The Numbers Are In: First Trump State of the Union Got the Best Ratings in 7 Years

The Numbers Are In: First Trump State of the Union Got the Best Ratings in 7 Years   Western Journal Jason Hopkins February 1, 2018 Not only was President Donald Trump’s State of the Union address widely lauded, but it was viewed by a record number of viewers as well. According to Nielsen ratings, Trump’s speech earlier this week was the most watched State of the Union address in seven years. Roughly 45.6 million viewers tuned in to watch the Republican deliver his first SOTU speech as president on Tuesday night, surpassing the last six addresses to Congress given by … Continue reading

Liberals Fixing To Take A Pounding

on the economy, which is as it should be. “It’s the economy, stupid.” 1992. Remember this one? Coming back at ya Lefties! EXCERPT:  “The economy is on track to put up blockbuster growth numbers in the first quarter, according to the latest forecast from the Atlanta Fed. GDP is expected to surge 5.4 percent to start 2018, the central bank branch estimated in its latest rolling look at how the economy is progressing. If the forecast holds, it would be the best quarter since the Great Recession ended in 2009. The previous highest was third quarter of 2014, which hit 5.2 percent.” In … Continue reading

Tax Reform – Companies Are Showing Approval and Optimism

  Tax Reform – Companies Are Showing Approval and Optimism American Center for Tax Reform has a continuously updating list of companies all across the spectrum that have been responding positively to the Tax Reform Act that Congress passed. Employees and communities are hopefully beginning to feel the trickle down effect as the companies make gestures and changes. Reasons range from “strong confidence in the growing U.S. and global economy now that the Tax Bill has passed to “the new administration was committed to doing what it takes to get America’s economy back on track”, and others. The list is … Continue reading

NY Governor Cuomo Goes Full Retard

today. “You went full retard man, never go full retard.” Kirk Lazarus EXCERPT:  “GOVERNOR CUOMO ANNOUNCES MAJOR STEP IN CLOSING CARRIED INTEREST LOOPHOLE WITH NEW “FAIRNESS FIX” TO ENSURE JUSTICE FOR NEW YORK TAXPAYERS Governor’s Proposal Could Raise More Than $1 Billion Annually Governor Andrew M. Cuomo today announced legislation to close the carried interest loophole, deliver fairness to all New York taxpayers, and help alleviate the impacts of the Trump administration’s federal tax plan. This proposal will fix and equalize the tax treatment of income for private equity investors. Currently, investors pay lower tax rates than ordinary New Yorkers … Continue reading

Trump tax law poised to create windfall for states

Trump tax law poised to create windfall for states   (How will it affect taxpayers if states don’t act quickly) The Hill Reid Wilson 1/09/18 When President Trump signed a massive tax overhaul late last month, congressional Republicans celebrated a job accomplished. But the work is just starting for state legislators, who are likely to see hundreds of millions of dollars in new revenue. Under the new law, budget analysts say taxpayers who receive a break on their federal forms are actually likely to spend more on their state taxes, unless state legislators act. And that’s setting off contentious fights … Continue reading

New GOP Tax Plan Seems To Fail Truly Small Businesses

If the Democrats could shelve their tired and weary class warfare rhetoric, they’d realize that a good case can be made against some key parts of the new GOP tax plan.  This plan seems to fail to help truly small businesses — the actual mom & pop operations like independent retailers, single franchise owners, stable operators, independent medical practitioners — and instead is designed to benefit “big small” businesses as well as corporations.  I’ve heard these complaints from entrepreneurs whom I’ve known for years — and they are most assuredly pro-Trump, every one of them.  But the Law of Unintended … Continue reading

Figuring Your Taxes After The New Tax Bill Passes

The Trump tax calculator — will you pay more or less? Estimate how both the tax bill would impact your finances   Market Watch By Steve Goldstein and Katie Marriner December 18, 2017 It’s finally here — on Friday, Republicans from both the House and the Senate agreed on a $1.5 trillion bill to cut taxes. The legislation, called the Tax Cuts and Jobs Act, cuts individual tax rates and slashes corporate taxes. Analysts say it’s highly likely both the House and the Senate pass the bill that President Donald Trump says he’ll sign into law. Read: Here’s what in the … Continue reading

