Sunday, November 19, 2017

TPM: Ultra-Rich Win Big Under GOP Tax Bill; Taxes Rise For Everyone Else

Mod: Donald Trump might claim that everyone is getting a tax cut, but when does he ever speak the truth? Like almost never? This time it could get very expensive for almost everyone.

Ultra-Rich Win Big Under GOP Tax Bill; Taxes Rise For Everyone Else (Talking Points Memo link): The ultra-wealthy, especially those with dynastic businesses — like President Donald Trump and his family — do very well under a major Republican tax bill moving in the Senate, as they do under legislation passed this week by the House.

Want to toast the anticipated tax win with champagne or a beer — or maybe you’re feeling Shakespearean and prefer to quaff mead from a pewter mug? That would cheer producers of beer, wine, liquor — and mead, the ancient beverage fermented from honey. Tax rates on their sales would be reduced under the Senate bill.

On the other hand, people living in high-tax states, who deduct their local property, income and sales taxes from what they owe Uncle Sam, could lose out from the complete or partial repeal of the deductions. And an estimated 13 million Americans could lose health insurance coverage over 10 years under the Senate bill.

Some winners and losers:

WINNERS

Wealthy individuals and their heirs win big. The hottest class-warfare debate around the tax overhaul legislation involves the inheritance tax on multimillion-dollar estates. Democrats wave the legislation’s targeting of the tax as a red flag in the face of Republicans, as proof that they’re out to benefit wealthy donors. The House bill initially doubles the limits — to $11 million for individuals and $22 million for couples — on how much money in the estate can be exempted from the inheritance tax, then repeals it entirely after 2023. The Senate version also doubles the limits but doesn’t repeal the tax.

Then there’s the alternative minimum tax, a levy aimed at ensuring that higher-earning people pay at least some tax. It disappears in both bills.

And the House measure cuts tax rates for many of the millions of “pass-through” businesses big and small — including partnerships and specially organized corporations — whose profits are taxed at the owners’ personal income rate. That’s potential cha-ching for Trump’s far-flung property empire and the holdings of his daughter Ivanka and her husband, Jared Kushner. The Senate bill lets pass-through owners deduct some of the earnings and then pay at their personal income rate on the remainder.

Corporations win all around, with a tax rate slashed from 35 percent to 20 percent in both bills, though they’d have to wait a year for it under the Senate measure. Trump and the administration view it as an untouchable centerpiece of the legislation.

U.S. oil companies with foreign operations would pay reduced taxes under the Senate bill on their income from sales of oil and natural gas abroad.

Beer, wine and liquor producers would reap tax reductions under the Senate measure.

Companies that provide management services like maintenance for aircraft get an updated win. The Senate bill clarifies that under current law, the management companies would be exempt from paying taxes on payments they receive from owners of private jets as well as from commercial airlines. That was a request from Ohio Sens. Rob Portman, a Republican, and Sherrod Brown, a Democrat, whose state is home to NetJets, a big aircraft management company.

Portman voted for the overall bill. Brown opposed it.

LOSERS

An estimated 13 million Americans could lose health insurance coverage under the Senate bill, which would repeal the “Obamacare” requirement that everyone in the U.S. have health insurance. The projection comes from the nonpartisan Congressional Budget Office. Eliminating the fines is expected to mean fewer people would obtain federally subsidized health policies.

People living in high-tax states would be hit by repeal of federal deductions for state and local taxes under the Senate bill, and partial repeal under the House measure. That result of a compromise allows the deduction for up to $10,000 in property taxes.

Many families making less than $30,000 a year would face tax increases starting in 2021 under the Senate bill, according to Congress’ nonpartisan Joint Committee on Taxation. By 2027, families earning less than $75,000 would see their tax bills rise while those making more would enjoy reductions, the analysts find. The individual income-tax reductions in the Senate bill would end in 2026.


Mod: Those First Responders the GOP likes to talk about a lot have just responded. 

