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Republican Tax "Reform" or Who Gets a Pony & Whose Ox Is Gored


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#401 LFC

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Posted 17 April 2019 - 10:49 AM

View PostAnBr, on 17 April 2019 - 09:36 AM, said:

Posted Image

But, but, but ... I thought they were part of the 47% of the "takers' who didn't pay any taxes. Except for Social Security. And Medicare. And state/local income tax. And sales tax. And gas tax. And occupancy taxes. And school taxes. And occupational privilege taxes.

https://www.pbs.org/...-probably-think

https://www.pewtrust...income-in-taxes
" 'Individual conscience' means that women only get contraceptives if their employers, their physicians, their pharmacists, their husbands and/or fathers, pastors, and possibly their mayors, Governors, State Secretaries of Health, Congressmen, Senators, and President all agree that in that particular case they're justifiable." --D.C. Sessions

"That's the problem with being implacable foes - no one has any incentive to treat you as anything more than an obstacle to be overcome."

"The 'Road to Serfdom' is really all right turns." --Progressive Whisperer

""The GOP ... where every accusation is also a confession." --Progressive Whisperer

#402 AnBr

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Posted 17 April 2019 - 08:18 PM

You forgot property taxes. And by the time you take into account rent that goes towards the landlord's property taxes as well.
“Trump’s a stupid man’s idea of a smart person, a poor man’s idea of a rich person & a weak man’s idea of a strong man.”

— Fran Lebowitz


“One of the saddest lessons of history is this: If we've been bamboozled long enough, we tend to reject any evidence of the bamboozle. We’re no longer interested in finding out the truth. The bamboozle has captured us. It's simply too painful to acknowledge, even to ourselves, that we’ve been taken. Once you give a charlatan power over you, you almost never get it back.”

— Carl Sagan


Pray for Trump: Psalm 109:8

"Science is more than a body of knowledge; it is a way of thinking. I have a foreboding of an America in my children's or grandchildren's time - when the United States is a service and information economy; when nearly all the key manufacturing industries have slipped away to other countries; when awesome technological powers arc in the hands of a very few, and no one representing the public interest can even grasp the issues; when the people have lost the ability to set their own agendas or knowledgeably question those in authority; when, clutching our crystals and nervously consulting our horoscopes, our critical faculties in decline, unable to distinguish between what feels good and what's true, we slide, almost without noticing, back into superstition and darkness.

— Carl Sagan
The Demon-Haunted World: Science as a Candle in the Dark
1995


“As democracy is perfected, the office of president represents, more and more closely, the inner soul of the people. On some great and glorious day the plain folks of the land will reach their heart's desire at last and the White House will be adorned by a downright moron.”

— H.L. Mencken
On Politics: A Carnival of Buncombe


“The test of our progress is not whether we add more to the abundance of those who have much; it is whether we provide enough for those who have too little.”

— Franklin Delano Roosevelt
Second inaugural address January, 1937

#403 D. C. Sessions

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Posted 18 April 2019 - 05:46 AM

View PostAnBr, on 17 April 2019 - 08:18 PM, said:

You forgot property taxes. And by the time you take into account rent that goes towards the landlord's property taxes as well.

See? Trickle down really does work!
The way a lot of catastrophes happen is that X doesn't occur because there are safeguards in place, therefore people assume X isn't a worry and they remove the safeguards. Then X happens.
— Nate Silver
"Robots aren't the problem. Capitalism is." -- Last words of Stephen Hawking.
These days, "libertarian" is just a euphemism for a Nazi who's afraid to commit.
"If you're not outraged, you're not paying attention." -- Heather Heyer
"I'd rather have my child, but by golly, if I gotta give her up, we're gonna make it count." -- Her mother
"Your purpose, then, plainly stated, is that you will destroy the Government, unless you be allowed to construe and enforce the Constitution as you please, on all points in dispute between you and us. You will rule or ruin in all events." -- some RINO

#404 LFC

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Posted 01 May 2019 - 04:40 PM

After 2018 set records for stock buybacks (Gee! Who could have predicted that the tax cuts would have gone there instead of investment?) it looks like Apple is ready for another round. There really doesn't seem to be an slackening and in fact they may be accelerating.

