pianogonzology: tax

Showing posts with label tax. Show all posts

Wednesday, April 8, 2020

Class . . .

https://www.wfae.org/post/nc-changes-rules-so-virus-wont-block-

class-2020-graduating#stream/0

(from Lies and the Lying Liars Who Tell Them: A Fair and Balanced Look at the Right by Al Franken)

". . . Anytime a liberal points out that the wealthy are disproportionately benefiting from Bush's tax policies, Republicans shout, "class warfare!" . . . In her book A Distant Mirror: The Calamitous Fourteenth Century, Barbara Tuchman writes about a peasant revolt in 1358 that began in the village of St. Leu and spread throughout the Oise Valley. At one estate, the serfs sacked the manor house, killed the knight, and roasted him on a spit in front of his wife and kids. Then, after ten or twelve peasants violate the lady, with the children still watching, they forced her to eat the roasted flesh of her husband and then killed her. . . That is class warfare. . . Arguing over the optimal marginal tax rate for the top one percent is not. . . "

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Tuesday, April 7, 2020

Lucky . . .

. . . duckies . . .

https://teara.govt.nz/en/photograph/17653/male-and-female-mallard-ducks

(from Lies and the Lying Liars Who Tell Them: A Fair and Balanced Look at the Right by Al Franken)

". . . In all this talk, one thing that gets lost is that there are forty-two million working Americans who have not gotten one cent in (Bush) tax cuts. The Wall Street Journal refers to them as "Lucky Duckies" because they earn so little that they don't pay any income taxes. Many lucky duckies are deeply in debt to predatory lenders. Man of these lucky duckies couldn't afford college and cannot afford health insurance. Some of these lucky duckies, working Americans, will be homeless sometime during the year. Their children, the lucky ducklings, are far more like than my kids, or Paul Gigot's, to be killed violently or die of a preventable disease. . . Apparently, the Wall Street Journal thinks that the unluckiest thing in the world is paying taxes. . . "

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Friday, August 30, 2019

Read . . .

. . . and learn . . .

(from https://www.politifact.com/wisconsin/statements/2019/aug/02/donald-trump/no-china-not-paying-us-farmers-16b-through-tariffs/?fbclid=IwAR0E2LGDyOS3uvuFlfHJM3JxOzHvmBVnOGUW80cZXkIRpBXe_k1PKVJKA7I)

". . . Here’s a description from the Urban Institute-Brookings Institution Tax Policy Center, an independent group that models the effects of tax legislation. . . A tariff is a tax on imported goods. Despite what the President says, it is almost always paid directly by the importer (usually a domestic firm), and never by the exporting country. Thus, if the US imposes a tariff on Chinese televisions, the duty is paid to the US Customs and Border Protection Service at the border by a US broker representing a US importer, say, Costco. The Chinese government pays nothing, just as the US government pays no tax to Canada for that nation’s tariffs on imported dairy products. Rather, an importer or supplier for a Canadian supermarket pays the duty on Wisconsin cheese that lands in the grocer’s dairy counter.. . . That explanation, written in September 2018, noted that Trump has a "troubling lack of understanding about how the levies work.". . ."

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Thursday, May 9, 2019

Times . . .

. . . square, good, bad . . . or New York . . .

(from https://www.nytimes.com/2019/05/07/us/trump-tax-figures.html)
1. Mr. Trump was deep in the red even as he peddled deal-making advice

2. In multiple years, he appears to have lost more money than nearly any other individual taxpayer
The tax results for the years that followed trace an arc of continued empire building — and gathering loss.

3. He paid no federal income taxes for eight of the 10 years

4. He made millions posing as a corporate raider — until investors realized he never followed through

5. His interest income spiked in 1989 at $52.9 million, but the source is a mystery

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Thursday, March 14, 2019

Perspective . . .

