Archive for the ‘Taxation’ Category
Sunday, November 17th, 2019
Thanks to Ed Roney for sharing this article. At the bottom of the article are some of the main points in the article that Ed very thoughtfully provided . Nancy
THE WALL STREET JOURNAL
The Truth About Income Inequality
The census fails to account for taxes and most welfare payments, painting a distorted picture.
November 4, 2019 by Phil Gramm and John F. Early Mr. Gramm is a former chairman of the Senate Banking Committee. Mr. Early served twice as assistant commissioner at the Bureau of Labor Statistics.
Never in American history has the debate over income inequality so dominated the public square, with Democratic presidential candidates and congressional leaders calling for massive tax increases and federal expenditures to redistribute the nation’s income. Unfortunately, official measures of income inequality, the numbers being debated, are profoundly distorted by what the Census Bureau chooses to count as household income.
The published census data for 2017 portray the top quintile of households as having almost 17 times as much income as the bottom quintile. But this picture is false. The measure fails to account for the one-third of all household income paid in federal, state and local taxes. Since households in the top income quintile pay almost two-thirds of all taxes, ignoring the earned income lost to taxes substantially overstates inequality.
Posted in American History, Banking, Class Warfare, Demographics, Elizabeth Warren, Entitlements, Food Stamps, Liberalism, Populism, Progressive Movement, Radical Left, Redistribution of Wealth, Social Justice, Spending, Taxation, Taxes, Transparency, Welfare | No Comments »
Tuesday, October 29th, 2019
This article was written before the latest California wildfires which are happening now. This is an excellent article giving detailed information why PG&E’s liberal/leftist policies in California have been the cause of most of this disaster. California is burning. If liberal/leftist agendas are implemented throughout our country, our whole nation will be collapsing. Nancy Trump 2020 !
THE WALL STREET JOURNAL
Stakeholder’ Capitalism in Action
By the left’s lights, PG&E is a perfect corporate citizen. Liberal California pols attack it anyway.
by Allysia Finley Ms. Finley is a member of the Journal’s editorial board
October 22, 2019
Pacific Gas and Electric Co. is getting incinerated by California politicians for shutting off power to two million residents amid heavy, dry winds. The publicly traded San Francisco-based utility has been found responsible for two dozen or so wildfires since 2016, some caused by power lines sagging from steel towers more than a century old.
The purpose of the blackouts was to avoid more damage from an aging grid that has not been adequately maintained. In January PG&E filed for chapter 11 bankruptcy to restructure tens of billions of dollars in liabilities, including for wildfire. Democrats, including Gov. Gavin Newsom, are predictably lambasting the company for prioritizing profits over safety. San Jose Mayor Sam Liccardo says he wants to turn it into a nonprofit.
Yet PG&E exemplifies the left’s “stakeholder” model, according to which businesses are accountable not only to their shareholders but also their workers, the environment and local communities and society at large. In practice, that means businesses exist to serve their political overlords.
Utilities are among the most heavily regulated businesses. In California, their rates and return on equity—that is, profits—are set by the California Public Utilities Commission and the Federal Energy Regulatory Commission. Every three years PG&E must submit funding plans to the CPUC, which holds public hearings with “stakeholders,” including customers and activist groups.
The commission and the state Legislature can also dictate energy investments. State law requires utilities to obtain 60% of their power from “renewable” sources by 2030. The commission has also ordered utilities to buy energy from homeowners with solar panels, paying them a higher rate than wholesale power providers get. Last year the commission directed PG&E to install 7,500 electric-car charging stations at apartment buildings and workplaces.
If shareholders want to earn a decent profit, they have to indulge their political masters’ fashionable views on matters such as climate, identity politics and corporate governance. Thus PG&E’s website defines “environmental justice” as “making better business decisions by understanding and considering the potential impacts of our activities and investments on low-income communities and communities of color.”