Quote

IT companies are again on pace to spend the most on stock buybacks this year, as the total looks set to pass 2018's $1.085 trillion record total.

By the numbers: Companies so far have spent $272 billion on buybacks, data compiled by Mike Schoonover, COO of Catalyst Funds, for Axios shows.

Quote

Apple is turning more of its tax cut into stock buybacks.

The iPhone maker on Tuesday announced that it would repurchase an additional $75 billion of its own shares. The announcement comes less than a year after Apple revealed a $100 billion buyback in May 2018. The company on both occasions also said it would increase its dividend.

Apple, as it turns out, is also a major beneficiary of the Republican tax cut bill passed in December 2017. Its effective tax rate fell to about 18 percent in 2018, thanks in large part, according to its annual report, to the Tax Cuts and Jobs Act. Apple saved billions of dollars in taxes due to the legislation and was able to bring back some $250 billion in cash it had stashed overseas.

" 'Individual conscience' means that women only get contraceptives if their employers, their physicians, their pharmacists, their husbands and/or fathers, pastors, and possibly their mayors, Governors, State Secretaries of Health, Congressmen, Senators, and President all agree that in that particular case they're justifiable." --D.C. Sessions

"That's the problem with being implacable foes - no one has any incentive to treat you as anything more than an obstacle to be overcome."

"The 'Road to Serfdom' is really all right turns." --Progressive Whisperer

""The GOP ... where every accusation is also a confession." --Progressive Whisperer

#405 LFC

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Posted 09 May 2019 - 08:04 AM

An investigation confirms what we all knew; workers received crumbs while rich people received cakes. And the whole tax cut is deficit funded.

Quote

The tax hike was sold to citizens as a move that would boost the economy, add jobs and hike wages. The president said in one speech that it would bring the average American household “around a $4,000 pay raise”.

Seizing on that, the Communications Workers of America, a 700,000-member union, asked eight major corporations to sign a pledge to hike worker wages by $4,000 a year if their tax rate was cut to 20%, the initial proposed rate. The companies balked and signed nothing.

Still, big business got what it wanted.

The bill signed into law by Trump on 22 December 2017 cut the corporate tax rate from 35 to 21%, the largest such rate cut in US history. “The most excited group out there are big CEOs,” said the White House economic adviser Gary Cohn as the measure was making its way through Congress in 2017.

But the fears of ordinary workers in regard to those promised higher wages were realized.

The bulk of the $150bn the tax cut put into the hands of corporations in 2018 went into shareholder dividends and stock buy-backs, both of which line the pockets of the 10% of Americans who own 84% of the stocks.

Just 6% of the tax savings was spent on workers, according to Just Capital, a not-for-profit that tracks the Russell 1000 index.

In the first three months after the bill passed, the average weekly paycheck rose by $6.21. That would be $233 a year.

One retirement expert, J Mark Iwry, said more of the cut should be reaching workers: “It would seem appropriate for employers to share their tax savings with their workers – for example, through new employer 401k plan contributions or wage increases.”

" 'Individual conscience' means that women only get contraceptives if their employers, their physicians, their pharmacists, their husbands and/or fathers, pastors, and possibly their mayors, Governors, State Secretaries of Health, Congressmen, Senators, and President all agree that in that particular case they're justifiable." --D.C. Sessions

"That's the problem with being implacable foes - no one has any incentive to treat you as anything more than an obstacle to be overcome."

"The 'Road to Serfdom' is really all right turns." --Progressive Whisperer

""The GOP ... where every accusation is also a confession." --Progressive Whisperer

#406 LFC

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Posted 13 June 2019 - 12:47 PM

The obvious, predictable, and predicted impact of Republican feed the rich policy.

