Congressman Jim Himes asserts the Republican tax plan that will likely be signed into law this week will bloat the federal debt, raise the cost of living in Connecticut, lower property values and suppress home ownership.
The CT Mirror’s Ana Radelat has more on what it means for the state:
Democrats called the massive tax overhaul a “scam” intent on making the wealthy, including Trump and GOP donors, richer. Not a single Democrat voted for the plan in either the House or Senate.
“It’s a tax scam with moral consequences in terms of inequality in this nation,” said Sen. Richard Blumenthal. “It tilts benefits in favor of the wealthiest and corporations who receive permanent tax cuts. It will hurt working families, students, public schools, firefighters, police officers, local governments, and sick people who receive nothing but crumbs by comparison.”
Sen. Chris Murphy called the tax package “essentially a ransom payment to big GOP donors who have demanded this all year long.”
Full story here.
A scam of which many rich Democrats will take advantage of while crying, “Wolf!” Sen. Richard Blumenthal is among those who will benefit greatly. Those investing in real estate such as the Empire State Building, just love the Trump budget.
The Republican’s that live in Black Rock took a hit from their party with the deductibility of state and property taxes limited to $10,000. It was written on OIB that Dave Walker paid $35,000 in property taxes so one is left to wonder if he doesn’t win the governorship if he’s gone. The Republican party wasn’t good to Black Rock.
The only guy I know on OIB that love’s this Flucking Trump Bill, is Andy Fardy a Trump 1% er if ever there was one!
If I had Andy’s money I would burn mine!
Susan Collins (R-Maine) is my favorite Senator. Here’s why:
She stood her ground, stomped her feet and performed a Congressional hissy-fit until she got a $10,000 SALT deduction that benefits homeowners from coast to coast.
If The Dallas Cowboys are America’s football team, Susan Collins is America’s Senator!
The current tax bill is not going to have much of a shelf life. It’s the GOP’s latest version of “trickle down” economics, a theory that has been thoroughly repudiated.
When Roy Moore, the evangelical chicken hawk, lost the Senate contest in Alabama, it was a bellwether moment for Donald Trump, Mitch McConnell, Paul Ryan and the rest of the Hee Haw Gang in Washington, DC. A majority of Americans are appalled by Trump’s shamelessness and the GOP’s reluctance to stand up to him and his “No wire hangers!” attitude.
Rumor Mill:
When Roy Moore suggested Marilyn Moore stole his name, she replied “get out of town — you and that horse you rode in on”.
Derek the Republican’s know the shelf life of their tax plan is eight years and that was done by design. They understand that most American’s will do well with this tax plan for eight years and after that most American’s will have a tax increase. They also know that going back fifty years after every president irrespective of party they were followed by a president of a different party. So if by some chance 45 wins a 2nd term and history repeats its self 45 will be followed by a Democrat president and that tax increase will be their problem.
Any questions?
Donald Trump is not going to win a second term. Robert Mueller’s investigation is inside the White House. There is a clear possibility of impeachment. Even if that does not happen the investigation will stain his presidency. Look at the facts:
He campaigned on a promise to build a wall along the Mexican border and have that nation pay for it. (Most of the people that voted for Trump think a Mexican border lives in a rooming house.) He promised to bring back jobs to the heartland and penalize corporations that shipped jobs overseas. (He made good on that by giving corporations a ‘bigly’ tax cut.)
And then there were the statehouse losses in Virginia and New Jersey. And Luther Strange. He endorsed him. When Strange lost the primary 45 changed horses in the middle of the stream to endorse Roy Moore, a so-called evangelical “christian” well known for his homophobia. Oh, he is also a chicken hak that was known to cruise a shopping mall in Gadsden, Alabama, looking for nubile teenage girls. (Trump himself has a documented history of molesting women.)
Do you really think he has a rat’s ass of a chance of winning a second term? He was rebuked in November and December. Don’t be surorised by the mass exodus from the West Wing next month.
As usual, Murphy, Blumenthal, Himes and the rest of the Connectict delegation obediently recite the democrat party line.
The power to tax is the power to destroy. If you don’t believe me, ask former Supreme Court justice John Marshall.
http://www.freedomsphoenix.com/Uploads/Graphics/173/08/173-0823113427-the_power_to_tax_sticker-p217748225118869753qjcl_400.jpg
“Trump may not sign tax bill until January because of PAYGO problems”
By Brian Tumulty
December 20 2017
President Trump may have to wait until January to sign the sweeping overhaul of the nation’s tax system that cleared Congress midday Wednesday in order to postpone to 2019 across-the-board spending cuts — including federal subsidy payments for Build America Bonds and other direct-pay bonds.
Once Trump signs the bill, it could trigger a requirement in the Pay-As-You-Go Act of 2010 for the Office of Management and Budget to order billions of dollars of cuts in mandatory federal programs. This would include a $25 billion cut to Medicare and most other federal programs, the nonpartisan Congressional Budget Office told House Minority Whip Steny Hoyer, D-Md. in November.
