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Trump's Economic, Tax & Spending Plans

solarion

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My issue is the big cheese is no Ron Paul and seems to avoid some issues like the plague.
There is only one Ron Paul and he cannot...will not ever be allowed to get a whiff of the oval office. Dude would probably single handedly jack up the unemployment rate by a full point within a month by firing parasites in DC.

Trump is what we have and at least he seems to be breaking some stuff, keeping the regressives crying, and exposing RINOs for spineless backstabbing traitors.
 

the_shootist

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There is only one Ron Paul and he cannot...will not ever be allowed to get a whiff of the oval office. Dude would probably single handedly jack up the unemployment rate by a full point within a month by firing parasites in DC.

Trump is what we have and at least he seems to be breaking some stuff, keeping the regressives crying, and exposing RINOs for spineless backstabbing traitors.
Pretty much nailed it! I'll take what I can get!
 

solarion

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Winning? Losing? All I know for certain is that Trump is continuing the theft of income. BIG FAIL! How about cutting LOTS MORE spending? How about shutting down a simple number of agencies and offices, say, like 130 or so would be a good start...maybe do it alphabetically. He could start with the CIA and end with the NSA in the first round of closures. If he got on it right away he could reduce taxes to $1 per person by 2020. Then get congress to cap taxes at $1.10 per person...make it a constitutional amendment.

Yes, I do realize that my suggestion is absurd and perhaps even asinine but certainly no more so than a government claiming it has a right to my income or yours.
What's absurd is that your suggestion would be perceived as absurd by anyone. Amerikans should be in full armed revolt with these tax rates, lawlessness, and loss of liberties.

...but we all knew who Trump was before Jan 20. I don't personally feel betrayed by a candidate for president for once. He seems to be doing pretty much what he said he'd do...including bs like carrying Israel's water...which sucks. Pretty happy with most everything else he's done though...even if it isn't the firing of 90% of the parasites in DC I'd wish for.

Left’s Unhinged Response To Trump Tax Cut Reveals Their Real Fear: What If It Works?
Posted on December 22, 2017 by Editor

This is of course the reason, that and the sinking feeling they now have that Trump has solidly bettered them. It’s got to be tough to deal with, especially if one has bought into all the anti-Trump craziness of 2017.

The truth is this tax bill is WAY overdue. I can remember sitting in meetings in Washington discussing “tax reform” and over and over people on both sides of the aisle lamented that something NEEDED to be done, but that it was practically impossible given the “political climate”. Well, the climate changed.

Interestingly my of my friends on the Left agreed that corporate taxes were too high and that our uncompetitive corporate rates hurt the American economy by forcing money offshore. (But they wanted to trade corporate tax cuts for a carbon tax.)

But now the official line from the Dems is that this new tax law, and it is now law, is somehow a “giveaway” to the rich. How can government “give away” money that someone has earned? It’s the taxpayer’s money. And it is not just the well off who will see fatter wallets.

People and businesses will like keeping more of the money they earned. This is why Pelosi and company fret as they do.
This is of course the reason, that and the sinking feeling they now have that Trump has solidly bettered them. It’s got to be tough to deal with, especially if one has bought into all the anti-Trump craziness of 2017.

The truth is this tax bill is WAY overdue. I can remember sitting in meetings in Washington discussing “tax reform” and over and over people on both sides of the aisle lamented that something NEEDED to be done, but that it was practically impossible given the “political climate”. Well, the climate changed.

Interestingly my of my friends on the Left agreed that corporate taxes were too high and that our uncompetitive corporate rates hurt the American economy by forcing money offshore. (But they wanted to trade corporate tax cuts for a carbon tax.)

But now the official line from the Dems is that this new tax law, and it is now law, is somehow a “giveaway” to the rich. How can government “give away” money that someone has earned? It’s the taxpayer’s money. And it is not just the well off who will see fatter wallets.

People and businesses will like keeping more of the money they earned. This is why Pelosi and company fret as they do.
This is of course the reason, that and the sinking feeling they now have that Trump has solidly bettered them. It’s got to be tough to deal with, especially if one has bought into all the anti-Trump craziness of 2017.

The truth is this tax bill is WAY overdue. I can remember sitting in meetings in Washington discussing “tax reform” and over and over people on both sides of the aisle lamented that something NEEDED to be done, but that it was practically impossible given the “political climate”. Well, the climate changed.

Interestingly my of my friends on the Left agreed that corporate taxes were too high and that our uncompetitive corporate rates hurt the American economy by forcing money offshore. (But they wanted to trade corporate tax cuts for a carbon tax.)

But now the official line from the Dems is that this new tax law, and it is now law, is somehow a “giveaway” to the rich. How can government “give away” money that someone has earned? It’s the taxpayer’s money. And it is not just the well off who will see fatter wallets.

People and businesses will like keeping more of the money they earned. This is why Pelosi and company fret as they do.
More at link:
https://www.ac2news.com/2017/12/lef...cut-reveals-their-real-fear-what-if-it-works/
 
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Ensoniq

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Winning? Losing? All I know for certain is that Trump is continuing the theft of income. BIG FAIL! How about cutting LOTS MORE spending? How about shutting down a simple number of agencies and offices, say, like 130 or so would be a good start...maybe do it alphabetically. He could start with the CIA and end with the NSA in the first round of closures. If he got on it right away he could reduce taxes to $1 per person by 2020. Then get congress to cap taxes at $1.10 per person...make it a constitutional amendment.

