House Democrats are looking at reversing some of the Trump tax cuts for corporations and the wealthiest in order to pay for the proposed $3.5 trillion “human infrastructure” bill known as the “Build Back Better” Agenda. Continue reading “Democrats May Reverse Some Trump Tax Cuts For Corporations & Wealthy”
From the New York Times:
Former Mayor Michael R. Bloomberg of New York unveiled a plan on Saturday that would raise an estimated $5 trillion in new tax revenue from high earners and corporations, a proposal that would almost certainly raise his personal tax bill but is less aggressive than those from his most liberal rivals for the Democratic presidential nomination.
The proposal includes a repeal of President Trump’s 2017 tax cuts for high earners, along with a new 5 percent “surcharge” on incomes above $5 million per year.
It would raise capital gains taxes for Americans earning more than $1 million a year and maintain a limit on federal deductions of state and local tax payments set under the 2017 law, which some Democrats have pushed to eliminate.
So. Much. Winning.
The U.S. government’s red ink for fiscal 2019 swelled past the $1 trillion mark in August, the first time that level has been eclipsed in seven years, the Treasury Department reported Thursday.
The total shortfall rose to nearly $1.07 trillion, thanks to a difference between revenue and expenses of more than $214.1 billion in August. The government last saw that large of a fiscal deficit in 2012, when the gap was nearly $1.1 trillion.
During his presidential campaign, President Donald Trump promised economic growth that would easily take care of the tax cuts and new spending he planned. His 2017 tax break for corporations and individuals has helped contribute to a deficit that has grown from $584.6 billion in 2016.
The national debt now stands at $22.5 trillion, up 13% since Trump took office.
|InstaHunk Dan Tai|
Some news items you might have missed:
• InstaHunk Dan Tai asks, “Do you count your macros?” I don’t even know what that means (I’m sure it’s important) because calves, biceps, deltoids, face…
• Desperate Housewives/Ugly Betty star Vanessa Williams has been tapped for a lead role in Happy Accident, ABC’s family comedy pilot from the writers of Modern Family. #Yay!
• Congressional Republicans aren’t fond of Donald Trump’s idea to declare a ‘national emergency’ in order to get his beloved wall, but they’ve signaled they won’t put up a stink if he does.
• Reuters reports that The Trump administration’s $1.5 trillion cut tax package appeared to have no major impact on businesses’ capital investment or hiring plans.
• A new Washington Post/ABC News poll shows 56% of registered voters will “definitely” not vote for Donald Trump in the 2020 election.
• And speaking of the 2020 election, Sen. Kamala Harris of California broke records Monday night when her televised town hall became the most viewed event of its kind in cable news history with 1.957 million views. The event drew the most viewers of any cable-news, single-candidate town hall.
• Out singer/songwriter Sam Smith and former Fifth Harmony member Normani release their sensual, moody music video for their hit duet, “Dancing with a Stranger.”
Alone in a lavish mansion, both artists are attempting to get over former lovers. I like the song; not sure about Normani’s dancing in the middle there, but I guess it’s in the title so someone had to dance…?
Donald Trump continues to make up his own facts as he campaigns in the weeks before the midterm elections.
Before heading to Texas yesterday, the Trumpster took questions in front of Marine One.
At one point, he told reporters he plans on a new “middle class tax cut” that he says will be “putting in” in the next week or so.
Tax legislation has to be passed by Congress, and Congress is not in session again until after the midterms.
Here’s the exchange per WhiteHouse.gov:
Q You said “lower tax cuts.” You said that you wanted tax cuts by November 1st. Congress isn’t even in session. How is that possible?
THE PRESIDENT: No, we’re going to be passing — no, no. We’re putting in a resolution sometime in the next week, or week and a half, two weeks.
Q A resolution where?
THE PRESIDENT: We’re going to put in — we’re giving a middle-income tax reduction of about 10 percent. We’re doing it now for middle-income people. This is not for business; this is for middle. That’s on top of the tax decrease that we’ve already given them.
