Closing Thought–10May19

Keeping with the economic trend I started a couple of posts ago……

Have you filed your taxes yet?  Did you get a refund?

I have filed and I had to pay.

What about the rest of America?

I mean us real people not those stiff criminals that we call the top 1%.

Did those lovely tax cuts that Trump gave the country benefit the rest of us or were the benefits for his rich buddies?

A new six-month analysis of President Donald Trump’s 2017 tax cuts details how workers received little benefit from the plan, despite the savings many of their powerful corporate employers received.

The Center for Public Integrity (CPI) interviewed independent tax analysts and officials who were involved in the Republican Party’s effort to sell the so-called American Tax Cuts and Jobs Act to the public—and within their own party ranks. Progressive critics have consistently called the law nothing nothing more than a “tax scam.”

The GOP’s insistence on a tax law which included the largest corporate tax cut in U.S. history—from 35 to 21 percent—resulted in companies saving about $150 billion in the first year after the passage in December 2017.

Trump and then-House Speaker Paul Ryan had spent months telling Americans they stood to save hundreds or even thousands of dollars in taxes, with Trump telling one crowd that the average family would see a pay raise of about $4,000, a benefit that would “trickle down” from employers’ corporate tax cuts.

 
This tax policy has done nothing to end the inequality that this country has been plaguing the country for decades……in reality everything we were told about the benefits of the Trump tax cuts was a LIE!
 
If the “economy” is doing so well then why are there no movements in the Middle Class?  As a matter of fact the Middle Class is diminishing every year sinc e the 1990s.
 
And this economy is so good it is making most American miserable……
 
After running a campaign on the idea that America was an impoverished wasteland, Donald Trump has spent his presidency bragging about the economic expansion that began under Barack Obama but continued under him. Though he might be a glutton for credit, Trump isn’t wrong, exactly, when he celebrates the “record economy” in his tweets: Unemployment in the United States is at a 50-year low, the stock market is soaring, and GDP is growing at a brisk clip. Polls have found that people are confident in the state of the economy.
 
 
And yet Americans buy the crap and the lies EVERY TIME!
 
WHY?
 
Lear Stuff!
 
Then VOTE!
 
I want to start my weekend….the ‘honey dos’ are considerable….but with luck it will rain and they will have to wait….(he said with crossed fingers)…….
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Tax Day=Pay Day

Today is when most Americans learn if they owe or get a trefund from the IRS…..the tax reforms of 2017 screwed many Americans out of their deductions…..but as usual corporations get a pay day…..

M-IC will be the big winners on Tax Day……

In tax season, most of us think more about getting our forms in on time—and getting our refunds—than about where our tax dollars actually go.

It’s probably no surprise that a significant portion—24 cents out of every dollar—of your taxes go to the military. But where those dollars go from there should be a national scandal.

Out of those 24 cents, just 5 cents go to our troops. But 12 cents go to corporate military contractors.

For a country that claims to celebrate our troops, with holidays and yellow ribbons and patriotic displays of the flag, we sure don’t put our money where our mouth is. Every year for tax day, my organization looks at where our tax dollars go. And every year, far more money goes to Pentagon contractors than to our troops.

All told, the average taxpayer handed over $1,704 to Pentagon contractors last year, compared to $683 for military pay, housing, and other benefits (except military health care, which has its own agency). Still, the taxes we pay for military contractors are more than twice as much as the average contribution for veterans’ health and benefits ($833).

 
Me?  I broke even this year….I was lucky…..most Americans will not be that fortunate.
 
Little do we know…..nothing good has come out of these tax cuts…….especially for the revenue of the nation…..
 
The_Score-IRS_img
 
 
And believe it or not……the Trump tax cuts are popular only with the uber rich….go figure……

Multiple polls show a majority of Americans don’t think they got a tax cut at all — even though independent analyses show they did. And only around a third of the country approves of the legislation itself, the Tax Cuts and Jobs Act, passed by Congress at the end of 2017.

So as Trump moves closer to full-time reelection mode later this year, he will have to battle a stark reality: While his personal rating on the economy remains high, his signature legislative achievement is widely viewed as a political dud, one that has drawn special anger in places with high state and local taxes and pricey housing markets where deductions were limited to reduce the overall cost of the tax plan.

https://www.politico.com/story/2019/04/15/donald-trump-tax-cuts-unpopular-1273469

Not to worry……this all comes around again next year.

 

It’s Tax Time!

Closing thought–11Feb19

Remember those “great” tax cuts that the Idiots in Congress and the president championed before the 2018 midterms…..they made sure that they always included the Middle Class when they were selling then bragging about their accomplishment?

Remember?

Well now that it is tax time how did we poor SOBs in the Middle Class fair?

T o answer that question….YOU WERE SCREWED!

You Feel For A CON JOB!  (as usual)……

That’s right you slow individuals that believed the GOP about the tax cuts are screwed!

