Politics, Politics, Politics

Why the Republicans bomb on health care
Rick Newman Tue, Sep 26 10:24 AM CDT .


If the Republicans in Congress want to try again to pass a health care bill, maybe they should make it about health care.

Three Republican efforts to repeal the Affordable Care Act failed spectacularly this year — including the latest, the Cassidy-Graham bill — because they weren’t really about health care. They were about money. Sure, the two are inextricably linked, but if your goal is to slash federal spending so you can cut taxes, then label your bill the Great American Tax Cut Act and promote it that way. Apparently there are enough smart voters to tell it’s a sham when you label something a “health care” bill but what you really do is eliminate care in order to save money.

Democrats made one giant mistake when they passed the Affordable Care Act, aka Obamacare, in 2010: They hurt some people in order to help others. The law helped millions of low-income Americans who couldn’t otherwise afford health insurance get it. But Obamacare punished middle-income Americans — especially those between the age of 50 and 64 — who bought individual policies and earned too much to qualify for subsidies under the ACA. Their premiums skyrocketed and some had their plans canceled, because they didn’t comply with new ACA rules. President Barack Obama earned the Politifact Lie of the Year award in 2013 for his claim that “if you like your health care plan, you can keep it.”

The competition for future Lies of the Year would have been intense had any one of the three GOP health care bills passed this year. Their backers claimed the bills would push health care costs down, improve coverage for people covered under Obamacare today and create more efficiency. But the main goal of each bill was to drastically cut federal spending on Medicaid, the health program for the poor. Obamacare expanded Medicaid, and the GOP scheme was to roll back that expansion, and go further.

Under each of the three bills, the number of uninsured would have soared, with estimates ranging from 22 million to 32 million addition people lacking coverage during the next decade. By definition, that is not health care reform.

Learning from Obamacare

The lesson of Obamacare was the old medical oath: First, do no harm. So if the GOP ever produces an actual health care bill, its first aim should be to keep coverage levels where they are, at a minimum. Its second aim should be lowering costs for everybody, including those covered by government plans and those covered by private-sector plans. Getting costs under control would by its very nature help more people afford health care coverage, and lessen the burden on taxpayers who support Medicaid and other federal health programs.


Tackling the chronic rise of medical costs in the United States won’t be easy, but it’s not impossible, either, and plenty of smart reformers have ideas. The government could come up with new ways to incentivize private-sector providers to lower costs, giving the free market a nudge to do what it’s best at. Providers should be rewarded, for instance, for offering the best care at the lowest price instead of offering the most care, regardless of outcome. This requires much better ways of measuring quality and long-term results. But isn’t this the kind of thing Silicon Valley is supposed to excel at? Isn’t artificial intelligence about to provide the ability to do remarkable new things? Isn’t there an app for that?

Universal health care

The United States also ought to be moving toward universal health care coverage, which would have economic benefits and is the modern standard in every other advanced nation. Universal coverage doesn’t mean a single-payer system dominated by the government, which frankly doesn’t seem plausible in the United States any time soon. Instead, we could get there by relying more or less on the system we have now — including employer-provided care — while instituting some kind of new government backstop as last-resort catastrophic care for the unfortunates who still lack coverage. No less a conservative stalwart than economist Milton Friedman proposed this in 2001.

Meanwhile, stabilizing the Affordable Care Act would be the responsible thing to do, until Congress comes up with something that is legitimately better. That means enforcing all provisions of the law, committing to all the funding mechanisms and promoting it thoroughly so people know how to sign up. The ACA is far from perfect, but if Republicans abandoned their white-whale obsession with killing it, they could pursue other reforms that would actually help people, and businesses.

Finally, if Republicans are intent on reeling in Medicaid, they should pursue that on its face. Medicaid spending is, in fact, on an unsustainable trajectory, just like Medicare and Social Security. It’s inevitable that at some point, Congress will either have to cut funding for these entitlement programs, or raise taxes to pay for all the benefits that have been promised. So addressing Medicaid spending isn’t inherently evil.

The problem is doing it sneakily, which is what the Republicans have been doing all year, by dressing up sharp Medicaid cuts as the “Better Care Reconciliation Act” and other nonsense. Ya wanna cut Medicaid, guys? Then call it what it is. Meanwhile, it would be nice if you could think about fixing the health care problems we still have, at some point.

https://www.yahoo.com/finance/news/republicans-bomb-health-care-152441079.html
 
The 'doubled standard deduction' in the GOP tax plan is a lie
Business Insider Josh Barro,Business Insider


In selling their soon-to-be-released tax plan, Republicans have been leaning hard on what they say is a provision to cut and simplify taxes for the middle class: Doubling the standard deduction that income tax payers may take.