Yes, I do realize that my suggestion is absurd and perhaps even asinine but certainly no more so than a government claiming it has a right to my income or yours.
I'm 100% in support of your thinking but realize we were incrementally nudged to the state we're in and we can't get back to sanity all in one go

Let's take what we can get and keep.pushing until the income tax anyone and spending is tenth amendment level only
 

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If they're illegal aliens how did they get a SS number to file tax returns? The real solutions to the problems you describe lie elsewhere beyond your view because of the NeverTrump blinders you wear!
Please read the article, and be aware that illegals use what is known as a " Taxpayer Identification Number" ...The IRS typically allows illegal aliens to file taxes using something called Taxpayer Identification Number. Under the existing tax code, this was all that was needed to claim the Child Tax Credit, which is refundable, meaning it effectively puts cash in the hands of those claiming it. The House’s original version would block most illegals from claiming the credit, as only citizens and work-authorized aliens get SSNs. The original Senate version required SSNs only for the children themselves, allowing illegals with U.S. citizen or otherwise legal children – “anchor babies,” for example, or even minors covered by Obama’s Deferred Action for Childhood Arrivals (DACA) – to claim the benefit.
 

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I get it! I know you're no dummy! I just wish you'd take those blinders off man!
 

latemetal

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So you'd rather nothing be done if what's done can't be perfect? Letting people keep more of their money is at least a step in the right direction. Had the dems won the Presidency, their tax bill would have been to increase taxes.
You miss the point, both sides fuck the taxpayer regardless of what they say. And your taxes will either be going up, or your services will be cut to fund this "Tax Cut".
 

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Bank of America becomes latest mega-company to award bonuses because of tax cuts as giant financier will pay $1,000 to more than 145,000 employees
  • Bank of America is paying $1,000 bonuses to more than 145,00 employees and attributes it to an expected earnings boost from corporate tax cuts
  • Sinclair Broadcast Group said Friday that it will give $1,000 bonuses to 9,000 employees
  • AT&T will pay $1,000 bonuses to more than 200,000 employees as well
  • Cincinnati's Fifth Third Bank Corp will bonus 13,500 employees $1,000 each
  • Comcast NBCUniversal is giving $1,000 bonuses to more than 100,000 workers
  • Two small Texas banks are also passing out $1,000 checks to workers, tying them to tax cuts signed into law Friday morning
  • President Trump said at the White House on Wednesday that 'many companies ... are going to be doing similar announcements'


Read more: http://www.dailymail.co.uk/news/article-5207261/Bank-America-pay-1-000-145-000-employees.html#ixzz522Rcpjib
Follow us: @MailOnline on Twitter | DailyMail on Facebook
 

hammerhead

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Bank of America becomes latest mega-company to award bonuses because of tax cuts as giant financier will pay $1,000 to more than 145,000 employees
  • Bank of America is paying $1,000 bonuses to more than 145,00 employees and attributes it to an expected earnings boost from corporate tax cuts
  • Sinclair Broadcast Group said Friday that it will give $1,000 bonuses to 9,000 employees
  • AT&T will pay $1,000 bonuses to more than 200,000 employees as well
  • Cincinnati's Fifth Third Bank Corp will bonus 13,500 employees $1,000 each
  • Comcast NBCUniversal is giving $1,000 bonuses to more than 100,000 workers
  • Two small Texas banks are also passing out $1,000 checks to workers, tying them to tax cuts signed into law Friday morning
  • President Trump said at the White House on Wednesday that 'many companies ... are going to be doing similar announcements'


Read more: http://www.dailymail.co.uk/news/article-5207261/Bank-America-pay-1-000-145-000-employees.html#ixzz522Rcpjib
Follow us: @MailOnline on Twitter | DailyMail on Facebook
All these bonuses are starting to sound just like PR stunts.
 

searcher

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All these bonuses are starting to sound just like PR stunts.

Was kinda thinking the same thing. Also thought end of year / Christmas bonuses.

Who really knows?
 

TRYNEIN

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LOL....

I'm so F--ked for the next election

------------------------------------------------------------------------------


Manchin: So, it Looks Like the Tax Bill I Voted Against Will -- Um -- Help A Lot of West Virginians




Of course it will, Joe. More than 80 percent of Americans will get a tax cut next year under the new law, with nearly as many taxpayers enjoying relief through at least 2026 (and very likely beyond). Of the plan's tiny handful of 'losers' (less than five percent), most are high-income earners living in high-tax states who itemize their deductions -- as opposed to taking the now-doubled standard deduction, as 70 percent of filers currently do (a number that will grow). It...doesn't sound like many West Virginians fit that profile. Manchin knew all of this, of course, but he voted with Chuck Schumer anyway, just as he's refused to help Republican Senators confirm a number of highly qualified judges nominated by President Trump. Confronted with his tax reform vote on local radio, Manchin struggled to defend his decision:

Sen. Joe Manchin, D-W.Va., on Wednesday struggled to explain his opposition to the Republican tax overhaul, conceding in a local radio interview that it contains “some good things” that could benefit his state. “There’s some good in this bill. I acknowledge that,” Manchin said, when West Virginia radio talk show host Hoppy Kercheval asked the senator why he opposed legislation that will benefit the “vast majority” of taxpayers and businesses in the state. “The things that you mention are correct. Initially people will benefit and see some changes in their taxes,” Manchin admitted...At times, it appeared that Manchin was wrestling with his answers, trying to justify his “no” vote without being too critical, and antagonizing Trump...Trump still has high approval ratings in West Virginia, a state he won over Democrat Hillary Clinton by nearly 42 percentage points. The senator could face blowback for voting against a measure Trump championed — and that was supported by the Republicans in his state. If voters in the working class-dominated state come to embrace the tax bill, Manchin’s re-election challenges could intensify. And it’s not just him. Democratic senators from Republican-leaning states facing similar potential hurdles over their opposition include Claire McCaskill of Missouri; Heidi Heitkamp of North Dakota; and Joe Donnelly of Indiana.

