Category Archives: income tax

Thank You Very Much

thank you very much

Got this from the “thank you very much” closing scene of the 1970 Albert Finney movie, Scrooge. Merry Christmas!

Pelosi’s Own Tax Facts

tax facts

President Trump won big on tax reform. And Nancy Pelosi became unhinged. Here’s some of what she had to say about the bill:

End of the worldArmagedonBrazen theft from the middle classRaises taxes on 86 million middle class…Moral Obscenity…Permanent Plutocracy…Unrepentant Greed…A Vote against Tiny Tim

Tax Facts

The fact is, according to Politco and others, eighty percent of filers will get a tax cut averaging $2,000. Yet, for some reason, most people believe they’ll get a tax hike.

But despite his Christmas cash stocking stuffer, Trump’s approval rating remains low. And some Republicans lurk among the resistance.

 

Senate Tax Bill Kills Health Insurance Individual Mandate

individual mandate

The Senate tax bill ends the mandate to buy health insurance. This is a bad thing? It is according to a CNN Money article:

Poor Americans would lose billions of dollars worth of federal benefits under the Senate GOP tax bill, according to a new Congressional Budget Office report.

This is largely because the legislation would eliminate the individual mandate, which requires nearly all Americans to get health insurance or pay a penalty. This would result in 13 million fewer people having coverage in 2027, the CBO found.

Many of the folks who would forgo coverage would have lower or moderate incomes and would have qualified for Medicaid or federal help paying their premiums or out-of-pocket health expenses, CBO found.

If it’s a good deal why do people need to be forced to buy it? Do they think we’re stupid?

Oh.

Tax Reform Rescue Mission

tax reform

During a week of inspiring rescues, President Trump introduced his tax reform plan. The U.S. has the world’s highest corporate tax rate at 39%. As a result, over two trillion dollars is parked overseas in low tax countries like Ireland. Trump proposes a 15% corporate rate as ransom to rescue that cash and bring it home. Which in return will lead to growth.

Tax Reform

Of course Democrats don’t see it that way. To them it’s all just an elitist gift to the rich. Maybe, but Kimberly Strassel points out in the WSJ that Trump is an ideal pitchman for the plan. He’s rich but he’s also seen as a populist outsider:

Mr. Trump has defined himself as the protector of America’s forgotten man, an outsider to the swamp, an America Firster. The result is that he is uniquely qualified to sell a tax plan decried as “elitist” to average Americans.

In Missouri, Mr. Trump busted up the left’s class-warfare model. He didn’t make tax reform about blue-collar workers fighting corporate America. Instead it was a question of “our workers” and “our companies” and “our country” competing against China. He noted that America’s high tax rates force companies to move overseas. He directly and correctly tied corporate rate cuts to prosperity for workers, noting that tax reform would “keep jobs in America, create jobs in America,” and lead to higher wages.

Trump Tax Plan

tax plan

NYT headline April 27: Trump Tax Plan Would Shift Trillions From U.S. Coffers to the Richest

NPR April 17: “…around 45% pay no federal income tax”