Posted Image
" 'Individual conscience' means that women only get contraceptives if their employers, their physicians, their pharmacists, their husbands and/or fathers, pastors, and possibly their mayors, Governors, State Secretaries of Health, Congressmen, Senators, and President all agree that in that particular case they're justifiable." --D.C. Sessions

"That's the problem with being implacable foes - no one has any incentive to treat you as anything more than an obstacle to be overcome."

"The 'Road to Serfdom' is really all right turns." --Progressive Whisperer

""The GOP ... where every accusation is also a confession." --Progressive Whisperer

#407 LFC

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Posted 14 June 2019 - 04:16 PM

Wow, Republicans in Congress actually agreed to something that helps the average American with reforms of how the IRS collects debts. The bill also kills the agreement with the likes of TurboTax after they violated the agreement about providing free tax prep software for lower income people. (They provided it but hid it and had their website and people on the folks steer them to a pay version instead.)

Quote

The Internal Revenue Service will stop sending private debt collectors after poor people with old tax debts thanks to a bill Congress passed this week.

The provision is part of a broader IRS reform that previously benefited tax preparation companies that trick people into paying for online tax filing when it’s supposed to be free.

Lawmakers scrapped the tax prep provision after a series of ProPublica stories exposed the industry’s dirty tricks. The new version of the bill passed both the House and Senate unanimously this week and is on its way to President Donald Trump’s desk.

Tax collection is one of the most basic functions of government, but since the 1990s lawmakers have dabbled in outsourcing this fundamental IRS task to private companies that are notorious for abusing consumers.

The Taxpayer First Act says that the IRS can’t refer old tax debts to private tax collectors if the taxpayer’s income is within 200 percent of the federal poverty line, meaning a four-person household with an annual income of less than $50,000 should be protected.

Nearly half of the taxpayers who have agreed to pay after being contacted by private collectors had incomes beneath 250 percent of the poverty line, according to the National Taxpayer Advocate, an IRS in-agency watchdog. Democrats originally wanted to set the threshold at that level but compromised at 200 percent.

The legislation is not a total victory for consumer advocates since the private debt collection program still exists. Mandi Matlock, a tax attorney who is of counsel to the National Consumer Law Center, said Congress should scrap it entirely.

“This whole program is a rank waste of taxpayer money,” Matlock said.

Past iterations of the private tax collection initiative cost the government more than the companies collected, and the current version, launched in 2017, is bringing in more revenue but has still proven to be less effective than the IRS itself at recovering unpaid taxes, the Taxpayer Advocate has said.

Republicans and Democrats alike hailed the bill for its provisions improving IRS customer service, while Democrats also emphasized the debt collector provision. Sen. Ron Wyden (D-Ore.), who co-sponsored the bill, said it would “shield low-income taxpayers from abusive private debt collectors.”


Of course Trump, who is doing everything in his power to help scam for-profit schools, is also trying to help out the debt collection industry.

Quote

Debt collectors aren’t crying much about their treatment by the government during the Trump era, however, as a recent administration proposal would allow them to send debtors unlimited texts and emails.

Got that? If you have internet limits in your plan and pay for additional text and data then debt collectors can simply eat up your allocation each month. What's next? They get to make unlimited phone calls, get to call collect, and you're forced to pay the charges?
" 'Individual conscience' means that women only get contraceptives if their employers, their physicians, their pharmacists, their husbands and/or fathers, pastors, and possibly their mayors, Governors, State Secretaries of Health, Congressmen, Senators, and President all agree that in that particular case they're justifiable." --D.C. Sessions

"That's the problem with being implacable foes - no one has any incentive to treat you as anything more than an obstacle to be overcome."