Manchin said that he opposed the bill because it adds to the national debt, and because the individual rate cuts weren't permanent. These are contradictory reasons. And if he was so concerned about the "temporary" tax cuts (as it stands families will receive relief every year for almost a decade), why wouldn't Manchin have voted for the bill, adamantly insisting that he'll vote to extend the tax cuts, or make them permanent, at the earliest possible opportunity? He also blamed his vote on the legislation's repeal of Obamacare's individual mandate tax, marking the latest instance in which he's defended the failing healthcare law, despite assuring West Virginia voters that he's opposed to 'the bad parts' of it. Other faux moderates like Indiana's Joe Donnelly, and North Dakota's Heidi Heitkamp (who was forced to retractsome of the false propaganda she spread about the bill) should be held to account, as well. And while we're on the subject of vulnerable Senate Democrats, what to make of this news?

Clinton mulls role in 2018 midterms: https://t.co/O2lE0qWoK7 pic.twitter.com/i5F0wUv3HM— The Hill (@thehill) December 21, 2017


Hillary's favorable rating is at an all-time low -- even lower than Trump's -- yet she's reportedly thinking about stumping for Democrats across the country next year. Will Missouri's Claire McCaskill, who was the very first member of Congress to endorse Hillary Clinton for president last cycle (in 2013!), welcome her old friend and ally back to the Show Me State for some campaign "help"? Mrs. Clinton managed to attract 38 percent of the Missouri vote last November. I'll leave you with this observation:

WaPo: "It’s remarkable that not a single Democrat in either chamber voted for this...the undeniable math is that most people are going to pay less...the sky will not fall." #taxreformhttps://t.co/KqNImowerf— Guy Benson (@guypbenson) December 20, 2017


https://townhall.com/tipsheet/guybe...ill-um-help-a-lot-of-west-virginians-n2425940
 

Ensoniq

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Looks to me like the tax cuts for the rich are targeting the middle

image.png
 

solarion

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...meanwhile in regressive land...



Weird! It's almost as though Trump is channeling JFK in implementing a tax cut when the dangers of recession are highest. Hey, wasn't Jack a democrat?


 
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searcher

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Trump supporters greet tax law with shrugs and measured hope

By THOMAS BEAUMONT and NICHOLAS RICCARDI Associated Press
December 24, 2017 05:44 AM
UPDATED 1 MINUTE AGO

WEST DES MOINES, Iowa
Ask someone like Sam Banks about the tax plan President Donald Trump signed into law Friday, and you hear something other than the effusive joy Republicans in Congress put on display this week.

The $1.5 trillion plan cuts taxes broadly while bestowing its richest benefits on companies and wealthy individuals. It is the first major legislative achievement for a president who rode to the White House with the full-throated backing of people like Banks who felt America's economic policies needed a drastic overhaul.

Yet Banks, a 50-year-old farmer in sparsely populated southwestern Iowa, regards the tax plan with a blend of indifference and uncertainty tinged with hope.

"They had to do something, though it took them long enough," Banks said of the president and the Congress his party fully controls. "It's going to help the companies. It's got to help me a little, I suppose."

In pockets of the country where Trump scored big with voters last year, the response to the tax overhaul is mainly a muted one. You'll get a few blank stares, some confusion and a bit of hedged optimism. What you won't hear is excitement.

Nearly all taxpayers will receive an initial tax cut. But an analysis by the Tax Policy Center shows that the gains favor the wealthy. For households earning between $48,600 and $86,100, the average tax cut in 2018 will be $930. But the top 1 percent of earners — with incomes above $732,800— will enjoy an average tax cut next year exceeding $50,000.

And companies will benefit from having their top marginal tax rate slashed to 21 percent from 35 percent — a permanent reduction unlike the tax cuts for individuals and families that expire after 2025.

"This is not a bill written with the core Obama-Trump voters in mind," said Henry Olsen, a senior fellow at the Ethics and Public Policy Center in Washington. "In the short term they get a little but not a lot."

One thinking behind the corporate tax cuts is that they will turbo-charge business activity and that ordinary Americans will, in time, receive benefits in the form of better jobs and higher wages. Most mainstream economists, though, have expressed skepticism that workers will benefit much from lower corporate taxes.

"This is something I'm very proud of," Trump said Friday at an informal bill signing ceremony in the Oval Office. "Great for our country, great for the American people."

What taxpayers will receive from the tax plan depends on their personal situations. Business people like Justin Dopierala appear most likely to benefit. Dopierala, 33, who runs an investment business out of Germantown, Wisconsin, expects the changes to reduce taxes substantially on both his corporate and personal income.

"I'm sure my wife and children would love to take more family vacations," he said.

Banks, the Iowa farmer, isn't expecting much of a windfall. But he sees a silver lining in the doubling of the threshold for the estate tax — something of interest to family farmers. A married couple will now be able to pass an estate worth up to $22 million to heirs tax free, up from $11 million.