Improving the Tax Cuts and Jobs Act

Improving the Tax Cuts and Jobs Act: A Path for the Conference Committee

Heritage Foundation
Adam Michel
December 6, 2017

SUMMARY

The House and Senate each past different versions of the Tax Cuts and Jobs Act. The two versions now head to a conference committee where select lawmakers from both chambers will work towards one unified bill. The conference committee should begin with the Senate-passed bill because the political balance struck in the Senate will be important to maintain for final passage. The House bill, however, has many worthy provisions that will make the Senate bill even stronger.

The Best Parts of the House and Senate Plans

1. 20 Percent Corporate Tax Rate and Expensing. In both bills the corporate tax rate is cut from 35 percent—one of the highest rates in the world—to 20 percent. A 20 percent federal corporate tax rate is the upper bound for global tax competitiveness. Even after adoption of this recommendation, when average state taxes are added in, the U.S. would still have an average cumulative tax rate higher than the worldwide average of 23 percent.

2. Elimination of Tax Subsidies. Both the House and the Senate bills eliminate the state and local tax deduction for income and sales tax and cap the property tax write-off at $10,000. This true structural reform will increase the efficiency and fairness of the entire U.S. tax system. Removing the state and local tax deduction ends the current economically destructive subsidy whereby similar taxpayers in low-tax states pay higher federal taxes than those in high-tax states.

3. Individual Mandate Repeal. The conference committee should include the Senate’s repeal of Obamacare’s individual mandate. Zeroing out the tax, which forces individuals to buy health insurance, would provide tax relief to millions of Americans who cannot afford the rising costs of Obamacare insurance. Repealing the mandate would put anywhere between $695 and $13,100 back into the pockets of American families, if they choose to not purchase the type of health insurance that Obamacare requires.

4. Education Savings Accounts Expansion and Tax Credits Simplification. The House bill includes two important simplifications to education policy that are largely left out of the Senate reform.

Room for Improvement

1. Individual Tax Rates. Neither the House nor the Senate lower personal taxes as far as they should. The House plan consolidates the number of tax brackets from the current seven down to four, but does not lower the current top tax bracket of 39.6 percent. The plan actually raises marginal rates on some taxpayers making over $200,000 and includes a new “bubble tax rate” of 45.6 percent for some high-income earners.

2. Business Deductions. In response to concerns that small and pass-through businesses did not receive a big enough tax cut in the original Senate bill—a dubious claim—the Senate expanded the business deduction from 17.4 percent to 23 percent.

Outstanding Problems in Need of Solutions

1. Repeal the Alternative Minimum Tax. The House bill rightly eliminates the alternative minimum tax (AMT) in both the corporate and individual tax codes. The Senate bill retains both AMTs and raises the threshold where the tax kicks in for individuals.

2. Repeal the Estate Tax. The Senate, like the House, doubles the basic exclusion for the estate tax from its current $5.49 million per person. The Senate, however, never fully repeals the death tax.

3. Make Good Tax Policy Permanent. Due to Senate budget rules, the Senate reforms have many temporary provisions for both individuals and businesses. Tax policy should not be temporary, but instead should strive to provide certainty for taxpayers, now and in the future. Political realities of the Senate budget process mean that many provisions will remain temporary.

Read his analysis and charts HERE.

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The Democrats would have us believe that this new Tax Plan is a serious threat and would bankrupt the country. Perhaps they should remember that the tax code is more easily amended than nearly any act. Maybe they just don’t think Republicans can provide such a “wonderful” product as their own party members produced. Perhaps their objections are because two prominent DEMs wrote the code — Representative Richard Gephardt of Missouri and Senator Bill Bradley of New Jersey. Even the revisions of note were submitted by Democrats: the Revenue Reconciliation Act of 1990 under President George H.W. Bush and the Revenue Reconciliation Acts of 1993 under President Bill Clinton. There was a revision during GW Bush in 2001 that was Republican but it was repealing several penalties inflicted by the prior revisions.