"You have to look at the plan in its entirety. It doubles the standard deduction, so in the end, even the lowest rates get a tax cut," Rep. Jim Renacci, a Republican who sits on the tax-writing Ways and Means Committee, told Reuters.

But a document published by Jonathan Swan of Axios shows this is badly misleading. The plan would increase the standardized deductions available to taxpayers by 15% or less.

Meanwhile, taxpayers who still wouldn't take the standard deduction under the Republican plan — those who would instead deduct things like mortgage interest — would pay tax on more of their income than they do now.

Here's the important fine print: "To simplify the tax rules, the additional standard deduction and the personal exemptions for taxpayer and spouse are consolidated into this larger standard deduction."

Here's how that math works. Let's say you are single with no dependents, and you have a moderate income. Currently, you get to take the standard deduction ($6,350) and one personal exemption ($4,050). If you are 65 or older, you also get to take an additional standard deduction ($1,250). That adds to $10,400, or $11,650 if you're a senior citizen.

The Republican plan would replace all these provisions with a single deduction of $12,000 ($24,000 for married couples.) That's a 15% increase — except for seniors, who get a 3% increase.

And then your first dollar of taxable income would be subjected to a 12% tax rate, instead of the current 10%. But don't worry, the framework says "additional tax relief," as yet unspecified, will emerge for you during the committee process.

For married couples, all the relevant amounts are doubled, under the current tax code and under the Republican proposal, so the percent changes would be the same.

If you have children, your fate is uncertain. The plan would abolish the $4,050 exemption you get to take for each of your dependent children. But it would also increase the baby Tax Credit — by an unspecified amount. Once that amount gets specified, you'll be able to figure out whether you face a tax increase or a tax cut or what.

Meanwhile, taxpayers who itemize their tax deductions for things like mortgage interest and state and local taxes would pay tax on more of their income on the Republican plan. The Republican proposal says "most" itemized deductions would be abolished anyway, but those for mortgage interest and charitable giving would be retained.

Currently, you get to take the personal exemption even if you also itemize deductions, but you only get to take the standard deduction if you forego itemized deductions. Combining these provisions into a single, standard deduction would mean itemizers lose their personal exemption and get nothing back — meaning they'll typically pay tax on an extra $4,050 of income if they're single, or $8,100 if they're married.

Sad!


https://www.yahoo.com/finance/news/doubled-standard-deduction-gop-tax-143000571.html
 
Should the Rich Pay Less Taxes? Trump Tax Plan Could Grow Class Divide
Newsweek Christianna Silva,Newsweek

President Trump is expected in a speech tonight to announce significant tax cuts for the wealthiest Americans and on corporations — and in doing so, widen the class divide that's splitting the country.

Preliminary reports show a tax code favoring the wealthy. According to a leak to Axios, the new plan would cut the top tax rate for corporations from 39.6 percent to 25 percent, further reducing the amount of revenue collected from America's businesses. In the 1950s, about 30 percent of federal income came from corporations. By 2015, it was down to 10.6 percent.

On a personal level, Trump will propose that the top income tax rate, for those who make more than $418,000 a year, will be cut from 39.6 percent to 35 percent, according to the Washington Post.

Bloomberg reported that the lost revenue may be made up by cutting state and local tax deductability, a plan that would hurt high earners in "high tax" (and mostly Democrat-leaning) states such as New York and California.

Whatever Trump decides, the public is not calling for tax cuts, polls show. A new Washington Post-ABC News poll showed that more than 60 percent of Americans believe large corporations aren’t paying their fair share as it is. And in 2015, a Pew survey revealed that 60 percent believe that “some wealthy people” and “some corporations” are shirking their tax responsibility.

Just 11 percent of the respondents to the Washington Post-ABC poll thought businesses pay too much and 17 percent thought they paid the right amount.

But good policy can overcome a lack of public support. But it's not clear that cutting taxes on the wealthy and corporations would be good policy. The International Monetary Fund reported that income inequality has been rising so quickly in the U.S. that it threatens the durability of economic growth as a whole.

The wealthiest one percent have benefited disproportionately from economic growth in recent years, according to the IMF, leaving the majority of Americans behind. And these Americans say they’re paying too much in taxes, and that it propels them further away from the rising top percent.

Both Democrats and Republicans who responded to the Washington Post-ABC poll, feel the current tax system is “rigged in favor of the wealthy.” Only five percent think the current tax plan is good for the middle class.

Even if Trump's tax plan does help economic growth of the population as a whole, "top earners" will benefit "much more than others," the International Monetary Fund report shows.
 