In Beaumont, Texas, Chip Martel, a general contractor, says the tax changes will save his small business a substantial sum and perhaps enable him to expand his workforce of nine. He rejects the complaints of Democrats and other critics that the tax overhaul was assembled hastily, without any hearings but with heavy input from lobbyists.

"I believe we're in the process of making America great," Martel said, echoing Trump's campaign slogan. "We're changing a lot of the policies that were done with Obama, and I'm not really concerned about how it was done and finding out what's in the bill after it was passed."

Rich George, a farmer outside Detroit who boards horses, expressed hope that the tax plan's provisions for the wealthy will ultimately help him because they will benefit his upper-income clients. He dismisses studies that show the tax plan will swell federal deficits by more than $1 trillion over a decade, even after accounting for any additional economic growth the tax cuts help produce.

"When they talk about, 'This is going to add trillions of dollars to the deficit,' I know it's not going to happen," George said. "You're going to give people more money. They're going to do more business. There's going to be more people employed. There's going to be more commerce. Manufacturing is going to go up."

Some Trump supporters in Iowa said that for now at least, they were choosing to focus on the bright side.

"They needed to get a legislative win," Heather Kruse, a 34-year-old physician in an affluent Des Moines suburb, said of Republicans.

She acknowledged that the tax plan's passage was "hastily done."

Like many voters, Kruse said she didn't know most of the details and was disappointed by the reports that it won't likely help the middle class much. But Kruse said she was cautiously hopeful that the benefits of lower taxes for companies would resonate beyond corporate America.

"If that's true that it makes us more competitive in the global market, I can see that being a positive thing," she said,

Then there is 88-year-old Marilyn Vanderlinden, a Trump voter who sounded appalled by the tax plan.

"This just means the rich are getting richer," said Vanderlinden, a retired nurse, who lives in the small town of Centerville on the Missouri border.

In her county, Trump won 65 percent of the vote, which included the backing of her and her son and grandson, who raise cattle. Vanderlinden said she doubts the benefits of the tax plan will reach Centerville, whose median income is only about half the state's average.

"I voted for Trump, but I wish I could take it back," she said. "He doesn't listen."

http://www.mcclatchydc.com/news/politics-government/national-politics/article191405029.html
 

Ensoniq

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Trump supporters greet tax law with shrugs and measured hope

By THOMAS BEAUMONT and NICHOLAS RICCARDI Associated Press
You're either drunk, high or delusional Thomas, better to sleep it off and publish again tomorrow
 

FunnyMoney

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What that chart should look like.

View attachment 96590
Mainstream media reported that there is over 9 TRILLION dollars missing at the FED. Although there hasn't been audit since, ... ever, they were able to determine this by estimating what the FED spends on salaries, the interest they collect, and the return payments back into the treasury.

What this tells you is that the owners of the FED, the names which we still don't know, took this money. 9 Trillion dollars were stolen from the system. In addition to that, the USD has lost value which is multiples of that by way of inflation, a stealth tax on the middle class and the poor.

Until the stolen wealth is paid back to those groups it was stolen from, America will never be great again.
 

searcher

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Trump, Sanders clash on Twitter over new tax law

FOX News

Dom Calicchio
4 hrs ago


It was a holiday weekend, but President Donald Trump and rival Bernie Sanders didn’t exactly exchange greeting cards.

Instead, the political foes clashed via Twitter over the nation’s new tax legislation, which Trump signed into law Friday.

“Today, it was my great honor to sign the largest TAX CUTS and reform in the history of our country,” the president tweeted, soon after signing the $1.5 trillion bill.

On Saturday, Trump touted the plan as the culmination of a successful first year in the Oval Office.

“The Tax Cut/Reform Bill, including Massive Alaska Drilling and the Repeal of the highly unpopular Individual Mandate, brought it all together as to what an incredible year we had,” he tweeted.

Sanders, a U.S. senator from Vermont, prefaced his weekend tweets by posing a question Thursday.

“Doesn’t it tell us a lot about Republican priorities,” Sanders asked, “when the tax breaks for corporations are permanent, while the tax cuts for working families expire at the end of 8 years?”

Then on Saturday, Sanders poked fun at reports that Trump had told friends during a Mar-a-Lago dinner in Florida on Friday night that, “You all just got a lot richer.”

“At least Trump is finally telling the truth about his tax bill,” Sanders wrote.

That same day, however, the president reminded his Twitter followers:

“The Stock Market is setting record after record and unemployment is at a 17 year low. So many things accomplished by the Trump Administration, perhaps more than any other President in first year.”

Then Sunday, Sanders presented alternatives for what the U.S. could have done with the $1.5 trillion value of the tax legislation.

“What we could do with $1.5 trillion:

-Make college tuition-free

-Provide universal preschool

-Repair our crumbling infrastructure

-Fund CHIP for 107 years

-Rebuild Puerto Rico

What Republicans did:

-Give tax breaks to the wealthy and corporations.”

Sanders added, in a separate tweet:

“If I were the Republicans, I would worry very much about 2018,” referring to next year’s mid-term elections.

But Trump seemed unfazed by any talk of problems at the polls for the GOP. As he tweeted Saturday:

“Remember, the Republicans are 5-0 in Congressional races this year.”

http://www.msn.com/en-us/news/polit...r-new-tax-law/ar-BBHmv6g?li=BBnbfcL&ocid=iehp
 

solarion

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rival Bernie Sanders
I was unaware they were rivals. Isn't Sanders feeling the bern in his new digs? He got his payoff for selling out his delusional supporters...now it's time for him to fade off into the sunset.