"The 'Road to Serfdom' is really all right turns." --Progressive Whisperer

""The GOP ... where every accusation is also a confession." --Progressive Whisperer

#408 AnBr

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Posted 09 July 2019 - 09:56 PM

A devastating analysis of the tax cut shows it’s done virtually no economic good

Quote

You may remember all the glowing predictions made for the December 2017 tax cuts by congressional Republicans and the Trump administration: Wages would soar for the rank-and-file, corporate investments would surge, and the cuts would pay for themselves.

The nonpartisan Congressional Research Service has just published a deep dive into the economic impact of the cuts in their first year, and emerges from the water with a different picture. The CRS finds that the cuts have had virtually no effect on wages, haven’t contributed to a surge in investment, and haven’t come close to paying for themselves. Nor have they delivered a cut to the average taxpayer.

The negligible (at best) economic impact of the cuts shouldn’t surprise anyone, the CRS says. “Much of the tax cut was directed at businesses and higher-income individuals who are less likely to spend,” its analysts write. “Fiscal stimulus is limited in an economy that is at or near full employment.”

There is no indication of a surge in wages in 2018 either compared to history or relative to GDP growth. Ordinary workers had very little growth.
-- Congressional Research Service


The CRS findings aren’t all that novel. The service, which is an arm of the Library of Congress, reports that the tax cuts contributed to a record-breaking surge in corporate stock buybacks, which has been documented by many other analyses. The continued stagnation of rank-and-file wages is visible in monthly data computed by the Bureau of Labor Statistics.

Furthermore, the GOP’s claims that the tax cuts would create an economic nirvana were discounted by most qualified economic observers from the start. (“These statements,” the CRS says innocently, “were not supported by most of the published

“Trump’s a stupid man’s idea of a smart person, a poor man’s idea of a rich person & a weak man’s idea of a strong man.”

— Fran Lebowitz


“One of the saddest lessons of history is this: If we've been bamboozled long enough, we tend to reject any evidence of the bamboozle. We’re no longer interested in finding out the truth. The bamboozle has captured us. It's simply too painful to acknowledge, even to ourselves, that we’ve been taken. Once you give a charlatan power over you, you almost never get it back.”

— Carl Sagan


Pray for Trump: Psalm 109:8

"Science is more than a body of knowledge; it is a way of thinking. I have a foreboding of an America in my children's or grandchildren's time - when the United States is a service and information economy; when nearly all the key manufacturing industries have slipped away to other countries; when awesome technological powers arc in the hands of a very few, and no one representing the public interest can even grasp the issues; when the people have lost the ability to set their own agendas or knowledgeably question those in authority; when, clutching our crystals and nervously consulting our horoscopes, our critical faculties in decline, unable to distinguish between what feels good and what's true, we slide, almost without noticing, back into superstition and darkness.

— Carl Sagan
The Demon-Haunted World: Science as a Candle in the Dark
1995


“As democracy is perfected, the office of president represents, more and more closely, the inner soul of the people. On some great and glorious day the plain folks of the land will reach their heart's desire at last and the White House will be adorned by a downright moron.”

— H.L. Mencken
On Politics: A Carnival of Buncombe


“The test of our progress is not whether we add more to the abundance of those who have much; it is whether we provide enough for those who have too little.”

— Franklin Delano Roosevelt
Second inaugural address January, 1937

#409 D. C. Sessions

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Posted 10 July 2019 - 06:28 AM

View PostLFC, on 14 June 2019 - 04:16 PM, said:

Quote

Debt collectors aren’t crying much about their treatment by the government during the Trump era, however, as a recent administration proposal would allow them to send debtors unlimited texts and emails.

Got that? If you have internet limits in your plan and pay for additional text and data then debt collectors can simply eat up your allocation each month. What's next? They get to make unlimited phone calls, get to call collect, and you're forced to pay the charges?