The utility also proclaims that “diversity and inclusion are integral to how we do business” and “are embedded throughout the lifecycle of our talent management programs.” PG&E boasts a chief diversity officer, a Diversity Council and a Compliance and Public Policy Committee on its board to review its diversity metrics.
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Posted in Agenda 2030, Agenda 21, Big Business, Big Government, California, Cultural Marxism, Democrats, Diversity, Election 2020, Elitism, Energy, Environmental Issues, Environmental Protection Agency-, Global Warming, Government Regulation, Industry, Legal Issues, Liberalism, Political Correctness, Progressive Movement, Radical Left, Regulations, Same Sex Marriage, Social Justice, Taxation, Taxes, Technology, transgender issues, Transparency | No Comments »
Saturday, July 13th, 2019
The Secure Act which is before the U.S. Senate for a vote can impact the taxes of many of us and our children and grandchildren. Take the time to look at this information and contact your senators if you would like to comment on how you want them to vote on this bill. Nancy
THE WALL STREET JOURNAL
Congress Is Coming for Your IRA
The Secure Act would upend 20 years of retirement planning and stick it to the middle class.
By
Like grave robbers opening King Tut’s tomb, Congress can’t wait to get its hands on America’s retirement-account assets. The House passed the Setting Every Community Up for Retirement Enhancement Act, known by the acronym Secure, in May. The vote was 417-3. The Secure Act is widely expected to pass the Senate by unanimous consent. While ostensibly helping Americans save for retirement, the bill would actually reduce the value of all retirement savings plans: individual retirement accounts, 401(k)s, Roth IRAs, the works.
The main problem with the Secure Act is that it eliminates the stretch IRA,the fixed star in the financial-planning firmament since 1999. The stretch IRA lets savers leave their retirement accounts to children, grandchildren or other beneficiaries. Under current rules, the recipients can parcel out the required minimum distributions from the accounts over the course of their actuarial lifetimes. Payouts tend to be relatively small for children but grow in size over the decades until the inherited IRA might comfortably provide for the child’s retirement through the power of tax-deferred compounding. A parent could die with the knowledge that, whatever vicissitudes their children might experience in life, they won’t have to worry about retirement.
Congress wants to kill this. The Secure Act gives nonspouse beneficiaries 10 years to pull out all the money in an IRA. The effect would be to make more of an IRA subject to higher taxes sooner, as distributions are made in supersize chunks. As much as one-third more of an inherited IRA would get gobbled up by taxes than under current rules. When the Tax Cuts and Jobs Act expires in 2025, taxes will rise across the board. If President Trump signs the Secure Act into law, the stage will be set for a taxpocalypse sometime in the next decade.
In exchange for its windfall under the Secure Act, Congress will push back the age at which retirees must take their first required minimum IRA distributions from 70½ to 72. This isn’t the deal American savers were promised when they made contributions to their IRAs the last 20 years. Before, the optimal approach was for savers to leave their IRAs to their children or grandchildren and stretch the payouts over decades.
Posted in Big Government, Congress, Legal Issues, Pensions, Senator, Seniors, Taxation, Taxes, Ted Cruz, Transparency, Wall Street | No Comments »
Sunday, May 5th, 2019
If I remember correctly, wasn’t the unsealing of Obama’s opponent’s divorce papers in either his Illinois or U.S. Senate race, lead to Obama’s win over his opponent? Very Interesting The sad state of American politics of personal destruction as conducted by the Left. Nancy
THE WALL STREET JOURNAL
MY BRUSH WITH PERSONAL DESTRUCTION
By Stephen Moore Mr. Moore is a senior fellow at the Heritage Foundation and an economic consultant with FreedomWorks. He was a senior economic adviser to the Trump campaign in 2016.
May 3, 2019
When President Trump asked me to serve as a member of the Federal Reserve Board, I was honored. I never imagined the storm that would follow. The left and the media instantly launched a relentless campaign against me. Last week a reporter who has covered the Fed for 30 years told me he’d never seen anything like it. On Thursday I reluctantly threw in the towel and asked the president not to nominate me.