...yet here he is again peddling his "hate the rich" crap. Ya lost ya old maths challenged poop. Go away now.
 

hammerhead

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There is already enough debt, I mean money in the coffers to do all of what Bernstable wants. Just readjust the spending priorities.
 

solarion

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Things like "free" college? Yeah that'd end well, cuz we've all benefited oh so much from 1.5 decades of mind numbing indoctrination at the hands of the department of stupidity. College for all would be an unmitigated disaster.
 

hammerhead

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Things like "free" college? Yeah that'd end well, cuz we've all benefited oh so much from 1.5 decades of mind numbing indoctrination at the hands of the department of stupidity. College for all would be an unmitigated disaster.
Where else is a young adult going to learn how to whine and be offended?
 

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Tumblr, Twitter, Deviantart, faceplant, gawker, huffpo, any lamestream media channel, Disney crap, etc...
 

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image.png
 

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Private prison investors set for giant windfall from Trump tax bill

Prison firms that restructured as real estate investment trusts see substantial tax cut – more good news for those who benefit from increased incarceration

Jamiles Lartey in New York

Thu 28 Dec ‘17 07.00 EST Last modified on Thu 28 Dec ‘17 07.01 EST


Individual investors in US private prisons are poised to collect their most lucrative earnings ever thanks to changes in the tax code signed by Donald Trump, continuing what has been a banner year for the industry since the 2016 election.

“It’s going to be great for the investors, banks and hedge funds that own shares in private prisons, and are dependent on increased incarceration and criminalization,” said Jamie Trinkle, campaign and research coordinator with the racial and economic justice coalition Enlace.

Under the new GOP law, investments in so-called “real estate investment trusts” (reits) will see a 25% reduction in tax, from 39.6% down to 29.6%.

Corecivic, formerly Corrections Corporation of America (CCA), and the Geo Group, which together own more than 80% of private prison beds in the US, both restructured as reits in 2013.

“This tax act is of unprecedented benefit for reit investors,” said David Miller, a tax partner at Proskauer Rose. “I think reits will explode in popularity as a result of this act.”

With dividends of more than $430m paid out by the two major private prison companies in 2017, in theory, prison investors could see an additional $50m in dividend earnings next year, thanks to the GOP legislation. The actual figurewill be lower than that, however, as some proportion of those shares are owned by institutional investors which are taxed differently from individuals. The exact breakdown between the two is not available in public filings.

Even without the new lower tax rate, the reit classification was already a huge boon to the private prison industry. Before converting to a reit in 2013, Corecivic was subject to a 36% corporate tax rate. After the reorganization, it reported paying an effective tax rate in the first quarter of 2015 of just 3%

Lauren-Brooke Eisen, an attorney at the Brennan Center for Justice, said: “The way they are able to get away with that, is that they’re not allowed to keep a lot of cash on hand, they have to give it back to investors though dividends. But it allows them to have an incredibly low tax rate.”

According to Eisen, prison companies have essentially argued that renting out cells to the government is the equivalent of charging a tenant rent, thus making such business primarily a real estate venture. In her new book, Inside Private Prisons, Eisen examines the way this classification has boosted industry earnings.

Oregon Democratic senator Ron Wyden, a ranking member on the finance committee, has called the use of the reit structure by prisons “unfair” and “unjust”. In 2016, after being pressed by Enlace, he introduced legislation to end such practices. The bill was reintroduced this year but it has yet to make it out of committee and is not likely to do so any time soon.

A CoreCivic representative told the Guardian that, in their view, “there are far more pressing matters for Congress to pursue” than the reit tax classifications. The Geo Group added they are “treated exactly the same as other real estate investment trusts without any special tax treatments or loopholes.” The point that activists make, though, is that treating prisons as real estate is a loophole.

A dramatic shift
Sixteen months ago, the outlook for private prisons seemed bleak: that was when the Obama Department of Justice announced it was phasing out their use. That announcement followed the release of a scathing government reportwhich concluded that private facilities were less safe than government-run ones.

The announcement only applied to the 18% of federal prisoners held in private facilities, not the 8% of state prisoners or 65% of immigration detainees held in private facilities. But it still signaled serious trouble. Corecivic and the Geo Group saw their stock prices plummet by about half and trading remained cratered until Trump’s surprise election victory.

By February, Trump’s first full month in office, it had become clear that the new administration would discontinue Obama’s efforts to shrink the size of the US prison population. One of Jeff Sessions’ first acts as attorney general was to undo the DoJ directive phasing out private prisons. That month the two companies each reached two-year stock highs.

The tax bill gift to private prison investors mirrors the cosy relationship Trump has had with the industry overall. After years elsewhere, in 2017 the Geo Group hosted its annual leadership conference at the Trump National Doral golf club in Miami. The company also gave nearly half a million dollars to Trump through his inauguration committee and super-pacs. Shortly thereafter, it secured the administration’s first contract for an immigration detention center, a deal potentially worth millions.

Despite all that momentum, though, Jamie Trinkle at Enlace still sees a potential for organizers to stem the resurgence of private prisons. Divestment campaigns have successfully pulled more than $4bn out of banks (principally Wells Fargo) and other organizations that invest in the industry.

“Since the tax benefit goes directly to the investors, I think the divestment work actually becomes more important as a way to fight back and stop the flow of capital,” Trinkle said.

https://www.theguardian.com/us-news...ons-investors-trump-tax-bill?CMP=share_btn_tw
 

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Hollywood likes the plan.............