Yamamoto the architect of Pearl Harbor was opposed to attacking the United States. He had spent time at Harvard and some time traveling the United states and had a good understanding of the United States. He warned the Emperor that attacking the United States was a very bad idea but he was a good soldier and did what he was ordered to do. We killed him in 1943 in what was one of the most amazing long range missions of WWII

care to re-word that now?

I had several posts all pointing out that you have no idea what you are talking about and now trying to bullshit your way out of it

BUT 2bi got me feeling guilty so I deleted them..... but the fact is.... you are wrong and still continue to lie and bullshit your way through it.... I ain't buying it...at the top I posted your original statement...and later I posted the facts...which you can't seem to accept......end of conversation

you can't talk politics without going into your biased flasehoods about the left and idolizing the right...and you seem to think your education allows you to say what you want on other things when you actually don't know...why don't we just stick to issues and political topics?
 
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Damn, and it was so peaceful too.

sorry!

just hate when someone is wrong and try to double talk their way out...and just won't admit their wrong

I made up my mind yesterday wasn't going to even look on here.... guess I should have made it 2 days huh?

wait a minute you aren't saying I cause turmoil are you?
well guess I do some....hahahha

happy now? I "edited" most of it!
 
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the guy is just a "crook" in everything he does!
I see where over 50% of the country is embarrassed to have him as Pres!


Justice Department illegally colluded with Trump's voter fraud panel, seven senators charge
Newsweek 14

The Department of Justice illegally packed the president's supposedly non-partisan voter fraud commission with Republicans who are sympathetic to Trump's much-ridiculed charge that millions of non-citizens voted in the 2016 election, seven Democratic senators charged Tuesday. The senators went public with the charge after the DOJ was ****** to release a February email from commission member Hans von Spakovsky that revealed he “was in communication with Attorney General [Jeff] Sessions about packing the Commission with far-right conservatives, to the exclusion of Democrats and ‘mainstream Republican officials and/or academics,’” the senators said in a letter to Sessions and other Justice officials Tuesday. ...

https://www.yahoo.com/news/m/ab4d89...5df84325/ss_justice-department-illegally.html
 
Tax cut fever: Republican trickle-down theory is lies
USA Today Wed

I helped create the conservative gospel of slashing taxes. But virtually everything Republicans say about taxes today is hogwash. I know something about this subject. Forty years ago, while working for New York Rep. Jack Kemp, I helped originate the Republican obsession with slashing taxes that came to be called “supply-side economics.” While I believe this theory played a useful role in economic theory and policy in the late 1970s and early 1980s, it has long outlived its usefulness and is now nothing but dogma completely divorced from reality. It will be hard for many to believe, but once upon a time, Republicans genuinely cared about the budget deficit. From Dwight Eisenhower to George H.W. ...

https://www.yahoo.com/news/m/bd3407f6-995a-3ab5-b29e-c4da9561d92d/tax-cut-fever:-republican.html
 
Politics

Trump Has Some New Ideas About How To Sabotage Obamacare
HuffPost Jeffrey Young,HuffPost


Fresh off the collapse of the GOP Congress’ campaign to repeal the Affordable Care Act, Trump is eyeing unilateral actions to weaken the law’s health insurance program and taking steps to undermine the upcoming enrollment season.

Speaking to reporters Wednesday, Trump said he’s planning to issue “an executive order on associations” ― a reference, most likely, to so-called association health plans, through which small businesses and in some cases individuals buy health insurance as a group. It’s possible that the federal government could allow some people to get cheaper, less generous coverage through these associations ― but only by taking healthy, working-age people out of the rest of the insurance market, destabilizing it and leading to higher costs for others.

And the Trump administration is pulling back on the Department of Health and Human Services’ efforts to promote health insurance enrollment on the Affordable Care Act’s exchanges via HealthCare.gov. This is the latest move the administration has taken to reduce federal support for public education and sign-up assistance for the open enrollment season that begins Nov. 1 and ends Dec. 15.

These things fit into a broader pattern, dating to before Trump’s inauguration, of sabotaging the Affordable Care Act’s health insurance marketplaces through action and inaction. Trump has repeatedly declared he wants to see the Obamacare exchanges fail as a means of extracting concessions from congressional Democrats.

Executive action on association health plans could help Trump realize his goal, although at this point it’s difficult to know exactly what his administration is planning to do ― or even what the law would allow them to do.

Association health plans have been around for a long time, offering coverage to small businesses and individuals through trade organizations. Prior to the ACA’s enactment, they were subject only to state regulation, which meant their benefits and availability varied enormously.

The 2010 health care law lays down new rules for insurance companies selling to individuals and to small businesses ― like charging all consumers the same premiums, regardless of pre-existing conditions, and requiring that all plans include a set of essential benefits. President Barack Obama’s administration, through official “guidance,” made clear that all the new rules apply to the association health plans as well.