I knew that many of my ideas on monetary policy were controversial and outside the box. That’s why the president picked me. My central argument is that economic growth does not cause inflation—an assault on the core belief of the Keynesian economists at the Fed, whose fear of supply-side growth has often misdirected monetary policy, most recently late last year. As someone who worked with Mr. Trump as a senior economic adviser to his campaign, I am thrilled that 3% to 4% growth with stable prices has been achieved, and I believe it can be sustained. I also believe the Fed should stop targeting interest rates and instead focus on a stable dollar by following commodity prices along with other inflation measures as a leading indicator of whether prices are rising or falling.
I was naive. I believed that to be confirmed I would simply need to defend these ideas and my free-market economic philosophy in general. I relished that debate, especially because so many of my harshest critics were completely wrong about the Trump economy.
A majority in the Senate viewed my economic-policy expertise favorably, and my confirmation seemed likely. It helped my case that I had been one of the most outspoken critics of the Fed in December, when it raised interest rates. After a 4,000-point collapse in the Dow Jones Industrial Average, Chairman Jerome Powell early this year backed away from future rate increases and disavowed his December statement that the Fed’s asset sales were on “autopilot.” The market and the economy sprang back to life.
What did me in was not my economic ideas but gutter campaign tactics and personal assaults. I’ve been called an adulterer, a misogynist, a tax cheat, a deadbeat dad, antigay and mentally unfit. A Washington Post editorial warned that I was a “dangerous” pick for the Fed, and a columnist said I could cause a “global financial calamity.” They must imagine I have superheroic powers of persuasion. If appointed, I would have been one of seven Fed governors.
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Posted in Banking, Corruption/Crime, Deep State, Democrats, Donald Trump, Economy, Election 2016, Federal Reserve, Heritage Foundation, Legal Issues, Liberalism, Political Corruption, Radical Left, Taxation, Taxes, Transparency | No Comments »
Friday, April 26th, 2019
VIDEO – PRAGER U IS DENMARK A SOCIALIST COUNTRY ?
Socialism has failed across the world – from the Soviet Union and Eastern Europe to China, Vietnam, North Korea and, most recently, Venezuela. So now the left references countries like Denmark as “proof” that socialism works. Otto Brons-Petersen explains why they’re wrong: Denmark is just as capitalist as the United States.
Posted in Big Government, Dennis Prager, Economy, Europe, Free Enterprise, Healthcare, Liberalism, Progressive Movement, Redistribution of Wealth, Socialism, Taxation, Taxes, Videos, Welfare | No Comments »
Tuesday, January 15th, 2019
VIDEO
Don’t cry for me Argentina, Cuba, Venezuela, America…….
www.youtube.com/watch?v=33i_BAhuiE0
Posted in Big Government, Cuba, Democrats, Dictators, Economy, Government Regulation, Liberalism, Marxism, Political Corruption, Populism, Progressive Movement, Radical Left, Redistribution of Wealth, South America, Taxation, Totalitarian, Unions, Videos | No Comments »
Saturday, September 15th, 2018
Posted in Big Government, Border Security, Congress, Conservatism, Defense Budget, Democrats, Donald Trump, Election 2016, Election 2018, Entitlements, Environmental Issues, Environmental Protection Agency-, Foreign Policy, Free Trade, Globalists, GOP, Government Regulation, Government Waste and Fraud, ICE, Illegal Immigration, Legal Immigration, Legal Issues, Liberalism, Migration - Islamic, Military, National Defense, North Korea, Obamacare, Politics, Progressive Movement, Racism, Radical Islam, Radical Left, Regulations, Russia, Sanctuary Cities, Socialism, Sovereignty, Taxation, Taxes, Terrorism, Trade Agreements, Transparency, Urban Renewal, Welfare | No Comments »
Tuesday, July 31st, 2018
Here’s a good article full of facts of why tax cuts are working to stimulate the economy. Send to your liberal friends (if you have any !) Nancy
THE WALL STREET JOURNAL
Tax Cuts Bust ‘Secular Stagnation’
Progressive economists said growth was gone for good. Then Trump changed policy
July 30, 2018
Are low taxes key to a booming economy? Their success is harder than ever to deny after Friday’s report that the U.S. economy grew 4.1% in the second quarter, bringing the average quarterly growth rate during the Trump presidency to 2.9%. This explosive growth, and the accompanying spikes in hiring and wages, should finally discredit three popular claims made by opponents of the president’s policies: that tax cuts would blow a hole in the deficit, that corporate tax cuts would serve only rich investors, and that secular stagnation was a valid excuse for the slow growth of the Obama era.