Hollywood director Ridley Scott defends Republican tax bill as he says 'clever, un-selfish' business leaders will plow savings back into their companies to create jobs
  • Ridley Scott, whose newest film 'All The Money in the World,' is in theaters now, suggested some good could come from the GOP tax bill
  • Scott pointed out that while 'people say [Republicans] are doing it for the wealthy class ... clever, un-selfish' business people will reinvest in the economy
  • 'Then you're going to get growth and therefore [people] will get employed,' the longtime Hollywood director pointed out


Read more: http://www.dailymail.co.uk/news/article-5218167/Director-Ridley-Scott-defends-GOP-tax-bill.html#ixzz52ZfAnmD2
Follow us: @MailOnline on Twitter | DailyMail on Facebook
 

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Prepaying taxes not an option for Pennsylvania homeowners

By Chris Ullery
Wednesday
Posted Dec 27, 2017 at 8:43 PM Updated at 1:20 AM


As taxpayers in states such as New Jersey are rushing to prepay 2018 taxes and avoid a new federal deduction cap, Pennsylvania state law will keep Bucks County homeowners from paying taxes until after federal law takes effect.

As property owners in New Jersey and other high-tax states rush to prepay property taxes before the new federal tax law goes into effect Monday, Pennsylvanians have been told to hold off on writing checks to pay their taxes early.

The law in the Commonwealth prohibits tax collectors from accepting any early payments.

The rush to prepay property taxes began in the days following President Donald Trump’s Dec. 22 signing of the federal tax overhaul into law. For the first time, the tax code caps the state and local tax deduction to $10,000. When the national income tax was established in 1913, taxpayers were not limited on how much they could deduct.

The law does not go into effect until the new year, which has led to a surge of prepayments from residents in other states as property owners try to maximize their federal income tax deductions while they still can. While in nearby New Jersey and New York, where the governors signed executive orders instructing municipalities to accept early payments for 2018, Pennsylvania’s local tax collection law prevents tax collectors from accepting early property tax payments.

Sherry Labs, Plumstead tax collector and president of the Pennsylvania State Tax Collector’s Association, said in an email that tax collectors in the state have been inundated with calls asking if prepayments were possible.

“Many of you have been receiving phone calls from taxpayers asking if they can prepay their 2018 real estate taxes,” a statement from the association provided by Chalfont tax collector Barbara Klingerman states. “That is expressly prohibited by statute and collectors may not collect any taxes as prepayment for 2018.”

The Bucks County Division of Finance and Administration sent out a statement on Dec. 14 telling tax collectors not to accept any prepayments. The statement also says the county treasurer will not issue a receipt for any prepayment of 2018 real estate taxes.

The county board of assessment will not certify 2018 tax assessments until Jan. 31, and real estate taxes will not be payable until March 1, according to the statement.

According to IRS data from 2015, Pennsylvanians claimed deductions for nearly $20 billion in income, sales and property taxes paid. That was sixth most among states, or an average of about $11,248 for the 6.2 million tax filers that year.

The averages were at least $12,300 or higher in Allegheny, Bucks, Chester, Delaware and Montgomery, according to an analysis of the data by the National Association of Counties. The national average was about $12,500.

Property taxes were $8.2 billion of Pennsylvania’s total claimed that year, with $11.3 billion going to income taxes and $153 million going to sales taxes. Pennsylvania filers claimed an average $7,200 in income taxes paid in 2015, according to IRS data, putting the state in the middle of the pack of states, but that hasn’t halted interest in prepaying in hopes of maximizing deductions under the new tax code.

Bonny Davis, president of the Montgomery County Tax Collector’s Association since 2009, said the tax reform law has had her and other tax collectors in the area practically doing nothing else but answering email and returning phone calls to taxpayers trying to pay taxes a year in advance.

Davis, finishing her ninth year as tax collector for Springfield Township in Montgomery County, said many taxpayers are mad when told they can’t prepay. Davis said she’s even heard some tax collectors have been threatened with lawsuits.

“We’re not the ones to argue with, we’re just doing our jobs,” Davis said in a phone interview Wednesday. Davis added she encourages anyone upset with the change to the law to contact their state representatives and congressmen.

The Associated Press contributed to this story.

http://www.buckscountycouriertimes....-taxes-not-option-for-pennsylvania-homeowners
 

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Mean while in PR...............

GOP tax bill treats Puerto Rico as a foreign country

Thursday
Posted at 6:00 AM



WASHINGTON — President Trump awarded himself a 10 out of 10 score two months ago for his response to Hurricane Maria, which leveled Puerto Rico.

“If you look at a real catastrophe like Katrina, and you look at the tremendous hundreds and hundreds and hundreds of people that died,” Trump said as he toured Puerto Rico in October. “What is your death count, as of this moment — 17?”

“Sixteen certified,” the governor of Puerto Rico replied.

“Sixteen versus literally thousands of people,” Trump said. “You can be very proud.”

How proud we are now.

Last week, we learned the truth. Some 1,065 more Puerto Ricans died in September and October of this year than in previous years, almost certainly storm-related deaths, according to the Center for Investigative Journalism. When all is tallied, the destruction in Puerto Rico will be very much on par with what Trump considers “a real catastrophe like Katrina,” which killed about 1,800.

Incredibly, a large portion of the island remains without power — three months after the storm. It was reported last week that power may not be fully restored until May. Puerto Ricans — American citizens — are still awaiting tarps and temporary roofs to shelter them after an untold number of homes were destroyed.