Let me guess: they get a lot of leeway regarding who is a deadbeat, too. I've gotten an amazing number of calls supposedly from debt collectors based on "Maybe you're someone else and the records are hinky."
The way a lot of catastrophes happen is that X doesn't occur because there are safeguards in place, therefore people assume X isn't a worry and they remove the safeguards. Then X happens.
— Nate Silver
"Robots aren't the problem. Capitalism is." -- Last words of Stephen Hawking.
These days, "libertarian" is just a euphemism for a Nazi who's afraid to commit.
"If you're not outraged, you're not paying attention." -- Heather Heyer
"I'd rather have my child, but by golly, if I gotta give her up, we're gonna make it count." -- Her mother
"Your purpose, then, plainly stated, is that you will destroy the Government, unless you be allowed to construe and enforce the Constitution as you please, on all points in dispute between you and us. You will rule or ruin in all events." -- some RINO

#410 Bact PhD

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Posted 10 July 2019 - 09:19 AM

View PostD. C. Sessions, on 10 July 2019 - 06:28 AM, said:



Let me guess: they get a lot of leeway regarding who is a deadbeat, too. I've gotten an amazing number of calls supposedly from debt collectors based on "Maybe you're someone else and the records are hinky."
They definitely have a fair amount of leeway regarding whom they can call in the effort to locate someone. Some years back, I was driven nearly crazy dealing with debt collectors looking for That Jerk, from whom I had been divorced for nearly a decade by then. At about the time those calls subsided, we got a rash of them looking for someone with the same (or same-sounding) last name, but who was no relation to us. All told, we had close to three years of dealing with these bottom-feeders.
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#411 D. C. Sessions

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Posted 24 August 2019 - 06:27 AM

Show of hands from everyone who didn't see this coming:

Quote

Donald Trump won’t say it, but Republicans in the Senate will: Social Security and Medicare would be on the chopping block in a second Trump term. Pointing to rising deficits, Republican senators have all but promised to gut entitlements if Trump gets four more years.

I suppose I could have put this in the 2020 thread.
The way a lot of catastrophes happen is that X doesn't occur because there are safeguards in place, therefore people assume X isn't a worry and they remove the safeguards. Then X happens.
— Nate Silver
"Robots aren't the problem. Capitalism is." -- Last words of Stephen Hawking.
These days, "libertarian" is just a euphemism for a Nazi who's afraid to commit.
"If you're not outraged, you're not paying attention." -- Heather Heyer
"I'd rather have my child, but by golly, if I gotta give her up, we're gonna make it count." -- Her mother
"Your purpose, then, plainly stated, is that you will destroy the Government, unless you be allowed to construe and enforce the Constitution as you please, on all points in dispute between you and us. You will rule or ruin in all events." -- some RINO

#412 LFC

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Posted 24 August 2019 - 03:14 PM

View PostD. C. Sessions, on 24 August 2019 - 06:27 AM, said:

Show of hands from everyone who didn't see this coming:

I had dropped a piece about that over here. The fact that several leading Republicans are actually open about their plans is amazing.
" 'Individual conscience' means that women only get contraceptives if their employers, their physicians, their pharmacists, their husbands and/or fathers, pastors, and possibly their mayors, Governors, State Secretaries of Health, Congressmen, Senators, and President all agree that in that particular case they're justifiable." --D.C. Sessions

"That's the problem with being implacable foes - no one has any incentive to treat you as anything more than an obstacle to be overcome."

"The 'Road to Serfdom' is really all right turns." --Progressive Whisperer

""The GOP ... where every accusation is also a confession." --Progressive Whisperer

#413 pnwguy

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Posted 24 August 2019 - 04:21 PM

View PostLFC, on 24 August 2019 - 03:14 PM, said:

I had dropped a piece about that over here. The fact that several leading Republicans are actually open about their plans is amazing.
Not much different than being open about white nationalism. Dumpster gives them cover for all of their skeletons to come out of the closet.
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#414 D. C. Sessions

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Posted 24 August 2019 - 08:01 PM

View PostLFC, on 24 August 2019 - 03:14 PM, said:

I had dropped a piece about that over here. The fact that several leading Republicans are actually open about their plans is amazing.