But the statute itself doesn’t state that explicitly, and the Department of Health and Human Services could attempt to reverse the Obama-era guidance, legal scholars told HuffPost on Wednesday ― in effect, exempting association health plans from some of the new rules. The National Federation of Independent Businesses, a conservative organization that has been among Obamacare’s most relentless critics, has urged the administration to take precisely this step.

If that happens, association health plans, also known as AHPs, might have more freedom to sell skimpier plans that, for healthier beneficiaries, would be cheaper than plans they are buying today ― either through HealthCare.gov or state-based exchanges, or directly from insurers. But the more healthy people flocked to those plans, as individuals or part of small businesses, the more carriers selling to everybody else would have to increase their premiums to reflect their new, sicker pool of enrollees.

The plans would still be subject to state regulation and some other federal guidelines, too, so analysts were scrambling on Wednesday to figure out just how far-reaching the effects could be.

“We don’t know exactly what the Trump administration is going to do on this front,” said Kevin Lucia, a research professor at Georgetown University’s Center on Health Insurance Reforms. “But if they allow AHPs to bypass the ACA’s consumer protections, like not covering maternity and other essential health benefits, it sets up an uneven playing field, destabilizes the state individual and small group markets, and ultimately puts consumers at risk.”

Read More

https://www.yahoo.com/news/trump-ideas-sabotage-obamacare-230820117.html
 
We seem to be heading backwards.........although I'm sure the right will not take the time to read....it goes against their thinking and greed!

How Reagan Destroyed America & The Middle Class

Reagan is directly responsible for destroying the Middle Class of America, and I am not the only one who thinks so. A number of political analysts have written on this very subject.
James Joiner on allvoices.com calls him "the destroyer of main street" and "the ******* of this nightmare we are living.
He goes on to state of the Republicans: "They call themselves the party of Ronald Reagan! That scares the hell out of me because Reagan was the ******* of the war mongering high Deficit compassionate Conservatives that gave Birth to much war present and future unless Obama can turn around the disaster they created around the world with their war mongering!" (http://www.allvoices.com/contribute...in-street-and-a-ronald-reagan-jr-i-agree-with).
Pablo Mayhew, a columnist on rawstory.com goes so far as to refer to Reagan as a criminal no better than his Republican predecessor, Richard Nixon. He relates Reagan's role in the Iran-Contra affair in which Reagan pled "forgetfulness" when pressed about it.
Mayhew concludes with these words: " as one great writer has contended, that Richard Nixon broke the heart of the American Dream, then Reagan broke its back Now.... the American Dream is clearly down for the count." (http://www.rawstory.com/exclusives/mayhew/reagan_destroyed_american_dream.htm)
And listen to what Thom Hartmann, prominent television and radio talk show host and commentator, had to say about the devastation today on our economy that was the direct result, he reports, of Reaganomics when he appeared as a guest on Dateline just prior to Obama taking office.


"when Reagan came into office we were the largest exporter of manufacturing goods and the largest importer of raw materials on the planet. And, the largest creditor--more people owed us money than anybody else in the world. Now, just 28 years later, we're the largest importer of finished goods, manufactured goods; the largest exporter of raw materials--which is kind of the definition of a third-world nation -- and we're the most in-debt of any country in the world. This is the absolute consequence of Reaganomics." (http://www.huffingtonpost.com/thom-hartmann/thom-hartmann-defends-the_b_150964.html)


These graphs bear out exactly what all these people have been saying about Reagan being directly responsible for destroying America and the Middle Class. In looking at these pay particulular attention to 1981, the year Reagan took office.
Obviously, George H. Bush, Clinton, and Gorge W could have reversed this trend; instead, they, for the most part became keepers and harbingers of it.


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Working people's share of the benefits from increased productivity took a sudden turn down:

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This resulted in intense concentration of wealth at the top:

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And ****** working people to spend down savings to get by:

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Which ****** working people to go into debt: (total household debt aspercentage of GDP)

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"Conservative policies transformed the United States from the largest creditor nation to the largest debtor nation in just a few years, and it has only gotten worse since then: " So avows the author who researched the subject and collected the graphs. (http://www.ourfuture.org/blog-entry/2010062415/reagan-revolution-home-roost-charts)
You can find all kinds of books and articles praising Reagan, but what I have presented are the cold, hard facts about what the man did to our economy with his Reaganomics. For those who would like to read more on this subject, go to:
Reagan Revolution Home To Roost: America Drowning In Debt
Reagan Revolution Home To Roost: America IsCrumbling
Finance, Mine, Oil & Debt Disasters: THIS Is Deregulation