A new report from Refugees International said, “Thousands of people still lack sustainable access to potable water and electricity and dry, safe places to sleep.” The group faulted the Federal Emergency Management Agency’s “bureaucratic and opaque assistance process” for leaving survivors with “enormous challenges.”

This, in the United States of America, in 2017. Ten out of 10, Mr. President. A-plus for you!

In October, when Trump was tossing “beautiful, soft” rolls of paper towels at Puerto Ricans, he offered lavish promises of aid and said Wall Street lenders were “going to say goodbye” to Puerto Rico’s $72 billion debt. But the debt was not written off, and disaster-relief aid has been inadequate and piecemeal. Now, Trump and congressional Republicans are hitting Puerto Rico with an additional, man-made catastrophe.

The GOP tax bill, which Trump celebrated last week, treats Puerto Rico as a foreign country, imposing a 12.5 percent tax on the income that companies there receive from intellectual property — a big hit to its crucial pharmaceutical and medical-device sector. Rather than give Puerto Rico special tax treatment, which it urgently needs, Trump and his congressional allies gave employers a powerful reason to move jobs off the island.

You might recognize this pattern, even if you don’t care about Puerto Rico and the suffering of the more than 3 million Americans there. Trump comes in with razzle-dazzle and self-congratulation, promising great things to come. Then, when the cameras are off, comes the quiet collapse.

The prototype is the Trump Taj Mahal in Atlantic City. In April 1990, it opened with much fanfare as the world’s largest casino-hotel complex. Six months later, it defaulted on payments. Nine months after that, it filed for bankruptcy.

Now this happens on a world scale. Trump promises an easy peace in the Middle East but winds up setting off a new wave of violence. He promises a tax cut for the middle class and winds up with a giveaway to corporations and millionaires. He promises to improve upon Obamacare but ravages the program with no replacement.

In business, when Trump attended the ribbon-cutting and then moved on while deals went south, people lost their investments.

But when the United States walks away from promises, people lose rather more.

Nearly a million low-income Puerto Ricans are in danger of losing health care early in the new year because the territory’s Medicaid program will soon be unable to pay providers. Federal law restricts Medicaid reimbursements for Puerto Rico to not-quite 20 percent, about a quarter of what it would get if it were a state. Puerto Rico’s leaders have called for a few billion dollars to avert this latest crisis, but the request went unanswered as Congress rushed to complete the tax cut.

Puerto Rico’s (Democratic) governor, Ricardo Rossello, made a dumb mistake in October when, appealing to Trump’s vanity, he praised the president’s hurricane response. That gave Trump cover to do nothing for Puerto Rico. Now Rossello has apparently realized his mistake, and, in an interview with Politico last week, he vowed to mobilize the more than 5 million Puerto Ricans living in the mainland United States. That includes hundreds of thousands of U.S. citizens fleeing Puerto Rico since Maria.

They are eligible to vote, in 2018 and 2020. One suspects they might award Trump something less than the 10 out of 10 he gives himself.

Follow Dana Milbank on Twitter, @Milbank.

http://www.buckscountycouriertimes....ax-bill-treats-puerto-rico-as-foreign-country
 

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IRS says many who prepaid property taxes may still face cap on deductions

Peter Jamison, Jeff Stein and Patricia Sullivan By Peter Jamison, Jeff Stein and Patricia Sullivan
D.C. Politics
December 27 at 9:16 PM

People across the United States rushed this week to pay their 2018 property taxes early, hoping to take advantage one last time of a federal deduction that will be scaled back under the tax-code overhaul signed by President Trump.

On Wednesday, however, the Internal Revenue Service announced that those prepayments could be deducted only in limited circumstances, a decision that appeared to invalidate many taxpayers’ efforts and raised the prospect that local governments could come under pressure to refund millions of dollars.

The announcement stoked confusion surrounding one of the most controversial elements of the tax law — a $10,000 cap on deductions for state and local taxes that will disproportionately affect higher-tax, Democratic-leaning states. It also offered a glimpse of the kind of hiccups that could arise in coming weeks as the IRS releases guidance on other facets of the bill, the largest overhaul of federal tax law in three decades.

[Can you save by prepaying? Key questions and answers]

In affluent states with high taxes and property values, local officials have been besieged in recent days by people trying to pay their 2018 property taxes early so they can deduct those payments before the cap takes effect.

Read the IRS guidance on prepaying taxes and seeking deductions]

That confusion was echoed among thousands of taxpayers in the Washington region and elsewhere — some following the advice of their accountants — who interrupted their holiday activities to line up in subfreezing temperatures at tax offices.

In affluent Fairfax County, Va., more than 1,700 property owners came to the government center Tuesday to prepay their property taxes, while 750 people sent wire transfers and about 650 dropped off payments in a government lockbox that normally gets two or three pieces of correspondence a day, according to Scott Sizemore, director of the revenue collection division.

The county collected nearly $16 million in tax prepayments on Tuesday alone, county spokesman Jeremy Lasich said, with more money flowing in Wednesday. He said the county would devise a reimbursement plan if it cannot accept the prepayments. “We don’t know the full impact of that [IRS] statement yet,” he said. “We’re still studying that.”

Brian Lowit, 43, of Baileys Crossroads, Va., said his accountant told him that prepaying his 2018 property taxes this week could save him more than $1,000. He then checked with his mortgage company, where an operator told him that there were 150 people on hold behind him ready to ask the same questions.