You'll notice that they all hold safe seats.
The way a lot of catastrophes happen is that X doesn't occur because there are safeguards in place, therefore people assume X isn't a worry and they remove the safeguards. Then X happens.
— Nate Silver
"Robots aren't the problem. Capitalism is." -- Last words of Stephen Hawking.
These days, "libertarian" is just a euphemism for a Nazi who's afraid to commit.
"If you're not outraged, you're not paying attention." -- Heather Heyer
"I'd rather have my child, but by golly, if I gotta give her up, we're gonna make it count." -- Her mother
"Your purpose, then, plainly stated, is that you will destroy the Government, unless you be allowed to construe and enforce the Constitution as you please, on all points in dispute between you and us. You will rule or ruin in all events." -- some RINO

#415 LFC

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Posted 25 August 2019 - 03:35 PM

View PostD. C. Sessions, on 24 August 2019 - 08:01 PM, said:

You'll notice that they all hold safe seats.

That's fine. Let 'em keep talking. Now the Dems just have to repeat what they say to the purple states.
" 'Individual conscience' means that women only get contraceptives if their employers, their physicians, their pharmacists, their husbands and/or fathers, pastors, and possibly their mayors, Governors, State Secretaries of Health, Congressmen, Senators, and President all agree that in that particular case they're justifiable." --D.C. Sessions

"That's the problem with being implacable foes - no one has any incentive to treat you as anything more than an obstacle to be overcome."

"The 'Road to Serfdom' is really all right turns." --Progressive Whisperer

""The GOP ... where every accusation is also a confession." --Progressive Whisperer

#416 Traveler

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Posted 26 August 2019 - 10:42 AM

Exactamundo. Where is Paul Ryan these days? Oh, I forget, he moved to DC. Hmmm...
"Men occasionally stumble over the truth, but most of them pick themselves up and hurry off as if nothing had happened."-- Winston Churchill
"Anyone who has the power to make you believe absurdities has the power to make you commit injustices" Voltaire

#417 AnBr

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Posted 26 August 2019 - 11:55 PM

View PostTraveler, on 26 August 2019 - 10:42 AM, said:

Exactamundo. Where is Paul Ryan these days? Oh, I forget, he moved to DC. Hmmm...

K Street, wasn't it?
“Trump’s a stupid man’s idea of a smart person, a poor man’s idea of a rich person & a weak man’s idea of a strong man.”

— Fran Lebowitz


“One of the saddest lessons of history is this: If we've been bamboozled long enough, we tend to reject any evidence of the bamboozle. We’re no longer interested in finding out the truth. The bamboozle has captured us. It's simply too painful to acknowledge, even to ourselves, that we’ve been taken. Once you give a charlatan power over you, you almost never get it back.”

— Carl Sagan


Pray for Trump: Psalm 109:8

"Science is more than a body of knowledge; it is a way of thinking. I have a foreboding of an America in my children's or grandchildren's time - when the United States is a service and information economy; when nearly all the key manufacturing industries have slipped away to other countries; when awesome technological powers arc in the hands of a very few, and no one representing the public interest can even grasp the issues; when the people have lost the ability to set their own agendas or knowledgeably question those in authority; when, clutching our crystals and nervously consulting our horoscopes, our critical faculties in decline, unable to distinguish between what feels good and what's true, we slide, almost without noticing, back into superstition and darkness.

— Carl Sagan
The Demon-Haunted World: Science as a Candle in the Dark
1995


“As democracy is perfected, the office of president represents, more and more closely, the inner soul of the people. On some great and glorious day the plain folks of the land will reach their heart's desire at last and the White House will be adorned by a downright moron.”

— H.L. Mencken
On Politics: A Carnival of Buncombe


“The test of our progress is not whether we add more to the abundance of those who have much; it is whether we provide enough for those who have too little.”