Reaganomics killed America’s middle class
This country’s fate was sealed when our government slashed taxes on the rich back in 1980
There's nothing "normal" about having a middle class. Having a middle class is a choice that a society has to make, and it's a choice we need to make again in this generation, if we want to stop the destruction of the remnants of the last generation's middle class.
Despite what you might read in the Wall Street Journal or see on Fox News, capitalism is not an economic system that produces a middle class. In fact, if left to its own devices, capitalism tends towards vast levels of inequality and monopoly. The natural and most stable state of capitalism actually looks a lot like the Victorian England depicted in Charles Dickens' novels.
At the top there is a very small class of superrich. Below them, there is a slightly larger, but still very small, "middle" class of professionals and mercantilists - doctor, lawyers, shop-owners - who help keep things running for the superrich and supply the working poor with their needs. And at the very bottom there is the great mass of people - typically over 90 percent of the population - who make up the working poor. They have no wealth - in fact they're typically in debt most of their lives - and can barely survive on what little money they make.
So, for average working people, there is no such thing as a middle class in "normal" capitalism. Wealth accumulates at the very top among the elites, not among everyday working people. Inequality is the default option.
You can see this trend today in America. When we had heavily regulated and taxed capitalism in the post-war era, the largest employer in America was General Motors, and they paid working people what would be, in today's dollars, about $50 an hour with benefits. Reagan began deregulating and cutting taxes on capitalism in 1981, and today, with more classical "raw capitalism," what we call "Reaganomics," or "supply side economics," our nation's largest employer is WalMart and they pay around $10 an hour.
This is how quickly capitalism reorients itself when the brakes of regulation and taxes are removed - this huge change was done in less than 35 years.
The only ways a working-class "middle class" can come about in a capitalist society are by massive social upheaval - a middle class emerged after the Black Plague in Europe in the 14th century - or by heavily taxing the rich.
French economist Thomas Piketty has talked about this at great length in his groundbreaking new book, Capital in the Twenty-First Century. He argues that the middle class that came about in Western Europe and the United States during the mid-twentieth was the direct result of a peculiar set of historical events.
According to Piketty, the post-World War II middle class was created by two major things: the destruction of European inherited wealth during the war and higher taxes on the rich, most of which were rationalized by the war. This brought wealth and income at the top down, and raised working people up into a middle class.
Piketty is right, especially about the importance of high marginal tax rates and inheritance taxes being necessary for the creation of a middle class that includes working-class people. Progressive taxation, when done correctly, pushes wages down to working people and reduces the incentives for the very rich to pillage their companies or rip off their workers. After all, why take another billion when 91 percent of it just going to be paid in taxes?
This is the main reason why, when GM was our largest employer and our working class were also in the middle class, CEOs only took home 30 times what working people did. The top tax rate for all the time America's middle class was created was between 74 and 91 percent. Until, of course, Reagan dropped it to 28 percent and working people moved from the middle class to becoming the working poor.
Other policies, like protective tariffs and strong labor laws also help build a middle class, but progressive taxation is the most important because it is the most direct way to transfer money from the rich to the working poor, and to create a disincentive to theft or monopoly by those at the top.
History shows how important high taxes on the rich are for creating a strong middle class.
If you compare a chart showing the historical top income tax rate over the course of the twentieth century with a chart of income inequality in the United States over roughly the same time period, you'll see that the period with the highest taxes on the rich - the period between the Roosevelt and Reagan administrations - was also the period with the lowest levels of economic inequality.
You'll also notice that since marginal tax rates started to plummet during the Reagan years, income inequality has skyrocketed.
Even more striking, during those same 33 years since Reagan took office and started cutting taxes on the rich, income levels for the top 1 percent have ballooned while income levels for everyone else have stayed pretty much flat.
Coincidence? I think not.
Creating a middle class is always a choice, and by embracing Reaganomics and cutting taxes on the rich, we decided back in 1980 not to have a middle class within a generation or two. George H.W. Bush saw this, and correctly called it "Voodoo Economics." And we're still in the era of Reaganomics - as President Obama recently pointed out, Reagan was a successful revolutionary.
This, of course, is exactly what conservatives always push for. When wealth is spread more equally among all parts of society, people start to expect more from society and start demanding more rights. That leads to social instability, which is feared and hated by conservatives, even though revolutionaries and liberals like Thomas Jefferson welcome it.
And, as Kirk and Buckley predicted back in the 1950s, this is exactly what happened in the 1960s and '70s when taxes on the rich were at their highest. The Civil Rights movement, the women's movement, the consumer movement, the anti-war movement, and the environmental movement - social movements that grew out of the wealth and rising expectations of the post-World War II era's middle class - these all terrified conservatives. Which is why ever since they took power in 1980, they've made gutting working people out of the middle class their number one goal.
We now have a choice in this country. We can either continue going down the road to oligarchy, the road we've been on since the Reagan years, or we can choose to go on the road to a more pluralistic society with working class people able to make it into the middle class. We can't have both.
And if we want to go down the road to letting working people back into the middle class, it all starts with taxing the rich.
The time is long past due for us to roll back the Reagan tax cuts.