Eventually, he wired $5,100, a full year’s payment, to Fairfax County. Soon afterward, he learned of the IRS announcement.

“It’s a nightmare,” Lowit said. “I’m definitely frustrated, annoyed and irritated. The rush to get that bill done screwed everyone up. It’s insanity and it’s stupid.”

The deduction for state and local taxes is especially popular in high-income, highly taxed and often left-leaning states: More than 37 percent of tax returns in Virginia included the deduction in 2015, compared with 23 percent in Texas, according to the nonpartisan Tax Policy Center. In the District, 40 percent of returns deducted state and local taxes, and in Maryland, 46 percent.

In Maryland, the Montgomery County Council broke its winter recess Tuesday to pass a law authorizing prepayment of 2018 property taxes. On Wednesday, hours before the IRS announcement, neighboring Prince George’s County said it would convene in an emergency session Thursday to do the same. The council canceled those plans Wednesday night.

Neither Montgomery nor Prince George’s appears to have assessed property taxes in time for residents who prepay to claim their full deduction.

Nationally, more than 96 percent of tax increases resulting from the loss of the state and local deduction will be paid by those in the top 20 percent of the income distribution, a recent analysis by the Tax Policy Center found.

Republican supporters of the bill say the cap on deductions and other changes were needed to offset a reduction in personal and corporate income tax rates.

The tax law explicitly states that the $10,000 deduction cap cannot be avoided by prepayment of 2018 income taxes but had left open the question of whether it applied to prepaid property taxes.

“There are so many questions around this,” said Sean S. Zielenbach, a business owner in Alexandria, Va., who prepaid his $12,000 property tax bill for 2018 early Wednesday only to learn later in the day, after the IRS announcement, that he might not benefit.

In Virginia, counties mail out tax assessments in February.

While the IRS announcement sought to clarify rules regarding prepayment, many questions remain. Counties across the country have different laws and timelines for assessing property taxes, potentially making it difficult for the agency to enforce its interpretation, tax experts said.

“It’s really difficult to guess what will happen if folks don’t follow this ruling,” said Bradley Heim, a professor at Indiana University who worked in the Treasury Department’s Office of Tax Analysis under President George W. Bush.

Andy Grewal, a tax expert at the University of Iowa, said local lawmakers could try in the remaining days of the year to formally change their assessment dates but cautioned that doing so retroactively “would raise some thorny legal questions.”

In the District, Mayor Muriel E. Bowser (D) openly encouraged homeowners last week to prepay their 2018 property taxes, either online at the D.C. Office of Tax and Revenue or at any Wells Fargo branch in the city. (Those seeking to pay at the bank locations were told to bring a 2017 property-tax invoice with them.)

D.C. officials said Wednesday that they were reviewing the IRS announcement and could not yet comment on whether prepayment might benefit taxpayers.

Roughly 700 people appeared in person to prepay taxes in Montgomery County on Wednesday, forking over about $8 million on the first day such payments were accepted, county officials said.

On Wednesday night after the IRS announcement, council member Nancy Floreen took to Twitter, saying that those still wondering if they could prepay should seek out expert tax advice before doing so.

“The plot thickens,” she wrote.

Rachel Siegel and Perry Stein contributed to this report

https://www.washingtonpost.com/loca...s-535pm:homepage/story&utm_term=.2d34e7cbe777
 

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100 years of democrat overspending and PR thinks we should absorb all their cummukative debt because they had a huricane
 

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Rubio: GOP Tax Bill ‘Probably Went Too Far’ On Helping Corporations


Talking Points Memo
Allegra Kirkland
12 hrs ago



Sen. Marco Rubio (R-FL) said Friday that he believes the recently passed GOP tax bill did too much to help the bottom line of America’s largest corporations.

“I thought we probably went too far on [helping] corporations,” the Florida Republican told the Fort Myers-based News-Press.

“By and large, you’re going to see a lot of these multinationals buy back shares to drive up the price,” Rubio continued. “Some of them will be forced, because they’re sitting on historic levels of cash, to pay out dividends to shareholders. That isn’t going to create dramatic economic growth.”

The bill passed by the Republican-controlled Congress and signed into law by President Donald Trump last week slashed the corporate tax rate from 35 to 21 percent. It also includes a number of provisions that benefit the country’s wealthiest residents rather than the middle-class Americans the GOP has insisted will benefit from the plan, including a cut to the top income tax rate and for pass-through businesses.

The bill will go into effect on Jan. 1, 2018.

Rubio told the News-Press he was unconcerned about polls showing that most Americans disapprove of the legislation, saying the media has unfairly influenced peoples’ opinions and that ultimate perception of the bill will be based on “what their paycheck is telling them.”

This article was written by Allegra Kirkland from Talking Points Memo and was legally licensed through the NewsCred publisher network. Please direct all licensing questions to legal@newscred.com.

http://www.msn.com/en-us/news/polit...-corporations/ar-BBHuujk?li=BBnb7Kz&ocid=iehp
 

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Rubio demands focused on refundable child credits that are just more giveaway to the FSA types showing once again that Rubio is just another RINO. I will agree with his comment " media has unfairly influenced peoples’ opinions" because every media article I have read makes assorted assumptions regarding tax effects depending on what audience the writer is trying to attract and in today's world bashing anything Trump seems to be the norm. Tax professionals are currently trying to digest the whole of the new bill while meanwhile the "press' is now professing that they are tax professionals as well and that is hardly the case.