Not one single completely new Tax Plan has been submitted by Democrats since 2009 including during this congressional session. They could have but chose to pick at the older Tax Code and add relief or “fix” only specific items of interest. The Republicans on the other hand have seemed to submit almost yearly at least one bill for a tax overhaul since 2009. So why are the Democrats objecting now — could it be they simply are realizing they might lose control if someone besides themselves actually comes up with a workable plan?

I do not believe that one party or the other has a “corner on the market” in writing tax codes, in fact I shudder when I consider that we are being basically “double and triple taxed”given that the colonies broke away from England over this very issue.

Maybe the tax plan won’t be a great one but then neither was the previous tax code.  U.S. Code: Title 26 -Internal Revenue Code has been on the books since 1986.  It has been added to, rarely revised, and constantly discussed since the day it was signed by the President. This plan will be no different but hopefully will start from a clean slate instead of saying “replace  the word xxx with yyy”.

Heritage Foundation has increasingly received recognition for their work and the current administration seems to rely on their opinions. This is why I am posting their information.

Without getting technical, I can at least see what they are agreeing with, worried about, and concentrating on. It gives me a lot more confidence to know that more than a few professional financial/tax advisors are carefully following what is being crafted into this bill. I just hope that the final product is worth all the angst and rants. 

I personally want to see that the 501(c)3 is slashed out of existence but have yet to see anything that suggests that will happen.

Still hope this helps a little for those like me who aren’t up on things and can only hope the final product is reasonable.

–Uriel– 

 

Tax Bill Passes Senate – 5 All Time Stupid Excuses To Not Pass The Bill

    Top 5 Most Ridiculous Reactions To Congress Passing Tax Bills The Federalist Nicole Russell November 4, 2017 At 2 a.m. Saturday morning, America, democracy, and all the “poor” people died, at least to hear the media and liberals tell it. In reality, the Senate barreled toward passing one of the most significant tax reforms in three decades, passing their version by a sliver, 51-49. The bill is conventional in that it’s neither the best thing since legislation began, nor the death knell of all humanity. But that didn’t stop liberals from acting like Republicans had choked them by … Continue reading

A Patrick Henry for Today

If you can take a few minutes to read the following words, I think you will gain some respect for the man who said them. It is a very important speech and ties in with the need to drain “the swamp.” He didn’t say, “Give me liberty or give me death’ but the judge hearing the case ought to conclude the wrong people are on trial. I believe you will too. It is time government is held accountable. Someone brought up a point in the comments section following the story linked here. It is about the property taxing authorities being able … Continue reading

Democrats Seek To Bailout Their Union Buddies

by raiding the US Treasury. EXCERPT:  “Sen. Sherrod Brown, D-Ohio, plans to introduce legislation that would allow struggling multiemployer pension funds to borrow from the U.S. Treasury to remain solvent. The bill, co-sponsored by Rep. Tim Ryan, D-Ohio, could be introduced later this week or shortly after. It would create a new office within the Treasury Department called the Pension Rehabilitation Administration. The funds would come from the sale of Treasury-issued bonds to financial institutions. The pension funds could borrow for 30 years at low interest rates. One restriction for borrowers is they could not make risky investments. The bill … Continue reading

Foundations Giving Millions To Groups With Ties To Radical Terrorists – Foreign and Domestic

ANOTHER NAIL IN THE COFFIN FOR REASONS TO GET RID OF THE TAX GROUP – 501(c)3 Investigation: Foundations Gave Millions To Groups Accused Of Terror Ties The Daily Caller Peter Hasson Associate Editor Major American foundations have given millions of dollars in funding to Islamic organizations accused of having ties to radical Islamist movements or designated terrorist organizations and a group of activists are trying to convince them to stop. Groups like Islamic Relief Worldwide, which some countries have banned for allegedly funding Hamas and other terrorist organizations, have received millions of dollars from corporate charities like the GE Foundation, … Continue reading