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Trump adviser 'can't guarantee' taxes won't go up for middle class
Good Morning America MORGAN WINSOR,Good Morning America

President Donald Trump's top economic adviser, Gary Cohn, said today that he can't guarantee that taxes won't go up for some middle-class families under the administration's sweeping tax overhaul.

"There's an exception to every rule," Cohn told ABC News chief anchor George Stephanopoulos in an interview on "Good Morning America."

"I can't guarantee anything," said Cohn, the director of the White House Economic Council. "You can always find a unique family somewhere."

He said Trump's plan is "purely aimed at middle-class families." But Cohn acknowledged that "it depends which state you live in."

"A typical family of four earning $55,000 in America today is going to have a substantial tax decrease," he said, adding that its taxes would decrease by $650 to $1,000. "Everything we have done in this tax plan is to solve for the middle class."

Trump unveiled his administration's plan Wednesday during a speech in Indianapolis. He announced tax cuts for businesses and individuals and said the plan has the potential to deliver a "middle-class miracle."

His proposal would lower the corporate tax rate from 35 percent to 20 percent and reduce the top individual tax rate from 39.6 percent to 35 percent. The plan would repeal the estate tax, double the size of standard deductions for married couples and individuals and expand baby tax credits.

"The biggest winners will be the everyday American workers as jobs start pouring into our country, as companies start competing for American labor and as wages start going up at levels that you haven't seen in many years," Trump said.

Today on "GMA," Cohn insisted that the rich will not benefit under the plan. But when asked whether Trump would get a tax cut, Cohn would not say for sure.

"When we looked at the tax plan and we look at what it does for Americans, we are very confident that Americans are getting a great deal here," he replied. "We've also said that wealthy Americans are not getting a tax cut."

https://www.yahoo.com/gma/trump-adv...dle-class-121705675--abc-news-topstories.html
 
just more Reaganomics!


Trump’s proposals could hike taxes for nearly a quarter of the middle class

When one of President Trump's senior economic advisers was asked what the White House's plans for tax reform would mean for a typical middle-class family, he answered with confidence.

“Going to mean a tax cut,” said Gary Cohn, the director of Trump's National Economic Council, at a news conference in April. Asked for more details, Cohn repeated himself: “Going to mean a tax cut,” he said again.

The White House has promised the biggest tax cut in the history of the country, and the promise of tax relief was a crucial aspect of Trump's pitch to voters as a candidate. Many Americans are probably expecting that Trump will bring down their taxes.

In fact, while Trump has not yet laid out a detailed plan, the proposals that administration officials have put forward so far would result in an increase in taxes for nearly 1 in 5 American households, according to an analysis published Wednesday by the nonpartisan Tax Policy Center (TPC).

And among those in the middle class, almost a quarter would see their taxes go up, according to the TPC analysis. For households with annual incomes between $49,000 and $86,000, those facing a hike would see an average annual increase of $1,000.




Among the other three-quarters of taxpayers in that range who would enjoy a tax cut, the average annual decrease of their household tax bill would be about $1,320, according to the TPC.

The figures demonstrate the difficult compromises confronting GOP policymakers as they work on a plan to overhaul the tax system.

Trump has promised to bring down taxes, dropping the rates on individual and corporate income, throwing out the estate tax and simplifying the system for ordinary taxpayers overall.

But to make up for some of the revenue that the federal government would forgo with reduced rates, his advisers have also proposed a few tax hikes as well — mainly in the form of eliminating write-offs. The result is that while many households would pay less, some would pay more.

The benefits of the proposals from the Trump administration, however, are overwhelmingly concentrated among the very richest taxpayers.

Nearly half of the total savings (49 percent) would accrue to the richest 1 percent of households. Among the richest 0.1 percent — the wealthiest 1 in 1,000 households, those with more than $3.4 million in annual income — only 2 percent would pay more in taxes.

The other 98 percent would receive a tax cut, worth an average of nearly $1 million a year per household.

Will the Trump tax cut 'pay for itself'?

Trump's advisers have also said that they will rely on more rapid economic growth to help make up some of the forgone revenue from lower tax rates. In theory, if tax relief encourages more Americans to work and invest, there will be more overall income for the federal government to tax. Steven Mnuchin, Trump's treasury secretary, has even argued that the tax cut will “pay for itself.”