If Trump signs the tax bill this year without a waiver from the PAYGO Act, OMB would have to order a $136 billion cut in mandatory federal programs, wiping out federal subsidies for BABs and other direct-pay bonds.
The across-the-board spending cuts would be triggered because the tax bill will add almost $1.5 trillion in new deficits over 10 years, according to the Joint Committee on Taxation.
National Economic Council Director Gary Cohn said at an event Wednesday morning sponsored by Axios that the administration is hoping that the PAYGO Act cuts will be waived as part of a short-term continuing resolution to keep the federal government operating past Dec. 22.
“If we can get pay-go waived in the CR, we will sign the tax bill this year,” Cohn said.
If there isn’t a consensus on waiving pay-go, Trump has the option of waiting to sign the tax legislation until January to postpone the mandatory cuts until 2019.
For teaching us timing is everything, for being FIRST and then turning the tables on fake news by bringing us the real story, I nominate Ron Mackey as OIB Blogger of the Day.
Readers, big business got the permanent relief and 99% got temporary relief as the law in early years reverses out and goes away. And the public cannot contemplate $1 Trillion or several Trillion $$. So the most basic element is lost and that is that your wealth is not static, if it depends on a real estate, or stock or bond, or bitcoin, or commercial business or commodity market. Markets are dynamic. And if your debt increases, because revenues decrease and money is borrowed on which interest has to be paid, that wealth, that you were counting on cashing in when you retire and depend on financial markets for sustaining income, or real estate markets when you down size, or gold markets that never ultimately rise as anticipated, or Social Security and Medicare payments that are cut? So greater debt added on existing debt can and will have an effect in your living operating budget some year in the not-too-distant future. What to say to the gang who voted for the Tax plan this week? Personally my income taxes look to increase 10-12% next year and increase greater each year after. How about you? Do you feel less well off? Time will tell.
Correct me if I’m wrong, but big busines and corporations don’t pay taxes, the consumer pays their taxes as the cost is included in the purchase price.
Jennifer, you know that big business and corporations are the mother’s milk for the Republican Party with their donations in funding the Republican Party and this is pay up time for giving them that money. In fact David Walker just like 45 will benefit from this tax cut.
So how will Walker benefit from this tax cut like Trump? Walker is not a real estate developer, like oh say Ct Senator Blumenthal or Trump. He’s definitely not part of the 1%. From and by all accounts, most people will benefit, for a year or two from this tax bill. Yes, big business donates to both parties both in the election cycles, and they’ve paid both Clinton and Obama a pretty penny to speak at their corporate events. If you have an investment account, a savings account, life insurance policy you too are a shareholder and beneficiary of the shareholders dividends in this tax plan. My concern, everyone’s concern is, the added debt to pay for these tax breaks.
As it turns out, here’s a list of big business endorsements for Clinton – including Warren Buffett.
http://fortune.com/2016/06/23/56-hillary-clinton-ceos-endorsements/
And yes traditionaly the Republicans are the darlings of big business but that’s not always the case. A lot of big business play both sides, so all their eggs are not in one basket. Recall, straight from Wall Street to Congress, Jim Himes. Not all big business and Wall Street money is bad.
Jennifer, here is the Republican Party life line,
“Citizens United?”
https://youtu.be/yvYthc7mLR4
Ugh, citizens united. I actually spoke against it in CT – representative Hennessy was sponsoring a CT resolution against the decision and he asked me to testify in favor of the resolution. Best question asked of me by Senator Musto, you’re a what three times when I identified my self as a Republican. The reality is, it’s currently the law, and make no mistake, both parties use it to their advantage.
The dirty little secret about corporate donations to political campaigns is that they are made to candidates of both major parties. It’s a way of hedging bets.
If businesses do not pay taxes, Jennifer, why does the IRS have Form 1120 for corporations? If you are suggesting that taxes are merely a cost for corporations that is combined with other expenses of production and paid by the purchaser of goods and services, I understand your point. But the notion that corporate taxes, once reduced will flow into more jobs, better compensation and a rising tide for the middle class is illusory I believe. And if other countries drop their tax rates, then we are playing a game of musical chairs, aren’t we? Time will tell.
I’m not sure of the trickle down either. Paying shareholder more dividends, if one has an investment account, a whole life insurance policy, an annuity- for example, then you benefit from corporate shareholders rewards. As for illusionary, 5 major companies have bonus per employee and 5/3 Bank raised their minimum wage to $15.00 per hour, all companies gave credit to the new tax bill for their decisions. Is it a one time showmanship PR stunt- as you say, time will tell.
Ugh, 5 companies just announced $1,000 per employee bonus payout this year, giving credit to the new tax bill.
Markets are dynamic. Pensions are not.
Municipal pensioners are guaranteed — even if the stock market goes to zero!
Pensions are static. And here’s the worst part: it’s in the constitution of the Constitution State, Connecticut.
Thank you 45
https://youtu.be/PK_7spws64o