Q Are you signing an executive order for that?
THE PRESIDENT: No. No. No. I’m going through Congress.
Q But Congress isn’t in session though.
THE PRESIDENT: We won’t have time to do the vote. We’ll do the vote later.
Q Congress is out.
THE PRESIDENT: We’ll do the vote after the election.
Trust and believe, there will be no “middle class tax cut” in the next week or two.
Additionally, Trump has been extremely resistant to believe that the Saudi Arabian government was involved in the murder of journalist Jamal Khashoggi, even though a mountain of evidence is turning up daily.
Trump’s primary reticence is due in part to an arms deal his administration did with the Saudis that he doesn’t want to endanger because he says it would cost the U.S. jobs.
Initially, he said the arms deal would create 450,000 jobs.
Then, just days later, he told Fox Business that the deal would create 500,000 jobs.
On Friday that number had grown to 600,000 jobs, and by Saturday the Donald said 1 million American jobs rely on all Saudi investments, which total $450 billion.
According to numbers for 2016, only 355,500 people worked in the U.S. defense and national security sector according to the U.S. Aerospace and Industries Association.
Suddenly one arms deal is going to triple that figure?
One more lie to note from the Trumpster:
The president has told folks at his campaign rallies that there are “middle Eastern terrorists” in the midst of the migrant caravan making it’s way towards the United States.
News networks have taken camera crews down to the caravan and looked for middle Eastern terrorists. Nope, none to be found. Watch the report below from CNN.
“Ginning up fear of the stranger is a tactic that’s as old as politics,” reports @BillWeirCNN from the migrant caravan heading towards the US. “But these folks, they’re oblivious and if they do know about the President’s tweets, it’s going to take more than that to stop them.” pic.twitter.com/bHMFE49dY5
— CNN Newsroom (@CNNnewsroom) October 23, 2018
Asked about fact there is no proof behind his claim there are “unknown Middle Easterners” in the caravan, POTUS says “there’s no proof of anything but there could very well be.”— Jake Tapper (@jaketapper) October 23, 2018
|Sen. Marco Rubio|
In a recent interview with The Economist, Sen. Marco Rubio admitted the much-ballyhooed 2017 GOP tax cuts haven’t helped lower and middle class Americans:
“There is still a lot of thinking on the right that if big corporations are happy, they’re going to take the money they’re saving and reinvest it in American workers. In fact they bought back shares, a few gave out bonuses; there’s no evidence whatsoever that the money’s been massively poured back into the American worker.”
When Speaker of the House Paul Ryan tweeted the news that a woman wrote to him about her $1.50 increase in her weekly paycheck thanks to the Trump Tax Cuts, he immediately tweeted it out as proof of what a wonderful success the new tax law is.
Except, of course, corporations and the wealthy are reaping much, much bigger windfalls.
The tweet showed Ryan being out of touch with middle America and the media could not stop themselves from pointing this up.
Ryan eventually deleted the tweet.
— Nancy Pelosi (@NancyPelosi) February 7, 2018
For months, Donald Trump has continually downplayed any benefit wealthy folks might see from the recently passed GOP Tax Scam.
Over and over, Trump has told anyone who would listen how the tax legislation would hurt him and his rich buddies, and then quickly pivot to refer to the bill as a “middle class” tax cut.
Just one example – here’s Trump on November 29: “This is going to cost me a fortune, this thing. Believe me. Believe. This is not good for me… I have some very wealthy friends – not so happy with me. But that’s OK.”
But this is what the Trumpster had to say to his ultra-rich friends last night at his Mar-a-Lago resort, via CBS News:
President Trump kicked off his holiday weekend at Mar-a-Lago Friday night at a dinner where he told friends, “You all just got a lot richer,” referencing the sweeping tax overhaul he signed into law hours earlier. Mr. Trump directed those comments to friends dining nearby at the exclusive club — including to two friends at a table near the president’s who described the remark to CBS News — as he began his final days of his first year in office in what has become known as the “Winter White House.”
