Category Archives: Taxes

More on How You are going to pay for Tax Cuts

One of the things that I truly love (please read with sarcasm dripping from my typewriter/computer) about this latest tax plan is that unlike some of the tax cuts in the past, this tax cut is going to be partially paid for by increasing your taxes. The sheer brutality of this tax cut is unprecedented. This tax cut will increase the deficit. Where are all of those GOP deficit hawks???

  • Tax cuts to large wealthy corporations
  • Repeal of the Affordable Care Acts individual mandate – This generates over $53 billion in annual savings in order to help offset the tax cuts
  • Manipulation of inflation adjustment

From CBPP:

Finally, even these figures likely understate the degree to which the bill would leave many families worse off. Despite raising taxes on millions of Americans, the bill adds $1.5 trillion to deficits over ten years. When policymakers eventually offset the costs of these deficit-financed tax cuts, the same low- and middle-income families that see little initial benefit — or even face tax increases — from the bill would likely bear much of the burden in the form of cuts in programs on which they rely. That is, these families would likely lose more in health care, education, job training, and other services than they gain in tax cuts, while high-income households would likely remain large net winners.

House GOP passes Tax Increase for the Poor and Working

The House GOP has passed their tax bill. Remember that this is very, very important to them. They introduced the bill last week and passed it this week. Here the take home from the GOP House tax bill. (see chart) The vast majority of Americans life in that $20,000 to $500,000 range. Most of us will see an INCREASE in our taxes secondary to this bill.

I can spend hours and hours typing and belly-aching why this bill and the Senate bill hurts America. Tax cuts for corporations do not go for increase in wages. That is the dumbest logic ever thrown at the American people. There is NO evidence to support this nonsense. As a matter of fact the evidence shows that CEO’s increase their pay but not so much for the working man. The only way that corporations increase wages is in a very tight job market. That’s it. There is no way that cutting corporate taxes will tighten the job market.

More later.

Weekend Update – November 4, 2017

I wish I could tell you that I’m all upset over the new stories that are coming out of the DNC.  I’m not. My take is that the DNC stands for the Democratic National Committee. They are responsible for elected Democrats. They are not responsible for electing independents who at the last minute decide that they are a democrat in order to make it easier for them to get into primaries. That’s not their job. Every democrat in the country knew that Hillary had the DNC locked up which is why she was mostly unopposed. If the DNC was handing out money and support evenly then everyone would have jumped into the race.  Donna Brazile wants to sell books. It is that simple.

The much talked about tax plan from the GOP has been released. I’m not sure what they were doing for the past several weeks, this is basically a laundry list of everything that the GOP wants and kills just about everything that it hates. Giving money to the poor is bad according to the GOP. So even if the poor as earned a break it just isn’t right in the GOP playbook to give them anything. So let’s rework the Child Tax Credit. It looks better by increasing the credit from $1000 to $1600 per child. But the GOP changes the eligibility so that many poor Americans are left out in the cold.  Oh, let’s boost the estate tax so that tons of wealth Americans get more money.  In the mind of the GOP there isn’t a wealthy millionaire who shouldn’t get more money.  Here’s a nice Q and A about how the GOP will suck money out of your pocket and give it to the deserving millionaires.

BMW is recalling over million cars.

The Harvey Weinstein story is not really a new story. It is really unclear to me why or how it blew up  so big so quickly. As long as you have powerful men and vulnerable young women there is always going to be a problem. Whether is it the rich thing or the powerful thing, it happens to various degrees throughout our society. Weinstein is no worse than Cosby or any other powerful man who abuses his position and trust. But if we think for a second that by booting Weinstein out of our society the problem will go away, we are over simplifying the problem. I have no idea how to fix this problem. All I know is Weinstein isn’t the best or the worst. He is simply one powerful man who was allowed to get away with assault and harassment over and over and over again.

We were treated to some beautiful baseball in the world series. Congratulations to the World Champion Houston Astros!!!