— Franklin Delano Roosevelt
Second inaugural address January, 1937

#418 LFC

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Posted 27 August 2019 - 09:39 AM

He landed on the board of some medical technologies company. Sounds like payoff for getting rid of the medical devices tax ... which actually helped pay for Obamacare.
" 'Individual conscience' means that women only get contraceptives if their employers, their physicians, their pharmacists, their husbands and/or fathers, pastors, and possibly their mayors, Governors, State Secretaries of Health, Congressmen, Senators, and President all agree that in that particular case they're justifiable." --D.C. Sessions

"That's the problem with being implacable foes - no one has any incentive to treat you as anything more than an obstacle to be overcome."

"The 'Road to Serfdom' is really all right turns." --Progressive Whisperer

""The GOP ... where every accusation is also a confession." --Progressive Whisperer

#419 LFC

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Posted 24 September 2019 - 10:14 AM

Vox has information on the wealth tax plans of Warren and Sanders. I understand the reasoning but I'm still not 100% sold as compared to a package that taxed capital gains the same as other forms of income with a conversion of the estate tax to a virtual "sale" reported on the decedent's final income tax return (which is the Canadian system or was when I researched it 5+ years ago). I'm willing to be convinced, though.

Quote

Sen. Bernie Sanders has unveiled his plan to directly tax the wealth of millionaires and billionaires — and it goes substantially further than Sen. Elizabeth Warren’s plan to do the same.

The proposal would cut the wealth of billionaires in the United States in half in 15 years, and entirely close the gap in wealth growth between billionaires and the average American family, according to University of California Berkeley economists Gabriel Zucman and Emmanuel Saez, who advised Sanders on his plan. Hitting the richest 180,000 American households, Saez and Zucman estimate the tax would raise $4.35 trillion over the next decade, which Sanders says would go toward paying for his biggest policies, including Medicare-for-all, affordable housing, and universal child care.

The wealth tax has been one of Sen. Elizabeth Warren’s signature policy proposals on the campaign trail, what she sells as a “two-cent tax” on the 75,000 wealthiest families in the country: She’s proposing a 2 percent tax on household assets above $50 million and 3 percent for households with assets worth more than $1 billion.

But Sanders’s campaign has expanded the idea, with more and higher tax brackets that kick in at a lower wealth threshold.

Here’s how it would work. Sanders wants to levy a 1 percent tax on wealth above $32 million, for married couples, and then slowly increase the tax for wealthier households: a 2 percent for wealth between $50 to $250 million; 3 percent for wealth from $250 to $500 million; 4 percent from $500 million to $1 billion, 5 percent from $1 to $2.5 billion, 6 percent from $2.5 to $5 billion, 7 percent from $5 to $10 billion, and 8 percent on wealth over $10 billion. Same thing goes for super rich single people, except the wealth thresholds are cut in half. In other words, an unmarried person with $16.5 million in wealth would pay a $5,000 tax, as would a married couple with $32.5 million in net worth.

With more brackets for individuals and families, Sanders’s proposal is estimated to raise $1.6 trillion more in revenue than Warren’s plan over 10 years. Whereas Warren’s plan has the same thresholds for individuals and married couples, which could enable some wealthy couples to evade the tax by getting divorced, Sanders’s plan closes that loophole.

As Vox’s Matt Yglesias explained, most middle class Americans already pay a version of a wealth tax: a property tax to their local government on their homes, the most common asset among middle-income Americans. But property taxes don’t get at all the wealth super rich people keep in stocks or other assets. Sanders also has a proposal to dramatically expand the estate tax, topping out at a maximum rate of 77 percent. Currently, the estate tax maxes out at 40 percent.

Taxing the ultra-rich has become increasingly popular in progressive circles. This is in part a reaction to the drastic Trump tax cuts which have not led to the kind of middle class income growth that was promised.