. . . "The only thing you sometimes have control over is perspective. You don't have control over your situation. But you have a choice about how you view it. " -Chris Pine (https://www.brainyquote.com/topics/perspective)

(https://www.theguardian.com/us-news/2018/aug/04/donald-trump-pennsylvania-rally-supporters)

". . . As they see it, Trump is cutting their taxes. He’s keeping out the immigrants. He’s putting foreign leaders in their place, all while fulfilling that oft-quoted campaign promise: winning. . . “The tax reform,” DeFranco said when asked what she was most impressed with. . . “I’m going to end up with like $300 extra this year because of what he’s done. . . “Look at what he’s done with North Korea,” she said. “I think his negotiation skills are very good.”. . ."

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Tuesday, February 12, 2019

One . . .

. . . of the 'good' things done by this president ? . . .

(from https://www.nbcnews.com/politics/congress/big-businesses-promised-wage-hikes-trump-s-tax-cuts-what-n970081)

". . . Emerson's (Electric Co. of Sydney, OH) and other companies' payments (Emerson made a $1,000 "special contribution" to each employee's 401(k) retirement account) were a publicity bonanza for the Trump administration and the then-Republican-controlled Congress. Back in 2017, as the tax bill moved on the Hill, lawmakers claimed the cut they proposed in the corporate tax rate to 21 percent from 35 percent would trickle down to workers in the form of higher wages and bonuses. Emerson's action, and similar bonuses and wage increases, trumpeted by hundreds of companies like AT&T Corp. and Walmart Corp., provided proof the Republicans had their economic theory right. . . Or did they? For many of those same companies, a tiny fraction of the total number of U.S. businesses, executives haven't yet announced another round of bonuses or wage increases with the same fanfare — even though the tax law continues to mean billions for their bottom lines. Several advocacy groups that tracked the announcements said no new proclamations have been issued. Americans for Tax Reform, a conservative anti-tax group run by Grover Norquist which boasted last year of ongoing "good news" in bonuses and benefit increases, hasn't reported any announcement for three months. Americans for Tax Reform didn't respond to requests for comment. . . Most American businesses that announced bonuses and wage increases seem to be more like Emerson, which has "no plans to make an additional 401(k) contribution this year," a company spokeswoman said. . . That's what has made the promise of higher compensation so far elusive. The Bureau of Labor Statistics reported nominal wages increased 3.2 percent in January year over year, and by less than one percent — three cents to $27.56 — month over month. While some economists have voiced enthusiasm about the improvement, other economists note that wages must grow for a sustained period to offset decades of stagnation. . ."

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Friday, August 3, 2018

Is This . . .

. . . the kind of 'cut' that benefits YOU, and why LIE about it? . . .

(https://www.bbc.com/news/world-43790895)
"Claim: President Donald Trump has said that the recently passed Republican tax reform legislation is the "biggest tax cut in US history".

Verdict: It is not the biggest tax cut in US history, measured as either a percentage of US GDP or in absolute terms. It is however, the biggest corporate tax cut in US history. . . "

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Friday, April 27, 2018

Let Us . . .

. . . bow our heads. . .

(. . . the prayer offered by Rev. Patrick Conroy on the House floor on Nov. 6, 2017, before tax legislation was passed and signed the into law by President Donald Trump. . .)

(https://www.nbcnews.com/politics/congress/speaker-ryan-forces-out-house-chaplain-n869421)
". . . "As legislation on taxes continues to be debated this week and next, may all members be mindful that the institutions and structures of our great nation guarantee the opportunities that have allowed some to achieve great success, while others continue to struggle," Conroy said. . . "May their efforts these days guarantee that there are not winners and losers under new tax laws, but benefits balanced and shared by all Americans," he added. . . "

(. . . then Paul Ryan FIRED him!)

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Wednesday, January 31, 2018

Not Clear . . .

(from https://www.washingtonpost.com/news/powerpost/paloma/the-finance-202/2018/01/18/the-finance-202-trump-is-eager-to-claim-credit-for-apple-moves-but-it-s-a-bit-more-complicated/5a5fa11d30fb0469e88401c2/?utm_term=.ff1cc6d308cb)
". . .The Wall Street Journal’s Tripp Mickle does a careful job parsing the company’s statement: . . . The company previously said it planned $16 billion in capital expenditures world-wide in the fiscal year that ends this September, up from $14.9 billion the previous year. However, Apple doesn’t break out its spending in the U.S., making it difficult to gauge how much of the $30 billion over five years it announced Wednesday is new. . . Toni Sacconaghi, an analyst with Sanford C. Bernstein & Co., said Apple’s plans are in line with Trump administration goals, but that it isn’t clear how much of the commitments are new. And he said the company could deliver on those commitments with existing cash flow — without needing to tap cash holdings. . .“It’s a nice number and puts a foot forward in line with where the administration wants to go with adding jobs and building in the U.S.,” he said. But he added, “It’s not clear these investments were impacted in any way by tax reform.”. . . "

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Saturday, December 23, 2017

Check . . .