The new tax law does result in some people paying higher taxes (especially over the long term), but the specific issue here is tax refunds rather than total taxes paid. Whether you get a refund or owe extra to the IRS at filing time is a function not just of your total taxes owed, but also of how much tax is withheld from your paycheck by your employer on paydays. And the big story here is that as a result of the new tax law, the Treasury Department tweaked things so that on average taxpayers’ withholdings fell by more than their actual taxes owed.

https://www.vox.com/policy-and-politics/2019/2/6/18214039/irs-tax-refund-withholding-trump

No surprise to me…..tax cuts seldom help the Middle Class and yet the Middle Class buys the bullsh*t EVERY TIME!

The 2017 law was supposed to boost workers’ wages, create jobs, and drive more investment — and as we’ve known for awhile, it’s done none of that. But now we can add two more failures to the creatively-named Tax Cuts and Jobs Act (TCJA): It hasn’t encouraged corporations to return their profits from overseas, and it’s probably hiding a nasty surprise for many Americans come tax season.

Let’s start with the second idea. Lots of Americans work for an employer who sends them regular paychecks. Those employers rely on tables published by the Internal Revenue Service (IRS) to guesstimate how much their employees owe in taxes each year. Then they withhold the necessary increments from each paycheck. Come tax season, every worker settles up with the government. If their employer withheld too little, they pay the remainder. If the employer withheld too much, they get a refund from the IRS. As Matt Yglesias pointed out, the system has traditionally overdone withholding on purpose — roughly three-fourths of tax filers usually get a refund.

https://theweek.com/articles/822464/gops-tax-cut-just-keeps-getting-worse

Tax Cuts help NO ONE but the rich…..do not buy the lies and the manure about the Middle Class…..

The Promise Of Wages

I follow Speaker Ryan on Twitter because his daily Tweets can get a real person laughing for most of the day.  His Tweets since the tax cuts of 2017 are about how much better off the economy is at this point and occasionally he offers some vague promise of wages.

The truth is these cuts have done little to raise the wages of the working class but did everything to raise the wealth of the already wealthy.

The real truth is that all the tax cuts for the last couple of decades have done nothing to raise the wages of the average working stiff.

The graph on wages is flat and has been that way for many decades……follow the graphs on wages……there are 9 of them that prove my point…..https://www.epi.org/publication/charting-wage-stagnation/

After checking out the graphs……read this report from the Pew Research……

On the face of it, these should be heady times for American workers. U.S. unemployment is as low as it’s been in nearly two decades (3.9% as of July) and the nation’s private-sector employers have been adding jobs for 101 straight months – 19.5 million since the Great Recession-related cuts finally abated in early 2010, and 1.5 million just since the beginning of the year.

But despite the strong labor market, wage growth has lagged economists’ expectations. In fact, despite some ups and downs over the past several decades, today’s real average wage (that is, the wage after accounting for inflation) has about the same purchasing power it did 40 years ago. And what wage gains there have been have mostly flowed to the highest-paid tier of workers.

http://www.pewresearch.org/fact-tank/2018/08/07/for-most-us-workers-real-wages-have-barely-budged-for-decades/

So to taunt the tax cuts as working for the working class is a damn lie….a lie that the GOP has become master at selling to the unwitting public.

To fight this growing story…the public is starting to see just how much of a lie the GOP is spreading…..the Right needs a theory to explain the lagging wages…..

Once upon time, when the GOP was still attempting to dress itself up as a party of ideas, Yuval Levin was considered one of its star intellectuals. As editor of the conservative policy journal National Affairs, he was a wonkish prophet of fiscal doom, who argued that the U.S. would soon face a reckoning over its national debt, and that the only way to avert catastrophe was to radically curtail the modern welfare state. Levin was once described as Paul Ryan’s own “personal philosopher,” and was the sort of guy who could get David Brooks hot and bothered by writing a long-winded argument for slashing entitlement spending.

If a politician like Sen. Marco Rubio or Wisconsin Gov. Scott Walker had become president in 2016, Levin might still be playing a starring role in Washington’s policy discourse. But of course, Donald Trump is president, and Republicans have dropped the charade that they sincerely care about the deficit, or whatever the heck got written about in ponderous thinky policy rags. Levin still gets cited by columnists like Brooks, but his star is a bit fallen.

https://slate.com/business/2018/09/wage-stagnation-new-conservative-theory.html

An interesting read and very eye opening……

The GOP has always been a party for liars and when it comes to screwing the public they are masters at making the public smile while getting humped.

It’s The Economy Stupid! (Again)

Labor Day (that was yesterday) got off to a rousing start with a Tweet from Our Dear Leader…..Trump then touted the economy, tweeting, “Happy Labor Day! Our country is doing better than ever before with unemployment setting record lows.”

I have looked at the economy from several different political points of view……https://lobotero.com/2010/06/28/its-the-economy-stupid/

Dear Leader and the his enabling cowards, the GOP, keep thumping their chests like sex crazed primates over the economy and it is just silly…..maybe it works for a few individuals but nit so much for the country…..

Wages are falling, Wall Street tycoons are swimming in profits from stock buybacks, and the federal deficit is exploding. Every way you slice it, the Republican tax scam is failing spectacularly, falling far short of the blustering promises of Trump, Speaker Paul Ryan, and Senate Majority Leader Mitch McConnell.

