The Pardu

The Pardu
Watchful eyes and ears feed the brain, thus nourishing the brain cells.
Showing posts with label Trump Tax Plan. Show all posts
Showing posts with label Trump Tax Plan. Show all posts

Thursday, October 12, 2017

24 Hours Of Trumpism: The Incessant Lie

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We start with Ali Velshi and Stephanie rule responding to Trump's sycophant feed over the past two days. Trump's lies about the stock market under his leadership drew particular attention from the liberal MSNBC hosts.

Trump's lies also spill onto the CNN News set as host Chris Cuomo partook in a critical and necessary on-camera battle with yet another GOP  (Trump Administration) rationalizer. Pennsylvania Rep. Scott Perry towed the GOP post-Hurricane Maria party line with claims of "we are doing a great job in Puerto Rico and what could we do better...people would be dying.

What follows is an excerpt from the ShareBlue web page. The excerpt video and partial transcript offers all rational Americans they need not know about the GOP.

______________________END SHAREBLUE_______________

Trump also spent part of yesterday offering lies on an audience of "truckers.'

Philadelphia's ABC News 6 and two minutes of Trump hawking his tax plan in Michigan.

As is always the case Trump used standard Trump mantra (God, county et al) to hawk to an audience billed as "truckers." Trucker and rational Americans beware Politifact Trump File

Trump has also taken to spewing utter lies about how his tax plan will not offer a financial benefit to himself. 
Let's count the ways 

Says "No, I don't benefit, I don't benefit" from his tax proposal.
— PolitiFact National on Thursday, September
Before we leave the daily Trump lie machine, allow one more peep at a recent Politifact "Pant on Fire."
Share The Facts
Donald Trump

Ending the estate tax would "protect millions of small businesses and the American farmer."
That’s a ridiculously high estimate. Only 5,460 estates even pay the tax each year, according to a credible estimate, and of those, about 80 represented small businesses or farms. We rate the statement Pants on Fire.
Yes this is a huge tax cut. But it goes overwhelmingly to the top 1%. Hedge funds. Lobbyists. Lawyers. Real estate investors. 2/2
— Chye-Ching Huang (@dashching) October 11, 2017
From effectively ignoring the catastrophe and strife in Puerto Rico through outright lies regarding the GOP tax plan, never a day goes by without a copious dose of Trumpism.

On another note, another day has passed into US history without a word from Trump about the four Marines killed last week in Niger. He took a moment this morning to wave the "respect" Flag regarding Pakistan's military-style operation and release of a Western couple (An American woman, a Canadian man, and three kids)  from the Taliban, but no word about four dead servicemen.


Thursday, August 31, 2017

The Daily GOP Ignominious: Trump's Texas Visit, Tax Plan And NBC Focus Group

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Image result for msnbc full focus group trump

Flooding in the South while Trump runs to a red state to garner personal praise from an audience while attacking that state's Democrat Party Senator.  All under the guise of providing himself and other top 10% income earners tax relief.

First Trump's exhaustive trip to the Hurricane ground zero.

If you haven't noticed the GOP sponsored ads for Tax reform (cut for the rich) with your local member of the US Congress as the named focal point of recommended calls, you are not watching news related channels. Moreover, of you beloved, the GOP is pursuing cutting taxes to provide assistance to the middle class you really should sign up for future airline tickets to the Planet Jupiter. The Trump family will gleefully sell you two tickets for the price of one. 

Trump's tax plan?  

He actually doesn't give a tax plan nor has the GOP Congress offered any semblance of a "tax relief" plan. Yet, we are inundated with rhetoric such as a benefit to the middle class.  Who benefits from GOP tax planning?

You may have noticed in his speeches frequently mentions easing corporate taxes to generate jobs. Well, it isn't so.

NPR last November:
What Is Donald Trump's Tax Plan? An Analysis Of Whom It Will Benefit ...

The LA Times this past April:  The Trump plan: Every bad tax idea, in one place - LA Times

When we find many television advertisement exhorting the public to call their Congressional representatives, know for certain the GOP and its powerful backers want tax relief. And, such relief will disproportionately benefit the nation's uber wealthy.

The Tax Lie, from a president who is disappearing as a national leader.

While in another realm, we think it important to stay in touch with how the public is reacting to Trump (as President).  MSNBC recently hosted a small focus group for reaction to matters related to the Trump and his administration. 

The focus group is reported to have including five people who voted for Trump last fall.  Not one of the five have complimentary comments about Trump and his presidency.

What follows is a minute and a half video segment from the focus group.

If you need a teaser to watch the brief video segment, we offer this form the MSNBC website.
Asked to describe the president in a single word, participants called Trump “outrageous,” “dishonest,” “disappointing” “narcissistic,” “an abject disappointment,” “unique,” “not ready to be president,” “off the scale,” “crazy,” “unbelievable” and “contemptible.”

