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Showing posts with label tax reform. Show all posts
Showing posts with label tax reform. Show all posts

Monday, January 7, 2019

Fair Analysis Of The Strikes And Balls Of The Trump Administration

The Promises Trump and Republicans Kept – and Broke

  • 2019-01-07 
  • Source: AAN 
  • by: AAN Staff
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The Promises Trump and Republicans Kept – and Broke
White House (Public Domain)
With Washington, D.C. firmly under GOP control – until last week – it's time to see whether or not President Donald Trump and congressional Republicans delivered on their campaign promises.

In November, the Grand Old Party lost 40 seats in the House of Representatives.

As the new power dynamic in Washington becomes the norm, let's review the last year of Republican rule:

CLICK HERE TO BEGIN -->

(H/T Conservative Review)

Read more at http://americanactionnews.com/articles/the-promises-trump-and-republicans-kept#czAvCbzvcZAhTRiw.99

Wednesday, January 31, 2018

Weak Democratic Response Interspersed With Lies


5 biggest LIES from the Democrat’s response to the State of the Union

Rep. Joe Kennedy III followed in his great uncle’s footsteps Tuesday night by delivering the Democratic response to President Donald Trump’s State of the Union. Former Massachusetts Senator Ted Kennedy gave the Democratic rebuttal in 1982.
Standing on the podium with what looked like drool running down his face, Joe spoke from Fall River, Massachusetts and added to the heated debate in the us-versus-them battle.
Joe characterized America as a “fractured” country and offered an “answer” from Democrats to repair the “chaos”.

Here are the 5 biggest lies Democrats told during their response to the State of the Union —
Lie #1 — Russia is “knee-deep” in our Democracy
The response to Russia meddling into the 2016 election has been obnoxious. Democrats repeatedly claim that Russians have only meddled enough to boost the Republican party.
The truth of the matter is — Russians were not bias, they meddled into both parties!

Not only did Russia buy a Black Lives Matter advertisement on Facebook during the presidential campaign, WiKiLeaks also published thousands of emails hacked from the DNC server.
The proof is in the pudding. Both parties were targets of Russian meddling.
Lie #2 — Crime is at all an time high
Bullets tearing through our classrooms, concerts, and congregations. Targeting our safest, sacred places,” Kennedy said. “And that nagging, sinking feeling, no matter your political beliefs: This is not right. This is not who we are.”

During Trump’s first year in office, he has pushed efforts to crack down on the crime wave.
Statistics from the FBI show that reported violent crime rates have fallen tremendously since 1990. In President Barack Obama’s last year in office, data shows that the violent crime rate rose by 3 percent.
In December of 2017, data showed that the overall crime rate had fallen 2.7 percent compared with the previous year. The violent crime rate fell by 1.1 percent.
Someone should show liberals these statistics.

Lie #3 — American workers are not sharing in the reward of a strong economy
‘We see an economy that makes stocks soar, investor portfolios bulge and corporate profits climb but fails to give workers their fair share of the reward,’ the 37-year-old congressman added.
Behind this major lie, lays the truth — dozens of companies gave their workers major bonuses and incentives after Trump’s tax reform bill was passed.
Alaska Airlines, Apple, AT&T, Bank of America, Comcast, Home Depot, Starbucks, Royal Caribbean, Walt Disney and many, many more have offered their thousands of employees bonuses, and some even increased their workers hourly wages.
But, let’s not forget, to Democrats like House Minority Leader Nancy Pelosi, these bonuses and wage increases are just “crumbs”. It’s a shame that we cannot all have a net worth of $29 million, Ms. Pelosi.

Lie #4 — Multi-millionaire tries to be a face for those who are poor and struggling
Many Democrats have appreciated that Joe is living up to his family name. Some have even suggested he is another magazine liberal like Hillary Clinton.
Matt Gorman, a spokesman for the House Republicans’ political arm said, “Democrats using the multi-millionaire scion of a political dynasty as the face of their party shows they’ve learned absolutely.”
Joe held his speech in the autoshop of a high school in Massachusetts. No one is falling for his act — this man has never stepped foot into a public high school before. He grew up going to fancy private schools, living in a mansion. He cannot begin to understand the struggles that some Americans go through.

This speech should have been held at the Kennedy Compound, let Americans really see how liberals live in wealth.
Lie #5 — Democrats are the only party fighting for ‘Dreamers’
Joe addressed the ‘Dreamers’ during his speech and even spoke to them in Spanish.
“And to all the Dreamers watching tonight, let me be clear: You are a part of our story. We will fight for you. We will not walk away,” he said.
Apparently this liberal has forgotten, Trump has also put up a fight for these illegal immigrants.