The Fraternal Order Of Police Just Spoke Out Against The Tax Bill Republicans Passed Today (VerifiedPolitics.com link): Desperate for a legislative win, Trump is attempting to ramrod an atrocious tax bill through Congress, with no consideration for the far-reaching destructive consequences of giving massive tax cuts to the hyper-wealthy at the cost of the middle class. The deficit will skyrocket, and most Americans will be hit hard.

Now, the National Fraternal Order of Police — the largest police organization in the country with over 325,000 members — has come out in opposition to part of the bill. The FOP endorsed Trump during his campaign, but are clearly displeased with his latest initiative.

The members of the Fraternal Order are concerned that the bill will cause a sharp hike in their taxes and force them to pay even more to the federal government, making it difficult for them to support their families. They estimate that their effective rise in taxes could amount to as much as $6,300.

Is Hope Hicks Donald Trump's "girlfriend?' (Yahoo link): Highlights from Yahoo article - a few months old but now more topical as Hope Hicks is in the spotlight.

They hire young, beautiful girls who zero experience and then are baffled when people think they're probably at least trying to sleep with them. In July, Claude Taylor, who worked in the White House when Bill Clinton was president, tweeted that he heard Trump was having an affair. Here is some of the evidence:

1. Trump gave her cute pet names.

2. She has zero political experience.

3. She talks about Trump like a teen in love.

4. Trump created a position for her that just so happens to also have the highest salary in the White House.

5. She's with him virtually all the time.

6. Again, she was a model.

7. Trump paid for her apartment during the campaign.

8. She flies super under the radar.

sierramadretattler.blogspot.com

76 comments:

  1. Nice that Donald pays his "girlfriend" the highest salary in the White House. Using public funds, of course.

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  2. Maybe now those who still support Trump despite what horrible things he does will wake up with a hit to their pockets.

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  3. Republicans in Congress Think You’re an Idiot - The GOP tax bill should be toxic to everyone who is not ultra-rich.
    https://www.thenation.com/article/republicans-in-congress-think-youre-an-idiot/

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  4. Is Mike Pence involved in the Russia scandal?
    http://www.chicagotribune.com/news/opinion/commentary/ct-mike-pence-russia-trump-20171115-story.html

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  5. Funny how some of the folks who were so upset about raising utility taxes in Sierra Madre are not in the least bit concerned about Trump raising their income taxes. Why this disconnect?

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    Replies
    1. Is there a reason why California or New York are going to hurt in this tax reform? Both led by Democrats who give everything away for free for some, but we pay the high taxes. Look to your state for the problem.

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    2. "A people that elect corrupt politicians, imposters, thieves and traitors are not victims ... but accomplices." - George Orwell

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    3. Sierra Madre's UUT is the highest in Ca. Oh yeah, forgot it's for CalPers and benefits. We get nothing for the taxes we pay.

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    4. Nice try to deflect 9:42- neither CA and NY voted for trump

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  6. The 'trump pervert' attached 1 - 7 check list sure makes it look like a mistress is being supported and groomed?

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    Replies
    1. It is a bit of a switch. At times in the past it was the Russian government that paid for his babes.

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  7. The rich have been paying more than their share for to long and it was time to change that. I'm not rich and I'm not complaining, what a bunch of cry babies.

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    Replies
    1. I agree, the high income earner pay most of the taxes. Time for a change.

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    2. Yes. The rich need to pay more. No more tax sustained welfare for trust fund trash.

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    3. 9:38 - butt kisser.

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  8. Kushner Failed to Provide Russia Documents, Senate Panel Found
    https://www.nytimes.com/2017/11/16/us/politics/senate-judiciary-kushner-russia.html

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  9. 90% of folks will now be able to do their own taxes after the updates are implemented; it's about time for a real change.
    California folks will just have to petition their Legislative branches in the state for reductions, Californians created a high tax state.

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    Replies
    1. Actually I disagree. It would be far more effective to throw all of the California GOP Congress Clowns out of office for voting to raise taxes on their fellow Californians. They cannot be allowed to get away with that. Real change.

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    2. How rich. 7:17 is now a tax increase apologist.