In the first five quarters of the Trump presidency, growth has been almost 40% higher than the average rate during the Obama years, and per capita growth in gross domestic product has been 63% faster. As usual, the largest single beneficiary of faster growth is the government. The Congressional Budget Office reports that faster growth under President Trump has already added $1.3 trillion to the 10-year federal revenue projection, with the CBO’s April economic adjustment alone showing an addition of $1.1 trillion—the single largest growth-driven revenue gain ever reported. State and local governments can anticipate a similar dividend, amounting to as much as $600 billion.
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Posted in Big Government, Conservatism, Democrats, Donald Trump, Economy, Election 2016, Election 2018, Liberalism, Obama, Obama Administraiton and Policy, Progressive Movement, Spending, Taxation, Taxes | No Comments »
Friday, May 18th, 2018
THE WEEKLY STANDARD
The Wipeout of Obama’s Legacy
President Obama’s legacy is rapidly vanishing. The decision by President Trump to withdraw from the nuclear deal with Iran is the biggest blow, but it’s only the latest. The elimination of the individual mandate and canceling the yearly bailout of insurance companies have left Obamacare in a precarious condition. Young immigrants whose parents brought them to the United States unlawfully—so-called dreamers—are losing their legal status.
This is historic. Presidents often vow to wipe out big chunks of their predecessor’s legacies. President Eisenhower was going to take on the New Deal. Ronald Reagan targeted the Great Society. Both backed down. Trump, working with congressional Republicans, hasn’t. He’s eager to deflate Obama’s standing and inflate his own.
Obama and Democrats have made Trump’s efforts surprisingly easy. Obama, you’ll recall, succeeded brilliantly in the first two years of his presidency when Democrats controlled Congress. But once Republicans held the House, Senate, or both over the next six years, he ignored Capitol Hill as much as possible. He spared himself the unpleasantness of compromising with Republicans and instead governed by executive orders and regulations.
Decisions taken by the president alone are vulnerable to being erased by subsequent presidents. And that’s what happened to the pact with Iran. It wasn’t a treaty ratified by the Senate. Democrats used the filibuster to block even a nonbinding vote on it. Trump killed the deal with his signature. That was also all it took to quit the Paris accord on global warming.
There were two factors behind Obama’s decision to shun a treaty, which requires a two-thirds vote in the Senate. Winning that lopsided a vote appeared to be impossible. On the other hand, Obama had a backup—Hillary Clinton. She was expected to win the presidency in 2016 and could be relied on to protect the nuclear agreement.
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Posted in Administrative State, Democrats, Donald Trump, Election 2016, Environmental Issues, Foreign Policy, France, Illegal Immigration, International Affairs, Iran, Iran Nuclear Deal, Israel, Legal Immigration, National Defense, Nuclear Energy/Weapons, Obama, Obama Administraiton and Policy, Open Borders, Political Corruption, Progressive Movement, Radical Left, Regulations, Resistance, Spending, Taxation, Taxes, Transparency | No Comments »
Wednesday, April 18th, 2018
The waste of our taxpayer money is described in excruciating detail in this article. Try to smile as you write your check to the IRS ! Nancy
HAPPY TAX DAY !
Posted in Big Government, IRS, Political Corruption, Spending, Taxation, Taxes, Transparency | No Comments »
