their tax bills reduced by more than $500 in 2019, according to JCT's analysis of the winners and losers in the plan. 62% of Americans would get a tax cut of at least $100 in 2019, according to JCT. 38% would either pay about the same in taxes as they do now or get a tax hike.
But by 2027, just 16% would get a tax cut of at least $100. See chart  
Cuts in Social Security and Medicare Medicaid coming to fix deficit, says Rubio. GOP is so desperate they promise future increases if no growth but no ‘rep’ would raise taxes.

Why are none of the corporate subsidies and loopholes repealed?
“I had visions that they were actually going to remove the methods by which many corporations pay only 10% in taxes now.  (But) what they’re doing is they’re leaving in all those goodies that minimize corporate taxes, and (they’re) lowering the corporate rate.” Senator McCaskill (MO)
REAL Reform could mean that little card Trump held up. Every entity—household, corporation, LLC, pass thru, partnership, sole proprietorship—will pay tax of 10% of any type of income—wages, gains, royalties—all revenue from ANYWHERE in the world. There are NO more subsidies, loopholes, deductions, child credits, energy credits, waivers for paying foreign governments, deferring stock awards, etc, etc. Destroy all 74,608 pages of the code plus the new 429 pages. Until Congress stops giving money to the donor class, avoid tax with credits.

Wealthy and corporations will still hide their cash overseas
Would you rather pay $0 tax or new 20% rate? Apple just put their profits in Normandy and Trump’s cabinet hides their taxable income in ‘Paradise’ according to their law firm.
Economists say that there is little enforcement of tax evasion so the downside is not bad—usually just a small fine. The chance of getting caught is almost nil and now even better odds since The Don named a tax evasion lawyer to head the IRS. Economists say the only way to stop evasion is to get all countries to report foreigner bank accounts or jail the lawyers who set these schemes up in the first place. Either option is not likely to work so the wealthy and corporations will continue to send taxable income overseas and avoid paying their fair share. They still use our roads, airports, internet, military, courts, fire and police but don’t pay for them. Time for you stop paying THEIR way.

Is a Robo-Advisor right for you?
This form of investing is growing in popularity. Essentially, you pay less than a full-service firm for a standard portfolio created by a Robo company. If you are a regular investor and want some kind of oversight, this may work for you. But the results so far are mixed. When you pay less you earn more relative to your choice of securities. The best balanced portfolios like Vanguard’s Wellesley Income earn almost 10% over time. The best stock market portfolio like Vanguard’s 500 Index earns 11% over time. A portfolio created with the highest earning sectors of the market seems the best over time. Don’t be tricked by short-term performance. You are likely to stay with robo forever. 

Which Americans are hurt in the GOP budget?
Congressional Budget Office analysis of the tax cuts: “The bill would negatively impact individuals who make less than $30,000 per year by 2019, the CBO said, while most of those making under $75,000 would be negatively affected by 2027. Child health CHIP support has not been renewed. Treasury is out of money next Friday. We pay subsidies to profitable corporations that continue to avoid paying their fair share.
Children need health services and food. Hungry children in America is hard to believe given that we have households with $ BILLION in assets. And there is little hope for the children. We have 40.6 million people living in poverty in 2016--$24,000 for 2 adults and 2 kids. Mexico, Greece, Israel, and Turkey are the only countries with higher child poverty rates. Those with $ billions can’t spend it all and yet GOP is giving them more. 60% of Americans are NOT comfortable with this situation.
Yet, the GOP budget cuts $1 Trillion from Medicaid as well as Medicare. The individual tax cuts are temporary: 31% of middle-class filers would see tax hikes. Wages have been flat for 40 years of inflation and cuts don’t help. Most companies do NOT plan to raise wages or expand business. No company is planning on bringing their profits back to US to be taxed. Is this the America we want?
Child illness and poverty are NOT inevitable. ‘Of, By and for the people’?

Should you switch to a low-cost trading firm?
Commissions for trades or bulk trading fees have fallen for most discount brokers. Almost every firm has a deal. $4.95 is common. Heavy trading firms give discounts and more. You can start with $0 down. Robinhood charges $0 for buying and selling stocks. The real question is why are you trading at your firm? What are you trying to accomplish with your portfolio? Unless you are making more money by trading than a simple buy and hold strategy, net net, fold ‘em. All the legend investors say: ‘Just buy a low-cost 500 index’ and be patient. Do you have insider info that secures higher than average returns? Do you just enjoy high-class gambling? Most studies say equity investors earn little more than the inflation rate: 3.79% vs 11.06 for the index. Vanguard’s 500 Index did 11.01% since 1976.
Have you beaten the DJI earning 20% in 2017? Fast trading success requires huge loads of capital. Do you use ETFs—index funds with a commission. Again, is it worth it? Trading successfully means earning over 12% per year over time. It does no good to make 30% and then lose 10% compared to 2 years at 11%: Doubles money every 7 years. Check your ETF or fund choice for high fees:
You can do better with the Vanguard Top Ten:

GOP tax cuts create greater income inequality
Lower tax rates should help people in all income levels but in fact the opposite occurs. Income inequality worsens. Between 1979 and 2005, after-tax household income rose 6% for the bottom fifth of households. The top fifth saw their income increase by 80%. The top 1 percent saw their income triple. Instead of ‘trickling down’ to the middle income folks, tax cuts just make the rich richer and the poor poorer. More effective way to raise wages and employment and economic growth would be the infrastructure bill Trump promised. $2.2 Trillion given to those already rich could pay wages and US companies to rebuild many bridges, roads, and schools in dire need of repair. About 20,000 are ready to fall down in the next 10 years. Rich people don’t repair bridges, schools or roads. Local property and state tax will be increased to fix infrastructure. GOP plans to cut our Social Security and Medicare next year to offset the tax cuts to wealthy.
Use your shelter to avoid tax increases:

Is a Roth account right for you?
If you are saving for retirement at work or on your own, you need to consider this one and only tax shelter for working people. In 1997, Congress created a tax-FREE account for regular contributions for later. You put taxed money in and it grows untaxed and then in retirement, all the gains are tax-FREE. With a regular 401k or IRA, you get a deduction early but then you pay tax on all the gains. For example, you invest $250 a month in a regular 401k or IRA for 35 years and you have $957,000 with $802,000 taxable. You can deduct $3,000 from your income each year but that may not lower your tax bracket. A Roth 401k or IRA account would lessen contributions to pay tax up front but would provide $941,000 tax-FREE. In retirement, with taxable pensions, savings and Social Security, you might avoid income tax altogether since the Roth income does not increase your overall taxable income.

Trump shuts down anti-propaganda center that collects foreign Fake News
The Countering Disinformation and Propaganda Actintroduced by Republican Sen. Rob Portman of Ohio, establishes the Global Engagement Center under the State Department which coordinates efforts to "recognize, understand, expose, and counter foreign state and non-state propaganda and disinformation efforts aimed at undermining United Sates national security interests."
Putin can now operate freely to help Trump destroy our system of free speech—CNN, WaPo, NYT, etc.

Do you need to start your Required Minimum Distributions?
A required minimum distribution (RMD) is the amount that traditional, SEP or SIMPLE IRA owners and qualified plan participants must begin distributing from their retirement accounts by April 1 following the year they reach age 70.5. RMD amounts must then be distributed each subsequent year based on the current RMD distribution calculation amounts. Your retirement money trustee will calculate the amount you need to withdrawal by December 31 each year. It can be deposited into your checking account automatically during the year. Check it now to avoid IRS penalty in April.



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.”
Russia manipulated our votes: Pizzagate: from Ms Campbell to Mr Welch’s AR-15.

LOCK ‘EM UP--Mueller draining the swamp!
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.
Congress gives Kushner a pass on documents re: Russia contacts—GOP helps hide.

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

Now we know who is behind the attack on pedophile Roy—everyone except the few

If this is who we are or who we are becoming, I have wasted 40 years of my life. Until now it was not possible for me to conceive of an American President capable of such an outrageous assault on truth, a free press or the first amendment. 11:32 PM - Nov 25, 2017

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

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 drains State Dept; CIA to State; AL Cotton to CIA

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 ideology.

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."
“The drug companies are getting away with murder” so Trump gives them agency

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

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.)

Trump names drug profiteer to run health agency—‘Drug Murder’ Club in charge! 

Another special person dead—“guns don’t kill people” for fun. Is your wife next?
Record gun purchase background checks 11/24—Death Friday forcasts Dem win 2018?

Trump ends Protection Agency that “has forced the big banks to return more than $12 billion directly to families they cheated, and it's handled more than a million complaints against the financial institutions. The agency has helped make life a little fairer for working families, and that's why the Wall Street banks hate it.” 

McMaster, National security adviser: Trump has intelligence of a “kindergartner”

How Govt wastes our money:

$1,877 for ear piercing in hospital—bring your lawyer to hospital next time.
$3,660 for 4-mile ride in ambulance—call your own taxi next time.
Bitcoin, all VC can be use to buy things here and there but a bubble, 20% fall.
Tax Relief Co promises help if owe IRS back taxes but users say it is scam.


Who owns your account now?
WellsFargo to give up personal insurance business—auto, homeowners, renters, etc

It would be a miracle if the tax cut bill passes this year. 10 GOP say problems rise.

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