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    3. Republican tax proposal steals from the poor to give to the rich
      http://www.pasadenastarnews.com/2017/11/18/republican-tax-proposal-steals-from-the-poor-to-give-to-the-rich/

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    4. Yep Ca created their own tax mess. Why should the rest of the country pay for it. Ca needs to legislate for lower taxes starting with the gas tax.

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    5. Don't be a sucker. Tennessee doesn't even have a state income tax, and people are still going to get taxed more by the Feds on what they pay in state sales tax.
      http://www.tennessean.com/story/news/politics/2017/11/03/how-republican-proposal-could-mean-tax-increase-thousands-tennesseans/828620001/

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  10. So this guy Claude Taylor, a Clinton holdout was acting as a pimp for old Billy Boy. Kinda funny he covered up all of Clinton's back door "dates" of young women; and his known rapes of women that are finally being acknowledge by political insiders and media.
    Claude "you" really are a tweet/twit, whatever, you're a creep.

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    Replies
    1. Vladimir Putin was Trump's pimp. And he took pictures.

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  11. Invest more in America, you will grow the economy.

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  12. 7:24am. A increase the UUT supporter! How's that working for you?

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    Replies
    1. I guess if Trump had done an ad for the Yes on UUT campaign the "yes" vote would have hit 90%!

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    2. The Yes on UUT effort was led by a Republican political operative out of Pasadena.

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  13. 7:31am. Do you mean the photo's that were obtained by exposing the Clinton's dossier?

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    Replies
    1. Quite a service to America, too. Exposing a blackmailed president, one that was urinated upon by Russian prostitutes paid for by what used to be known as the KGB, is something the good people of America should know about. When Trump goes down it is going to be quite a spectacular sight.

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    2. 7:37 - Those Fox News memes seem so tired and weak now. Don't you have anything better?

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  14. 7:36am. The UUT vote for increase was well over 90% and Obama was President! He didn't need to run an ad; he was running the Country into the ground.

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    1. The "yes" vote was 72%. Thanks for being a fool.
      https://ballotpedia.org/Sierra_Madre,_California,_Utility_Users_Tax_Increase,_Measure_UUT_(April_2016)

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    2. Not me I voted NO. Solar also saves UUT tax every month.

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    3. Troll out in full display today

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  15. 7:44am. It depends on what side of the bed the Moderator woke up on!

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    Replies
    1. What can I say? With Russian capitulation comes middle class tax increases. And the useless Tea Clowns can't cheer enough.

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    2. If Trump gets indicted, will he be tried as an adult?

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  16. Collins: Sexual harassment allegations against Trump 'remain very disturbing' - Republican Sen. Susan Collins (Maine) said Sunday that the sexual misconduct allegations previously levied against President Trump “remain very disturbing.”

    “He did say that,” Collins told ABC’s “This Week” when host George Stephanopoulos noted that Trump has said all of the women making accusations against him are lying.

    “President Trump was not my choice for the Republican nominee for president and I did not support him in part because of the way that all of these reports about how he was treating women,” she added.

    Collins said she is working with Trump on specific issues because he is president. “But those allegations remain very disturbing,” she said.

    http://thehill.com/homenews/senate/361090-gop-sen-sexual-harassment-allegations-against-trump-remain-very-disturbing

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  17. Continue the wait for "real" Russian interference and the election; just don't hold your breath!

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    Replies
    1. "Don't hold your breath."

      Isn't that what Putin told Trump?

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  18. Senator Susan Collins (Rino/Maine) told ABC news; while working hand in hand along side Senator Al Franken, yes pun intended; sexually harassment remains very disturbing.

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    Replies
    1. Aww. How sweet. A "pussy grabber" apologist!

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    2. So many hypocrites, so little time.

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    3. New tax bill in a nutshell:
      Jet owners can write off jets.
      Teachers can’t write off school supplies.

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    4. Why should teachers write off school supplies? It's their choice to buy them. A good teacher shouldn't need colored markers, fancy stickers, etc. Beans make great math aids for almost every early concept.

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    5. Sure. Take it out on the kids. Just as long as the Koch brothers get theirs, what do you care?