Are Senate Slaggards and McConnell At It Again and Showing Signs of Stalling On Another Key Issue

    Senate Slaggards and McConnell At It Again First they can’t seem to get motivated to approve President Trump’s appointees. Then they can’t make up their minds on Obamacare OR any other thing that has made it into their hands to review. (over a hundred bills are stalled from HR) NOW they can’t seem to get a TAX Change Bill concerning corporate tax – which happens to be a key element – done? Or is this just a “false start” issue?   Senate to delay corporate tax cut, breaking with Trump and House The Hill By Brett Samuels and … Continue reading

Republicans released their tax plan

      The complete tax plan revisions to 1986 Tax Code as presented by the Republicans can be read HERE. The Goals of President Trump’s Plan can be read HERE. Republican Tax Plan Cuts Middle Class and Corporate Taxes, Leaves Retirement Savings Safe Breitbart John Carney November 2, 2017 We’ll follow along with the news and analysis of the bill all day. Refresh this page for the latest updates. Here are the highlights: The House bill reportedly will permanently and immediately cut the corporate tax rate from 35 percent to 20 percent. Lawmakers dropped earlier plans to phase-in the … Continue reading

Koskinen Appointment Is Expiring – Hip, Hip, Hooray!

  IRS Commissioner John Koskinen’s term expires on Nov. 12, 2017. President Trump has as yet not appointed someone to Commissioner of Internal Revenue to replace him. In a Treasury Department press release issued October 25, 2017, Secretary Mnuchin has announced that he intends to designate Assistant Secretary for Tax Policy David Kautter as Acting Commissioner of the Internal Revenue Service. He will officially begin that position on November 12th. He will continue to carry out his Assistant Secretary duties, including working on tax reform, while serving as Acting Commissioner. Deputy Commissioners Kirsten Wielobob and Jeff Tribiano will continue to run … Continue reading

Illegal Alien sentenced for $12 Million tax fraud scheme – another instance when Trump was right

Illegal Alien from Niger sentenced in $12 Million Tax Refund Fraud, Voter Fraud, and Illegal Reentry   Department of Justice Press Release October 20, 2017 A Nigerian citizen, who resided in St. Louis, Missouri, was sentenced to 78 months in prison for mail fraud, aggravated identity theft, voter fraud, and re-entering the United States after having been removed, announced Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division and Acting U.S. Attorney Carrie Costantin for the Eastern District of Missouri. According to documents filed with the court, Kevin Kunlay Williams, a.k.a. Kunlay Sodipo, 56, and … Continue reading

Bills Currently Winding Their Way Through Congress On Eliminating Sports Federal Tax Subsidies

Bills Currently Winding Their Way Through Congress On Eliminating Sports Federal Tax Subsidies Senate Bill 1342 submitted June 12, 2017 and House Bill 811 submitted February 1, 2017 are tax subsidy reform measures that amends the Internal Revenue Code, with respect to the tax exemption requirements for state and local bonds, to specify that bonds issued to finance professional sports stadiums meet the private security or payment test. (A state or local bond that satisfies both the private business use test and the private security or payment test is considered a private activity bond that is taxable unless it is … Continue reading

SPLC Moving Millions to Offshore Bank Accounts – Donors Beware

  Southern Poverty Law Center outed for moving millions to offshore bank accounts BizPac Review Tom Tillison August 31, 2017 The Southern Poverty Law Center transfers millions of dollars to offshore entities as part of its business dealings. The Alabama-based 501(c)(3) tax-exempt charitable organization known for its so-called “hate group” designations — which the media swears by — also “pays lucrative six-figure salaries to its top directors and key employees while spending little on legal services,” The Washington Free Beacon reported. More from the Free Beacon: The SPLC has turned into a fundraising powerhouse, recording more than $50 million in contributions and $328 million in net … Continue reading