This summer, the United States hit a record for extended economic expansion — the longest period of economic growth in US history — a metric the Trump administration is using as a case for his reelection. But wealth and income inequality has also been rising in the United States; rich Americans are holding a greater and greater share of the wealth.

" 'Individual conscience' means that women only get contraceptives if their employers, their physicians, their pharmacists, their husbands and/or fathers, pastors, and possibly their mayors, Governors, State Secretaries of Health, Congressmen, Senators, and President all agree that in that particular case they're justifiable." --D.C. Sessions

"That's the problem with being implacable foes - no one has any incentive to treat you as anything more than an obstacle to be overcome."

"The 'Road to Serfdom' is really all right turns." --Progressive Whisperer

""The GOP ... where every accusation is also a confession." --Progressive Whisperer

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Posted 11 October 2019 - 01:56 PM

More giveaways to the wealthy are in the works.

Quote

The Trump administration is considering a rule change that would make it easier for American companies to stash money offshore to avoid U.S. taxes, despite the president’s repeated campaign promises to bring offshore cash back home.

The Treasury Department is looking to weaken or eliminate Obama-era regulations aimed at preventing companies from moving their income to their overseas branches to lower their U.S. tax bill, Bloomberg reports. Treasury Secretary Steven Mnuchin, a former Goldman Sachs executive, instead wants to replace the existing rules with “something more business friendly.”

The move would be a boon to large corporations, who already saw their taxes permanently slashed by the Republicans’ 2017 tax cuts, which overwhelmingly benefited companies at the expense of individual taxpayers.

Prior to the 2016 rule, companies were able to move money to their offshore branches that they could then lend to their American branches, while deducting the interest from the tax bill. The Obama-era rule allowed the IRS to consider these inter-company loans as equity, which eliminated a key incentive for companies to move profits overseas.

Democrats slammed the administration for trying to weaken rules that allow tax avoidance when it should be creating tougher ones.

“One of the Trump administration’s top priorities has been making it as easy as possible for the wealthiest Americans and corporations to cheat and avoid taxes,” Sen. Ron Wyden of Oregon, the top Democrat on the Senate Finance Committee, said in a statement. “Rules preventing the offshoring of corporate profits should be strengthened — not weakened.”

Critics of the rule say it is no longer necessary because the tax cuts made these inter-company loans less attractive, according to Bloomberg.

Mark Mazur, Obama’s former assistant secretary for tax policy at Treasury when the rule was created, disputed that claim.

“On the face, they do slightly different things and so it’s hard to believe that the Tax Cuts and Jobs Act took care of every one of those dimensions,“ he told Bloomberg.

On its face, Republican criticism of the rule simply doesn’t align with reality. Trump had earlier claimed that the 2017 tax cuts would bring back $4 trillion in offshore profits that had been stashed overseas. Through the end of 2018, his claim fell about $3.3 trillion short, Bloomberg reported earlier this year.

The tax law slashed the rate on repatriated profits from 35 percent to a onetime 15.5 percent tax rate on cash and an 8 percent tax on non-cash assets. Trump claimed that the change would bring back $4 trillion in offshore profits, even though banks estimated that only about $1.5 trillion to $2.5 trillion was held offshore by U.S. companies. Corporations brought back less than $670 billion from the time the tax law was enacted until the end of 2018.

Researchers also rejected Trump’s claim that the repatriated profits would boost investment in the U.S.

" 'Individual conscience' means that women only get contraceptives if their employers, their physicians, their pharmacists, their husbands and/or fathers, pastors, and possibly their mayors, Governors, State Secretaries of Health, Congressmen, Senators, and President all agree that in that particular case they're justifiable." --D.C. Sessions

"That's the problem with being implacable foes - no one has any incentive to treat you as anything more than an obstacle to be overcome."

"The 'Road to Serfdom' is really all right turns." --Progressive Whisperer

""The GOP ... where every accusation is also a confession." --Progressive Whisperer





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