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    6. Letting teachers deduct goodies they choose to buy to make their life/job easier should not be a deduction. Their deduction makes the tax payers pay more in taxes to make up for the millions teachers take in deductions. I already pay enough in school taxes. I was a teacher.

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    7. It's unfair that taxpayers currently do not subsidize private jets.

      Private jet owners don't pay for their use of airports, air traffic contro, and weather forecasts so why shouldn't they be allowed to depreciate their jets?

      We need to tighten our belts and pay for these things for them.

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  19. 8:25 am. "You can't handle the truth".
    Bill Clinton was protected by Feminist; LOL.

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    Replies
    1. OK, hypocrite.

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    2. Indiana GOP councilman charged with 3 counts of child molestation after allegedly assaulting two ten-year-old girls
      https://www.rawstory.com/2017/11/indiana-gop-councilman-charged-with-3-counts-of-child-molestation-after-allegedly-assaulting-two-ten-year-old-girls

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  20. The Tax Bill; it depends on which state of the country you are standing in; it is all about the math.

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    1. It's all about the middle class tax hike, actually. But I am sure you would prefer not to talk about that. So let's talk about Tennessee.

      How the Republican proposal could mean a tax increase for thousands of Tennesseans
      http://www.tennessean.com/story/news/politics/2017/11/03/how-republican-proposal-could-mean-tax-increase-thousands-tennesseans/828620001/

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    2. Senate GOP pushes tax hike on families making less than $75,000
      http://www.msnbc.com/rachel-maddow-show/senate-gop-pushes-tax-hike-families-making-less-75000

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    3. Democrats see backlash over Republicans’ tax bill as a key to winning in the suburbs
      https://www.washingtonpost.com/powerpost/democrats-see-backlash-over-republicans-tax-bill-as-a-key-to-winning-in-the-suburbs/2017/11/19/37e9f2a6-cc4e-11e7-b0cf-7689a9f2d84e_story.html

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  21. Let's talk about the tax breaks families with children receive vs single and unconventional families without kids get; a big zero.
    Forget about the wealthy getting a break, why should having rug rats be a deductible?

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    Replies
    1. Maybe you should ask Judge Roy Moore. He's an expert on kids.

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    2. Kids shouldn't be a deduction. Again if you can afford the no deduction, you can't afford the kids.

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    3. Why should a single person making the same as someone who has a kid pay more tax?

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    4. Are you an abortionist?

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    5. 11:09. Equal pay should mean equal tax. Spend your money on kids, pets, trips, or bank it.

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  22. Trump Voters Celebrate Massive Tax Cut for Everyone But Them
    https://www.newyorker.com/humor/borowitz-report/trump-voters-celebrate-massive-tax-cut-for-everyone-but-them

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  23. 11:09am. No, but in your case exceptions should have been made.

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    Replies
    1. What a wonderful person you are. Hates kids, and wishes death on others.

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  24. I thought the Sierra Madre Council voted to tax Solar; oh well, just a matter of time before that happens state wide.

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  25. 11:47am. Nah nah, nah nah nah.
    I'm rubber and you are glue, everything you say, bounces off of me and and sticks to you!
    Namaste.

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    Replies
    1. If that brings you comfort, then all the best to you.

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    2. Don't you fools realize that those uber rich trust fund babies worked so hard being born. And don't you realize that corporate execs making $20million a year are worth every $1000 dollars of the $10,000 per hour they make.

      We should all feel grateful that they allow us to help support the outsized share of the infrastructure and taxpayer subsidized services they receive.

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  26. Gawd.
    How did our society create so many cruel, cold-hearted, and ignorant people?
    Horrific world we are living in.

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    Replies
    1. Good question, 3:08, but hasn't it always been so? Humans are a work in progress, and progress is slow, slow, slow..