Bolding is mine.
“I have some very wealthy friends — not so happy with me” – Trump to voters at a Missouri rally
“You all just got a lot richer” – Trump to wealthy friends at Mar-a-Lago
This GOP tax bill was a scam to hoodwink average folks, hook up the wealthiest Americans. This proves it.
— Adam Best (@adamcbest) December 24, 2017
|Sen. Orrin Hatch|
This was really quite the exchange yesterday between Democratic Sen. Sherrod Brown of Ohio and Republican Sen. Orrin Hatch of Utah.
During a Senate Finance Committee hearing last night, Brown accused Republicans of pushing a tax plan that provides a tax cut that’s “not really for the middle class, it’s for the rich.”
Brown clearly seems to have touched a nerve with the Republican.
Via The Hill:
Hatch, the committee chairman, quickly fired back at Brown, saying that he isn’t advocating for the rich but comes “from the poor people.”
“I’ve been here working my whole stinking career for people who don’t have a chance,” Hatch said. “And I really resent anybody who says I’m just doing this for the rich. Give me a break.”
“I think you guys just overplay that all the time and it gets old, frankly you ought to quit,” he continued. “I get kind of sick and tired of it. … It’s a nice political play, but it’s not true.”
Brown quickly responded, saying that he gets “sick and tired of the richest people in this country getting richer and richer.”
The two senators loudly talked over each other as they tried to regain control of the floor.
“Listen, I’ve honored you by allowing you to spout off here but what you said was not right, that’s all I’m saying,” Hatch said. “I come from the lower-middle class originally, we didn’t have anything. So don’t spew that stuff on me, I get real tired of that crap.”
Not surprisingly, the plan was advanced out of the committee by a party line vote of 14-12.
Sherrod Brown really takes the fight to Orrin Hatch here. No Trumpian namecalling or low blows. Instead focusing on the GOP helping only the ultra-rich. Judging by how mad Hatch got, Brown hit a soft spot. pic.twitter.com/WxDFb8ipHB
— Adam Best (@adamcbest) November 17, 2017
It was just a little over two weeks ago when President Obama said this:
Obama: “Pass a bill extending the tax cuts for the middle class, I will sign it tomorrow.”
Senate Democrats voted pretty much down party lines Wednesday to extend the Bush tax cuts for everyone but individuals making $200,000 or more and couples making more than $250,000. As the LA Times reports:
LA Times: “Democrats believe Wednesday’s action will shift the debate in a Congress … giving momentum to Obama’s proposal – and drawing a contrast with Mitt Romney …”
Virginia Democratic Sen. Jim Webb and Connecticut Independent Sen. Joe Lieberman joined their Republican colleagues in the 51-48 vote which came after a vote to extend tax cuts for everyone was rejected 45-54. On the Senate floor Majority Leader Harry Reid said giving tax breaks to the wealthy would be wasteful.
Reid: “Republicans should not force middle-class families off their fiscal cliff to protect more wasteful giveaways to millionaires and billionaires.”
Interestingly, Vice President Joe Biden presided over today’s vote but due to Senate rules was not allowed to engage the debate. Minority Leader Mitch McConnell drew laughs from his GOP colleagues when he noted that Biden supported extending the Bush tax cuts for everyone back in 2010.
McConnell: “So be grateful, I say to my friend, the vice president — this is a debate that I don’t think you would want to lead.”
The bill is now on its way to the Republican-controlled House where it is expected to be voted down sometime next week. Public Radio International’s Todd Zwillich calls Wednesday’s vote symbolic and says it is really all about the November presidential elections.
Zwillich: “This is what the election is about. It really is about Democrats’ and Republicans’ competing visions for how to re-order income distribution after the election.”
When the Bush tax cuts first expired in 2010, President Obama had also called for ending them for the wealthiest Americans. In the end, GOP opposition resulted in a two-year extension for everyone.