The TPC analysis contradicts that claim. In the short term, reducing taxes would stimulate the economy, the authors predict. Over the long term, however, Trump's proposals would ******* the federal government to borrow more to make up the difference, and the tax cut would become a burden on the economy overall because of the additional federal debt.

THERE GOES THE NATIONAL DEBT AGAIN

Republicans could prevent that by reducing federal spending at the same time, although Trump has pledged not to reduce benefits for Medicare and Social Security, the entitlements that are the principle reasons for rising outlays.

Another option would be to reform the tax system in ways that encourage Americans to work and save, but finding enough alternative sources of revenue to avoid adding to the deficit, said Douglas Holtz-Eakin, a conservative economist and the former director of the Congressional Budget Office.

He argued that without more detail, it was difficult to assess the administration's plans. “I don’t think the TPC has enough grist for their mill,” Holtz-Eakin said. “Given that they’ve got these policies that aren’t well fleshed out, you can’t do anything more than say, 'Gee, this is a huge hole in the deficit, and that has to be bad.' "

“We thought we had enough to begin, with the contours of a plan,” said TPC director Mark Mazur, a former assistant secretary in President Barack Obama's Treasury Department. The administration did not respond to a request for more details on Trump's plans, Mazur said.

“Part of what motivated us to do this analysis was to try to understand what the impact is — in the outline and in the campaign," Mazur said. "It just points up some of the difficulties in undertaking tax reform.”

Tax hikes for some

The analysis is based on a one-page list of proposals published by the White House in April, along with other public statements by Trump and his advisers, including some of the ideas they floated during the campaign.

Those proposals include eliminating four of the seven current tax brackets and bringing down marginal rates on income. Trump would also double the standard deduction — the minimum amount of income on which Americans do not have to pay taxes — and provide tax relief on parents' baby-care expenses.

Trump and his advisers have also talked about repealing the estate tax, which is paid by wealthy families when a member dies, and bringing down the rate on income from businesses and corporations to 15 percent.

All these changes would mean less money for the federal government, and Trump and his advisers have talked about ways of raising revenue in other areas.

For instance, Trump's campaign proposed eliminating the special status for heads of household, which gives single parents a break on their taxes. Getting rid of it would result in a tax hike for many in the lower middle class.

Among more affluent households, some would pay more as a result of the proposal to end the personal exemption. A taxpayer would no longer be able to claim a break for each member of the household. And Trump's lieutenants have also discussed eliminating all of the individual deductions, with exceptions for writing down interest paid on mortgages and gifts to charity.

If those changes were implemented, they would most negatively affect Americans who are rich but not quite rich enough. Nearly a third of households with incomes between $217,000 and $308,000 — those in the 90th through 95th percentiles — would pay more in taxes. The average annual hike for households in this group would be $3,900.

SURE>>>>>>>>>>>>>>>>>>>>>>

https://www.washingtonpost.com/news...r-of-the-middle-class/?utm_term=.c9413ef63918
 
Who Benefits From Donald Trump's Tax Plan?

Donald Trump has proposed a very detailed tax plan — but his statements on the campaign trail don't always match what his proposal would really do.

For instance, at a rally in Scranton, Pa., Trump promised to "massively cut taxes for the middle class, the forgotten people, the forgotten men and women of this country, who built our country." During a town hall meeting on NBC's Today show, he said he believes in raising taxes on the wealthy.

And at least half of Trump's supporters agreed with him on that, according to a pre-election survey by RAND Corp., a research group.

"Just before the election, after the last debate, 51 percent of them intending to vote for Trump supported increasing taxes on high-earning individuals," says Michael Pollard of RAND.

But Trump's plan does the opposite, says Lily Batchelder, a law professor at New York University and visiting fellow at the Tax Policy Center.

"If you look at the most wealthy, the top 1 percent would get about half of the benefits of his tax cuts, and a millionaire, for example, would get an average tax cut of $317,000," she says.

Under Trump, Fewer Tax Brackets

Donald Trump proposes having three tax brackets, down from the current seven, and repealing the head-of-household tax-filing category. The standard deduction would be $30,000 for married couples filing jointly (up from $12,600 currently) and $15,000 for single individuals (up from $6,300).

Top Earners Would See Bigger Tax Cuts Under Trump Plan

Effective marginal income tax rates on wages and salaries would be reduced by about 2 percentage points, on average, under Donald Trump’s tax plan compared to current law, the Tax Policy Center says. The top 0.1 percent of earners would see a cut of over 7 percentage points, but those with the lowest incomes would see less than a 1-percentage-point cut.