. . . the facts . . .

(from https://www.cbsnews.com/news/gop-tax-overhaul-fact-checking-lopsided-political-arguments/)
". . . The tax cuts are not nearly as lopsided as many Democrats are portraying them. Almost all of the middle class would initially pay less in taxes. . . For the next eight years, the vast majority of middle-class taxpayers — those earning between $49,000 and $86,000 — will receive a tax cut, albeit a small one. In 2018, nine-tenths of the middle class will get a cut, according to the Tax Policy Center. In 2025, 87 percent will. The tax cut won't be very big: just $930 next year for the middle one-fifth of taxpayers, the center's analysis concludes. For those paid twice a month, that's about $40 a paycheck. . . . Schumer and other Democrats are basing their assertions on the fact that nearly all personal tax cuts expire after 2025, which would result in a slight tax increase for about two-thirds of the middle class by 2027. The top 1 percent would still get a cut that year. . . Only in 2027 do the wealthiest taxpayers get 83 percent of the benefit, as Schumer says. In 2018, roughly 21 percent of the tax cut's benefits go to the richest 1 percent, a much smaller figure, though still a disproportionate share. Just 11 percent will go to the middle one-fifth. . ."

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Monday, December 18, 2017

Pitch . . .

(from https://www.nbcnews.com/politics/donald-trump/trump-wrongly-says-he-won-t-benefit-gop-tax-plan-n825066)
". . . Trump made another sales pitch for his tax plan . . . repeating his erroneous claim that the Republican bill, if passed, would cost him and other rich Americans “a fortune.”. . . He added that his “very wealthy friends” were “not so happy with me” when it came to the bill . . . In fact, Trump and his family could save more than $1 billion under the House tax plan . . . according to an NBC News analysis. . . "

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Saturday, December 2, 2017

Average . . .

(from https://www.usnews.com/opinion/economic-intelligence/articles/2017-11-10/2017-gop-tax-reform-bill-ignores-lessons-of-ronald-reagans-1986-bill By Claudine Schneider)
". . . This Isn't Reagan's Tax Reform . . . I know this firsthand because I voted to do just that when I was a member of the House of Representatives in 1986, the last time Congress passed major tax reform legislation. But my fellow Republicans don't seem to have learned the lessons of President Ronald Reagan's reform efforts. The 1986 reform rested on a bipartisan deal to lower tax rates in exchange for closing loopholes and exemptions. Revenue neutrality was at the core of the deal, and the reform was meant to be broadly distribution neutral as well, meaning that everyone would benefit, not just the richest. The main driver for our bill was clearly to increase the efficiency of our tax system – something no one can argue against – and not to score partisan points. . . In the 30 years since bipartisan tax reform last passed, the global economy has gone through dramatic changes. Technology and trade have made it easier to move goods, ideas and capital across the globe and to locate them wherever the tax laws are most lax or beneficial. Emerging economies have lifted millions of people out of poverty and reshaped the global political order. And policy decisions driven by an increasingly narrow set of powerful interests have driven economic inequality to dangerous heights leaving us with a world where only eight men own as much wealth as half of humanity, according to Oxfam. . . Indeed, adjusting our tax code to fit the times is necessary. But the bill introduced in the House of Representatives with President Donald Trump's support is not good for the average citizen or for our country. . ."

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Thursday, November 30, 2017

Let's . . .

. . . File A Joint Tax Return . . .