Why did we post the brief focus group segment in a post related to Trump's Texas visit and his tax plan Missouri rally? Think in terms of credibility as a person, credibility as a leader, perceptions of his administration and the underlying impetus for his tax plan (which does not exist).

Wednesday, April 26, 2017

Trump Tax Plan? Trickle-Down Again (Video)

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Pacific Standard Mag

The IMF Confirms That ‘Trickle-Down’ Economics Is, Indeed, a Joke

Like, a literal joke.

“money was all appropriated for the top in the hopes it would trickle down to the needy.”
American humorist Will Rogers, who mocked President Herbert Hoover’s Depression-era recovery efforts, saying that “money was all appropriated for the top in the hopes it would trickle down to the needy.” 
At the center of Reagan’s economic doctrine was the idea that economic gains primarily benefiting the wealthy — investors, businesses, entrepreneurs, and the like — will “trickle-down” to poorer members of society, creating new opportunities for the economically disadvantaged to attain a better standard of living. Prosperity for the rich leads to prosperity for all, the logic goes, so let’s hurry up with those tax cuts already.....
Read More (Linked above)

This past January the nation embarked on a tightrope experience of Trump as the 45th President of the nation.  In addition to many promises which equal the carnival barking lies of any cheap traveling carnival, he focused on a couple of promises which carry real danger for the nation. One such promise was the tried and failed Republican paradigm of promulgating tax policies which without question favor wealthy Americans and corporations. While many suspected the worse in a Trump tax plan, It appears Trump and his economic ministers have surprised even their cohorts among the GOP members of Congress.

As Trump was being inaugurated, a few social media and print media sources published articles based on their knowledge of Trump's spoken components of a tax reduction plan. One consideration is certain. I don't believe anyone forecast Trump proposing a tax rate of 15% for taxpayers and corporations.

January 2017

Janaury 2017 Center For Budget Policy Priorities

Trump Tax Plan Gives Big Tax Cut to the Top

House Republican "Better Way" Tax Plan Gives Big Tax Cut to the Top
Ugly, eh? 

Three months later and with Trump's cherish 100-day barometer, Trump has released his tax plan.  Yet, he hasn't released his past taxes for pubic review as has all presidents (back) through Richard Nixon.

Well, here it is (see video below). Trump's tax plan and I will wager not one surprise for those who don't trust Republicans with the US economy. I will also wager there is no surprise Trump's tax plan offers a form of neo-Trickle down (Supply Side) policy which favors the wealthy tax proposal provisions. What should surprise is the audacity to propose such reduced tax rates at a time when it seems Trump is chopping at the bits to engage US forces in wars? Do you recall The George W. Bush Great Recession formula for wrecking the US economy (after Bill Clinton)? The formula was:
1. reduced financial regulation. (Clinton and Bush): Sub-Prime Bubble
2. major tax cuts.
3. two Bush wars. 
The economic world changed as the Bush Bubble came falling down like Bush in the stands at the China Olympics (totally inebriated).

Trump's economic ministers

For those who abstained for viewing the 28-minute video, Kevin Drum developed a piece for Mother Jones with a basic (non-detailed) opinion review. No one has complete details of Trump's tax plan but Drum captured enough of the plan for validation of another trickle-down on steroids plan.

Trump Tax Plan Unveiled
There's a little more than you see in the tweet above:
Three tax brackets instead of seven. However, there's no telling how this affects taxes until Steve Mnuchin tells us where the cutoff points are.
Doubles the personal exemption from $12,000 to $24,000. This will help middle-class families, but it's a little hard to know how much it will help them until we get details on....
Elimination of itemized deductions. Which ones? All of them? Good luck with that. But you can be sure that one of the targets will be the deduction for state income taxes, since that mostly benefits the hated blue states of California and New York.
Elimination of the estate tax. A huge boon for the super-duper rich.
Elimination of the AMT. A huge boon for the rich.
Elimination of Obamacare's 3.8 percent tax on investment. A huge boon for the rich.
Reduce business tax rate to 15 percent. A huge boon for corporations and the rich, especially those with income from pass-through businesses. Apparently Mnuchin doesn't care that Senate rules make this almost literally unpassable.
Tax repatriation holiday. A huge boon for corporations and the rich.
Territorial taxation system for corporations. There's no telling what effect this would have. There are good territorial systems and bad ones. It's all in the details—though it's a pretty good guess that Trump will opt for one of the bad ones.
The driving force behind this appears to be Trump's desire to call this the biggest tax cut in American history. 

As one would expect, CNN loaded its afternoon programming with enough panel members to embarrass an Arkansas farmers chicken coup Another expectation would find a discredited Right Wing economic shill, Steven Moore, sitting on the panel ready to spew GOP talking points (AKA political bull crap). The session ended with another economic contributor taking Moore's Trump facilitation to task. Link.

MMFA on Moore and CNN's poor decision to place him on their shows.