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  27. OK - so start calling NOW! I got through the entire list in about 1 - 1.5 hours yesterday. Weekend's perfect. Just leave a msg! My repost: We now need to focus on the GOP Senate! Call ALL GOP senators this weekend. I did it this morning and it took about an hour or so. Just leave a msg. There are a few in the senate who might choose to do what is best for America and not their wealthy donors? Like Collins, Corker, Flake, McCain, Murkowski and a couple others...maybe more!? We only need 2 or 3 to beat this.
    Please call! Do NOT tell them your name or where you are from (they don't know). Tell them you vote and that a yes vote for this hateful tax cut for the wealthy and taxes ON the working class is WRONG. Remind them that this bill is NOT fiscally conservative, that in fact it will drive UP the national debt hugely! Tell them there are more of us than their donors. They may line their pockets, but WE THE PEOPLE will vote them OUT! Thank you... Please do and share.
    Alexander, Lamar - (R - TN) (202) 224-4944.
    Barrasso, John - (R - WY) (202) 224-6441.
    Blunt, Roy - (R - MO) (202) 224-5721.
    Boozman, John - (R - AR) (202) 224-4843.
    Burr, Richard - (R - NC) (202) 224-3154.
    .Capito, Shelley Moore - (R - WV) (202) 224-6472.
    Cassidy, Bill - (R - LA) (202) 224-5824. No Answer?
    Cochran, Thad - (R - MS) (202) 224-5054.
    .Collins, Susan M. - (R - ME) (202) 224-2523.
    .Coons, Christopher A. - (D - DE) (202) 224-5042.
    Corker, Bob - (R - TN) (202) 224-3344.
    Cornyn, John - (R - TX) (202) 224-2934. [Full?]
    Cotton, Tom - (R - AR) (202) 224-2353.
    Crapo, Mike - (R - ID) (202) 224-6142.
    Cruz, Ted - (R - TX) (202) 224-5922
    Daines, Steve - (R - MT) (202) 224-2651.
    Enzi, Michael B. - (R - WY) (202) 224-3424.
    Fischer, Deb - (R - NE) (202) 224-6551.
    Flake, Jeff - (R - AZ) (202) 224-4521.
    Gardner, Cory - (R - CO) (202) 224-5941.
    Graham, Lindsey - (R - SC) (202) 224-5972.
    Grassley, Chuck - (R - IA) (202) 224-3744.
    Hatch, Orrin G. - (R - UT) (202) 224-5251.
    Heller, Dean - (R - NV) (202) 224-6244. [Full?]
    Hoeven, John - (R - ND) (202) 224-2551. [dead line?]
    Inhofe, James M. - (R - OK) (202) 224-4721.
    Isakson, Johnny - (R - GA) (202) 224-3643. [Full?]
    Johnson, Ron - (R - WI) (202) 224-5323.
    Kennedy, John - (R - LA) (202) 224-4623.
    Lankford, James - (R - OK) (202) 224-5754.
    Lee, Mike - (R - UT) (202) 224-5444.
    McCain, John - (R - AZ) (202) 224-2235.
    *McConnell, Mitch - (R - KY) (202) 224-2541
    Claims box is ‘full’ – Dirtbag Don’t waste your time
    Moran, Jerry - (R - KS) (202) 224-6521.
    .Murkowski, Lisa - (R - AK) (202) 224-6665.
    Perdue, David - (R - GA) (202) 224-3521.
    .Portman, Rob - (R - OH) (202) 224-3353.
    Risch, James E. - (R - ID) (202) 224-2752. [Full?]
    Roberts, Pat - (R - KS) (202) 224-4774. [Busy?]
    Rounds, Mike - (R - SD) (202) 224-5842.
    Rubio, Marco - (R - FL) (202) 224-3041.
    Sasse, Ben - (R - NE) (202) 224-4224.
    Scott, Tim - (R - SC) (202) 224-6121.
    Shelby, Richard C. - (R - AL) (202) 224-5744.
    Strange, Luther - (R - AL) (202) 224-4124.
    Sullivan, Dan - (R - AK) (202) 224-3004.
    Thune, John - (R - SD) (202) 224-2321.
    Tillis, Thom - (R - NC) (202) 224-6342.
    Toomey, Patrick J. - (R - PA) (202) 224-4254.
    Wicker, Roger F. - (R - MS) (202) 224-6253. [Full]
    Young, Todd - (R - IN) (202) 224-5623.

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