(from https://www.nbcnews.com/politics/first-read/trump-populist-not-when-it-comes-his-tax-plan-n824851)
THEN
". . . it will no longer be accurate to describe him (Trump) as an economic populist who pursues policies to benefit the poor and the middle class at the expense of the wealthiest Americans. The reason: The Senate tax plan he’s selling is the exact opposite of economic populism. . . During the 2016 presidential campaign — and even in his first year as president — Trump portrayed himself as an economic populist. . . Do you believe in raising taxes on the wealthy? TRUMP: "I do, I do, including myself. I do." (Today Show town hall, April 21, 2016). . . “The thing I'm going to do is make sure the middle class gets good tax breaks. Because they have been absolutely shunned.” . . .(“Meet the Press,” May 8, 2016) . . . “I have joined the political arena so that the powerful can no longer beat up on people who cannot defend themselves” (GOP convention speech, July 21, 2016) . . . “We are transferring power from Washington DC and giving it back to you, the American People ... The forgotten men and women of our country will be forgotten no longer.” (Inaugural address, Jan. 20, 2017) . . . “I have wealthy friends that say to me I don’t mind paying more tax. . . " (Wall Street Journal interview, July 25, 2017) . . “Our framework includes our explicit commitment that tax reform will protect low-income and middle-income households, not the wealthy and well-connected. They can call me all they want. It’s not going to help. I’m doing the right thing, and it’s not good for me. Believe me.” (Speech on the GOP tax plan, Sept. 27, 2017). . ."

NOW
". . . Under the Senate tax plan, according to the Congressional Budget Office, the poorest Americans are worse off (due to no longer receiving tax credits because the bill eliminates the health-care law’s individual mandate), while the richest American are better off; . . . Even if you exclude the individual mandate from the analysis, the CBO showsthe poorest will see their taxes go up by 2027, because the individual tax cuts are temporary while the corporate ones are permanent. . ."

Let's File A Joint Tax Return
©2018 Raymond M. Jozwiak

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Wednesday, May 3, 2017

Plans . . .

. . . tax or otherwise? . . .

. . . Paul Krugman makes a plea after 'analyzing' Trump's tax "Plan" . . .

(https://www.nytimes.com/2017/04/28/opinion/living-in-the-trump-zone.html?_r=0)
". . . In any case, I’d like to make a plea to my colleagues in the news media: Don’t pretend that this is normal. Let’s not act as if that thing released on Wednesday, whatever it was, was something like, say, the 2001 Bush tax cut; I strongly disapproved of that cut, but at least it was comprehensible. Let’s not pretend that we’re having a real discussion of, say, the growth effects of changes in business tax rates. . ."

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Tuesday, March 22, 2016

Blind . . .

. . . or owned? . . .

(http://cleantechnica.com/2016/03/17/kasich-may-not-deny-climate-change-but-he-sucks-on-clean-energy/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+IM-cleantechnica+%28CleanTechnica%29)
". . . While it’s great having at least ONE candidate in the GOP race for President who isn’t totally in denial about the biggest threat humanity faces – climate change – he’s just as much in the pocket of the fossil fuel dinosaurs as the rest of them. . . “I think when [Kerry] went to Paris, he should have gone there to get our allies together to fight ISIS instead,” Emily Atkin reports Kasich told a Youngstown questioner. To applause. Because ISIS is TOTALLY going to destroy the world’s agricultural base and wipe out most of the world’s coastal cities by causing a meter of sea level rise. . . ISIS is last year’s enemy, which is fairly typical of the GOP, which never changes its rhetoric or its plans to reflect a changing world. They’ve had the same formula for economic salvation since Reagan: Tax cuts and ending regulation. . . "

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Wednesday, February 3, 2016

Bad . . .

. . . all over . . .

(from Outsider in the White House by Bernie Sanders with Huck Gutman, afterword by John Nichols)
". . . After the "Republican wave" election of 2010 gave the GOP control of the U.S. House, a stronger position in the Senate, and dominance of statehouses across the country, Sanders argued that the Obama administration and congressional Democrats needed to draw dramatically clearer lines in the sand on economic issues. Instead, President Obama cut a deal with congressional Republicans to extend Bush-era tax breaks for billionaires and create a sweeping estate-tax exemption for millionaires. It was not just bad politics, Sanders said, it was bad economics. . . "