The man is a class facilitator of bad economics.

MSNBC's AIi Velshi also devoted air time to a Republican carry a pail of Trump B/S.  Link.

I digress...back to Trump's tax plan.

We have a president sitting atop a party (while occupying the White House) who has never shown a propensity for caring about Americans who earn less than millions per year. He has surrounded himself with both billionaires (certain advisers and cabinet members) who can't fathom life in America without a country club membership. Actually, I would be surprised if joining Trump's Cabinet came with a prerequisite for membership at Mar-A-Lago.

If you believe Trump and company will propose a tax plan which will be fair and equitable across the economic income strata, you are a Trump enabler.

Saturday, July 23, 2016

Trump For Trumps: Their Tax Plan

I believe even Donald Trump supporters know he is a fraud. They know he is a narcissist, self-serving corporatist who, via paradigm, isn't a person of the people. Yet, they are so influenced by a social paradigm inseminated, nurtured and fertilized by the GOP they actually subscribe to politics that works against their own best interest.. They vote to have the guillotine placed as visibly as possible and they need to assistance in proper placement their exposed necks to conservative (or fake conservative) charlatans.

Conservative America has fallen lock-step in line behind a false Conservative who seeks to infest the White House with his "Us only family". The common conservative refrain is: "He is a business  man."  Alas, the vast majority of business owners by necessity, mindset and operation models are for themselves first and foremost. Trump is no exception. Have you ever asked yourself: "How does any casino owner go out of the casino business?" It is so uncommon, the rational person should wonder why? We don't have an answer, but we rest in our beliefs the casino closures benefited Trump, his family and his inner circle while handing economic tragedy to many employees.

Is there seriously a person among us who false to recognize a family that is only about themselves?  Herewith is another example. The Trump Tax Plan.

America owes us rights to our billions!  Photo added by The Progressive Influence

“This material [article] was published by Third Way" 

Trump’s Estate Tax Plan Gives $7 Billion Windfall to One Family. His.

Published July 20, 2016

America owes us our Billions!  Photo added by The Progressive Influence

“My tax plan is going to cost me a fortune,” Donald Trump said at press conference in Trump Tower last September. It won’t.
One lesser-noticed section of Trump’s tax plan would bestow a $7.1 billion tax cut on the Trump family dynasty. That’s just through his proposed elimination of the federal estate tax—not counting breaks on capital gains and income that would also disproportionately favor the wealthy and, altogether, increase the national debt by $9.5 trillion in just 10 years.1
Put aside the other billionaires that scrapping the estate tax would benefit. The staggeringly high value of the tax cut for the Trump dynasty alone carries the same price tag as multiple high-value national priorities. Here are just a few alternative ways Congress could spend Trump’s proposed $7.1 billion gift to his heirs:
  • Expand Pell grants for three years: The Obama Administration’s proposal to increase Pell Grant awards and make them available for summer courses has an annual cost of $2 billion.2
  • Fund the search for a cure for cancer for seven years: President Obama’s cancer “moonshot” proposes investing an additional $1 billion per year to support the search for a cure.3
  • Finance career and technical education for a generation: A new bill would raise federal spending on career and technical education and skills at the secondary and postsecondary levels to $1.3 billion per year.4
  • Support investments in electrical grid modernization for more than a decade: $5 billion over a decade would help states invest in updating the grid and enhance security by providing more efficient, affordable, and reliable energy.5
Yet Trump proposes to shower his heirs with a massive gift compliments of the American taxpayers. How exactly does he propose to do so?
The estate tax is responsible for less than one percent of annual federal revenues. The tax applies to only 0.2% of the very wealthiest taxpayers per year, and for these families it is a 40% tax on joint assets above $11 million ($5.5 million if unmarried). Because the estate tax applies to only a very small portion of taxpayers with the greatest means to pay, the tax is regarded as one of the most distributionally fair parts of the code. To do away with the estate tax would mean adding $270 billion to the federal debt just in the first decade, or $320 billion with interest.6 To Donald Trump and his family though, a repeal would be particularly beneficial.
Here’s the math:
Mr. Trump estimated his own net worth (his total asset value including cash and securities, real estate, insurance, trusts, annuities, and business interests minus total debts, mortgages, and other liabilities) at $10 billion.7
We assume that a President Trump would have to liquidate and find alternative ways to reinvest this fortune. If his fortune were to grow at the historical average rate of U.S. stocks, that would afford Mr. Trump a 4.2% real, after-tax rate of return.8 The total value of his $10 billion estate would grow to over $17.7 billion by the time actuarial tables estimate his family will inherit his fortune, in 2030.9

By that time, the estate tax threshold will exempt $15 million (or $7.5 million if he filed as unmarried) from taxation.10 The rest would be subject to the 40% estate tax, which means the total size of the Trump dynasty’s windfall paid for by the American people through the federal tax code would be $7.1 billion.11