But a family earning between $40,000 and $50,000 a year would get a tax cut of only $560, she says, and millions of middle-class working families will see their tax bills rise under Trump's plan — especially single-parent families.

"A single parent who's earning $75,000 and has two school-age children, they would face a tax increase of over $2,400," Batchelder says. That's if they had no baby-care deductions; the increase in taxes comes partly because the Trump plan eliminates the $4,000 exemption for each person in a household.

Steve Calk, a Trump economic adviser, says the loss of the exemption is partially offset by other changes in Trump's plan. He takes issue with the Tax Policy Center's analysis and argues that there will be big tax cuts for middle-income families.

Take a family earning $50,000 a year, Calk says, "and their baby-care costs are $7,000 or $8,000 a year. They're going to save 35 percent on their net tax bracket."

Batchelder says that calculation is misleading because it focuses on tax rate reduction rather than a family's after-tax income — in other words, how much money they have in their pocket after taxes.

But Calk argues the personal-income tax cuts, as well as the Trump proposal to reduce the corporate tax rate from 35 percent to 15 percent, will help taxpayers by boosting economic growth.

"The single best way to help people that are in the low-income bracket or unemployed or underemployed is, No. 1, to get them employed in real jobs with real benefits," Calk says.

Economists disagree on whether the tax plan would be good for the economy. The Tax Policy Center says that over the first decade, the government would lose $6.2 trillion in revenue, producing huge budget deficits that could hurt the economy.

http://www.npr.org/2016/11/13/501739277/who-benefits-from-donald-trumps-tax-plan
 
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Supreme Court case threatens to set back workers’ rights by 80 years

Kicking off its new term with a splash, the U.S. Supreme Court will hear a trio of cases Monday that threaten to set back workers’ rights by more than 80 years, labor-side employment lawyers claim.

The suits, known as Epic Systems Corp. v. Lewis, pose the question of whether employers can ******* employees, as a condition of employment, to agree to submit almost any federal legal claim they have against the company to individual arbitration, effectively waiving their right to bring class actions or other joint legal proceedings.

The specific employers involved in the cases before the court are Epic Systems, which makes healthcare-related software; Murphy Oil (MUR), which runs more than a thousand gas stations in 21 states; and accounting giant Ernst & Young. Like a rapidly growing number of U.S. employers, they require nearly all their workers, as a condition of employment (or of even filing a job application), to sign arbitration clauses that include class-action waivers.

As unions have lost strength in the country, class actions have gained importance as a key means of vindicating employee rights, whether with respect to wage and hours claims or race, age, and sex discrimination. So if employers win a simple way to knock that weapon out of workers’ hands, that will be a big deal.

As unions have lost strength in the country, class actions have gained importance as a key means of vindicating employee rights, whether with respect to wage and hours claims or race, age, and sex discrimination. So if employers win a simple way to knock that weapon out of workers’ hands, that will be a big deal.

“This is probably the most important employment, civil rights, or labor case I can remember,” says Cliff Palefsky, who is co-counsel on an amicus brief for 10 major labor unions, including the Service Employees International Union and International Brotherhood of Teamsters.

In a series of opinions in recent years—including three authored between 2011 and 2013 by the late conservative Justice Antonin Scalia—the court has repeatedly ruled that consumers were barred from bringing class actions by arbitration clauses they had signed as a condition of receiving a product or service. The employers in the three cases being heard next week—supported by amicus groups from 17 outside groups, including the U.S. Chamber of Commerce and Business Roundtable—maintain that those precedents dictate the outcome of these employment cases, too.

Also supporting the employers will be the U.S. Department of Justice, which switched sides in these disputes after the Trump administration took office in January. Though it filed a petition last September advancing the pro-employee stance that the National Labor Relations Board has taken on these questions since 2012, the department filed a new brief in June supporting the employers. Monday’s argument will feature the rare spectacle of one federal attorney, Acting Solicitor General Jeffrey Wall, arguing against another, NLRB general counsel Richard Griffin, Jr. (In August CBS News reported that employees at The Trump Organization had been ordered to sign arbitration clauses, including class waivers, as a condition of retaining their jobs. This past Monday, when the U.S. Senate confirmed William Emanuel, President Donald Trump’s second appointee to the NLRB, control of the five-member board passed to Republicans. But it’s unlikely that the board would vote to change its position in this case before the argument.)

https://www.yahoo.com/finance/news/...t-back-workers-rights-80-years-131503728.html

I know you right wingers on here could care less...probably hope it goes in favor of big biz
just that much more to keep the workers down to 3rd world working pay and standards

that's why China and Russia are gaining prominence and the us falling out.... we are not the country we once were
maybe when it comes time for a war big biz can just buy their way out of that also
 
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