When Republicans jammed through the tax scam on a party-line vote, Trump promised it would be “rocket fuel” for the economy, helping families across the nation. Ryan promised tax cuts for everyone. Treasury Secretary Steve Mnuchin vowed the bill would pay for itself.

All lies.

https://shareblue.com/republican-tax-scam-busted-doesnt-promised/

We can keep lying to the people and it will come back and bite someone in the ass….most times the working class are the ones that get bitten while the 1% enjoy the high life.

Closing Thought–14Aug18

Recently the Congress and Our Dear Leader passed and signed into law the large tax cuts for the rich……and now they are talking about another round of tax cuts for those same rich people……

And what if the “Blue Wave” is successful……will the tale told by Dear Leader about the raising of taxes come true?

Whatever happened to the notion that rich people should pay their fair share of the cost for their country’s public programs?

Progressive income taxes―designed to fund government services and facilities—go back centuries, and are based on the idea that taxes should be levied most heavily on people with the ability to pay them.  In the United States, the federal government introduced its first income tax in 1861, to cover the costs of the Civil War. Although new federal income tax legislation in the 1890s was ruled unconstitutional by the U.S. Supreme Court, the resulting public controversy led, in 1913, to passage of the sixteenth amendment to the Constitution, firmly establishing the legality of an income tax.

https://www.counterpunch.org/2018/08/01/lets-tax-the-rich/

Personally I have NO problem with everyone paying the same amount of taxes or the elimination of some of the beneficial deductions of the wealthy…..not to worry these people will pay the taxes and still find a way to turn a profit……then let us do the right thing and we all pay the same amount of taxes….so yeah…tax the goddamn rich!

I have given my solutions for true tax reform and not just a few tax cuts….unlike most bloggers I do not just bitch about something I also offer what I think is a better plan…..(please check out my solutions and see if they are not a better way to tax the people)

https://gulfsouthfreepress.wordpress.com/2017/09/01/tax-reform-2017-edition/

After all there is still “Taxation Without Representation”…….and I have written about this situation as well……https://lobotero.com/2011/05/12/no-taxation-without-representation/

So I Have Written!

Turn The Page!

The People’s Budget

First those tax cuts that the GOP shoved down the throat of Congress….well these do very little for a peon like me about $35 a month and did everything it was suppose to do…make the wealthy more so and explode the deficit (so much for all GOP crap about fiscal responsibility)…..

Well it was so successful for the wealthy that they are planning another round of help for the Fat Cats……

Despite the profound unpopularity of the Republican Party’s tax law, pushed through last December amid loud protests directed at President Donald Trump and GOP lawmakers, party leaders on Tuesday unveiled framework for their “tax cuts 2.0” package—signaling that they are doubling down on their plans to benefit the rich at the expense of working Americans.

The framework, which House Ways and Means Committee Chairman Kevin Brady (R-Texas) released, claims that it would permanently extend tax cuts for individuals that were set to expire in 2025, help families to save for college, and help small businesses create retirement plans for their workers.

https://www.commondreams.org/news/2018/07/24/no-evidence-goptaxscam-has-benefited-most-americans-republicans-unveil-plan-double

A subject that gets little attention these days……poverty.  These days it seems the being poor makes one a criminal and most legislation rewards greed and wealth…..

In addition to padding the bottom lines of America’s largest corporations by cutting their taxes and eliminating scores of longstanding regulations, President Donald Trump is also protecting major companies’ profits by refusing to punish them for ripping off consumers and trampling federal rules that safeguard the planet.

That is the central conclusion of a new Public Citizen analysis out Wednesday, which finds that corporate America has largely been exempt from Trump’s so-called “law-and-order” agenda. Titled Corporate Impunity (pdf), the report shows that enforcement actions carried out by major government agencies declined drastically during Trump’s first year in the White House.

https://www.commondreams.org/news/2018/07/25/poverty-criminalized-wealth-immunized-report-shows-corporate-crime-enforcement-has

I brought up this expansion of the deficit because that Progressive Caucus has released the “People’s Budget”…….

Offering an ambitious alternative to the House GOP’s “morally bankrupt” 2019 budget proposal—which demands over $5 trillion in cuts to Social Security, Medicaid, and other life-saving programs—the Congressional Progressive Caucus (CPC) on Tuesday unveiled a budget that calls for massive investments in infrastructure, healthcare, and education while proposing significant cuts to the completely “out-of-control” Pentagon budget.

Titled The People‘s Budget: A Progressive Path Forward (pdf), the CPC’s plan also calls for a ban on “any expansion of U.S. combat troops in Syria, Iraq, Yemen, Afghanistan, and many other countries,” demanding an immediate end to “the policy of funding endless wars.”

https://www.commondreams.org/news/2018/07/24/putting-common-good-over-billionaires-and-war-profiteers-house-progressives-unveil

This addresses the “Common Good” which any legislation should do…..

Now in reality this “Budget” will go nowhere….simply because it does little to benefit those that own the members of Congress.