September 28, 2017
By Brett Arends
Don’t call it “tax reform.” Just call it “Ivanka’s law.” (click here)
By Brett Arends
Don’t call it “tax reform.” Just call it “Ivanka’s law.” (click here)
Donald Trump’s new tax plan would slash his family’s estate-tax bill by up to $2.8 billion — yes, billion — at a time when the federal budget is in deficit and Social Security and Medicare are hurtling toward financial crisis.
If that doesn’t tell you what’s really going on here, you’re not paying attention.
Trump’s proposed reforms would eliminate the 40% estate tax on those who inherit massive estates, along with the associated gift and generation-skipping taxes.
The president has claimed that his net worth — not counting the intangible “value” of his personal brand — is about $7 billion, meaning that under current law his five kids would have to share about $2.8 billion with the rest of the country upon his death assuming they are named the inheritors in his will.
Less heroic calculations by Forbes and Bloomberg put Trump’s net worth around $2.9 billion to $3.5 billion. But that still means his kids would have to hand over between $1.5 billion to $1.4 billion....
Hey, Ryan, you sure you don't work for the Russians?
...If his new tax plan goes through, they wouldn’t have to hand over a nickel. This doesn’t include any other tax savings they might get from the tax reforms, which include cuts to corporate and individual income taxes.
Trump said on Wednesday that he wouldn’t benefit personally from the reforms. It’s possible he was just being clever: It would be his kids, rather than him, who would save the estate taxes. There again, it’s possible he was just lying.
Right now the top rate of estate tax on very big estates is about the same as the 39.6% top rate on incomes. So someone who inherits $100 million gets taxed about the same as someone who earns $100 million through their own hard work and ingenuity.
But not under the new Republican tax plan. They want the schmucks who actually work for a living to pay much higher tax rates than people who inherit it. The proposals would cut the top rate of income tax from around 40% to 35%, but the top rate of inheritance tax from 40% to 0%....
The great honor for the average American is that we get to pay for the lifestyles of the rich and famous. Let me guess, this so called "Tax Reform" was engineered by the many Goldman Sachs brokers now working for Trump's White House.
Do tell. Who was the rich and famous that wrote this paycheck for the wealthy?
September 26, 2017
By Katherine Gallagher Robbins, Rejane Frederick, Angela Hanks, Rachel West, and Michela Zonta
Despite vowing to support America’s veterans, (click here) President Donald Trump and congressional Republican leaders have put forth budget proposals that are poised to do great damage to the economic security of veterans and their families—all to pay for tax cuts for millionaires and corporations. In fact, new analysis by the Center for American Progress reveals that the tax cuts Trump wants to give corporations and businesses, which will cost $4.3 trillion over 10 years, amount to 28 times as much as the deep cuts he is proposing to services and benefits for veterans.
And these cuts are just the tip of the iceberg....
The wealthy absolutely hate Americans. I know it now. We have FOX News and Talk Radio for the rhetoric of hate. The CEOs don't show up for interviews to participate in the paradigm of hate, but, they are revered as icons of immense power and the way to happiness as a capitalist.
...Additionally, CAP estimates that over the next decade, 400,000 veterans on average could lose access to critical nutrition assistance each year if the cut proposed in President Trump’s budget were applied directly to participation in the Supplemental Nutrition Assistance Program (SNAP). If instead the cuts proposed in the House of Representatives Republican budget were applied, more than 554,000 veterans could lose SNAP each year between 2023 and 2027. Previous congressional Republican attempts to repeal and replace the Affordable Care Act (ACA) would have cost close to half a million veterans their Medicaid benefits by 2026. And the most recent repeal effort, which makes devastating changes to Medicaid, would be even worse, costing an estimated 579,000 veterans their Medicaid coverage within a decade....
Right now, the FBI is attempting to scour the NCAA of corruption and some of the worst issues a coach has to contend with is what brand sneaker the players are wearing this year. The lust of money is pervasive in the USA and this tax plan shows the worst side of this country.
Hey, Ryan, you sure you don't work for the Russians?
...If his new tax plan goes through, they wouldn’t have to hand over a nickel. This doesn’t include any other tax savings they might get from the tax reforms, which include cuts to corporate and individual income taxes.
Trump said on Wednesday that he wouldn’t benefit personally from the reforms. It’s possible he was just being clever: It would be his kids, rather than him, who would save the estate taxes. There again, it’s possible he was just lying.
Right now the top rate of estate tax on very big estates is about the same as the 39.6% top rate on incomes. So someone who inherits $100 million gets taxed about the same as someone who earns $100 million through their own hard work and ingenuity.
But not under the new Republican tax plan. They want the schmucks who actually work for a living to pay much higher tax rates than people who inherit it. The proposals would cut the top rate of income tax from around 40% to 35%, but the top rate of inheritance tax from 40% to 0%....
The great honor for the average American is that we get to pay for the lifestyles of the rich and famous. Let me guess, this so called "Tax Reform" was engineered by the many Goldman Sachs brokers now working for Trump's White House.
Do tell. Who was the rich and famous that wrote this paycheck for the wealthy?
September 26, 2017
By Katherine Gallagher Robbins, Rejane Frederick, Angela Hanks, Rachel West, and Michela Zonta
Despite vowing to support America’s veterans, (click here) President Donald Trump and congressional Republican leaders have put forth budget proposals that are poised to do great damage to the economic security of veterans and their families—all to pay for tax cuts for millionaires and corporations. In fact, new analysis by the Center for American Progress reveals that the tax cuts Trump wants to give corporations and businesses, which will cost $4.3 trillion over 10 years, amount to 28 times as much as the deep cuts he is proposing to services and benefits for veterans.
And these cuts are just the tip of the iceberg....
The wealthy absolutely hate Americans. I know it now. We have FOX News and Talk Radio for the rhetoric of hate. The CEOs don't show up for interviews to participate in the paradigm of hate, but, they are revered as icons of immense power and the way to happiness as a capitalist.
...Additionally, CAP estimates that over the next decade, 400,000 veterans on average could lose access to critical nutrition assistance each year if the cut proposed in President Trump’s budget were applied directly to participation in the Supplemental Nutrition Assistance Program (SNAP). If instead the cuts proposed in the House of Representatives Republican budget were applied, more than 554,000 veterans could lose SNAP each year between 2023 and 2027. Previous congressional Republican attempts to repeal and replace the Affordable Care Act (ACA) would have cost close to half a million veterans their Medicaid benefits by 2026. And the most recent repeal effort, which makes devastating changes to Medicaid, would be even worse, costing an estimated 579,000 veterans their Medicaid coverage within a decade....
Right now, the FBI is attempting to scour the NCAA of corruption and some of the worst issues a coach has to contend with is what brand sneaker the players are wearing this year. The lust of money is pervasive in the USA and this tax plan shows the worst side of this country.