During his address, Trump noted that “those who meet education and work requirements, and show good moral character, will be able to become full citizens of the United States.”
I guess the Democrats must have missed that part of his speech.
The obvious truth is this, Democrats are anti-Trump, and that is what is most important to them.
–Kylie Handler is a news editor for The Horn News

Tuesday, January 23, 2018

Why Would Anyone Want To Have A Business In California?

California Lawmakers Introduce Bill to Take Trump Tax-Cut Savings From Companies

 Print
In response to the GOP’s recent tax overhaul, California lawmakers have introduced legislation that would require some businesses to turn over much of their anticipated savings to the state.
Assemblymen Kevin McCarty of Sacramento and Phil Ting of San Francisco, both Democrats, put forth Assembly Constitutional Amendment 22 on Thursday.
The bill would require a surcharge for California businesses taking in more than $1 million, according to The San Francisco Chronicle.
The surcharge would effectively take away half of the federal tax cut that companies in The Golden State receive, in an effort to distribute the funds to programs benefiting low- and middle-income families.
If passed, the new law has the potential to raise billions of dollars for California’s social service programs, according to Fox News.
TRENDING: With Shutdown Looming, These 66 Reps Voted to Impeach Trump Instead of Pass a Budget
Although largely supported by conservatives, the GOP-led tax plan has been criticized by Democrats, who have cited their displeasure with the corporate tax cut.
“Trump’s tax reform plan was nothing more than a middle-class tax increase,” Ting said in a statement. “It is unconscionable to force working families to pay the price for tax breaks and loopholes benefiting corporations and wealthy individuals.”
“This bill will help blunt the impact of the federal tax plan on everyday Californians by protecting funding for education, affordable health care, and other core priorities,” he continued.
McCarty echoed Ting’s sentiments, asserting that the federal tax policy rewards billionaires over the middle class, and calling the tax overhaul “reckless.”

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“I’ve seen enough billionaire justice in the first 11 months of this presidency to last my lifetime,” McCarty said, according to the Los Angeles Times.
“At a time when reckless federal tax policy favors billionaires over middle-class workers, ACA 22 will help ensure that California can continue to grow and support middle-class families throughout the state.”
However, ACA 22 is up for a difficult fight. The bill requires the approval of two-thirds of the state legislature to become law, according to The Chronicle. This could prove to be a difficult feat, now that Democrats have lost their supermajority in the legislature.
What’s more, even if signed into law by Gov. Jerry Brown, constituents would be given the final say on whether the measure becomes law.
RELATED: Even CNN Is in Disbelief Over This Debbie Wasserman Schultz Answer
The new GOP tax plan slashed the corporate tax rate from 35 to 21 percent, which the Trump administration asserts will help to stimulate the economy.
Many large corporations have announced increased pay or bonuses in direct response to passage of the tax reform bill. As reported by CNBC, cellular provider AT&T and cable giant Comcast are among the companies that will give their employees sizable bonuses.
However, Ting insists that it is actually California, not Washington, that prioritizes “fiscal responsibility.”
“In contrast to the tumultuous governance model championed by Washington these days, I am grateful to hail from a state that has prioritized fiscal responsibility and progressive investments,” he tweeted earlier this month.
What do you think? 

Tuesday, December 26, 2017

Summary Of Tax Reform Bill

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Landmark Tax Reform Bill Passes
The new tax reform law — commonly referred to as the "Tax Cuts and Jobs Act" (TCJA) — is the most significant tax legislation in decades. Now businesses and individuals are trying to digest the details and evaluate how the changes will impact their tax situation.
Fortunately, your tax advisors can help you figure things out. Let's start with a basic overview of what's covered in the new law. (Except where noted, these changes are effective for tax years beginning after December 31, 2017.)
For Businesses
In general, the law significantly reduces the income tax rate for corporations and eliminates the corporate alternative minimum tax (AMT). It also provides a large new tax deduction for owners of pass-through entities and makes major changes related to the taxation of foreign income. But it also reduces or eliminates many business tax breaks.
Some of the key business-related changes include:

  • Replacement of graduated corporate tax rates ranging from 15% to 35% with a flat corporate rate of 21%

  • Repeal of the 20% corporate AMT

  • New 20% qualified business income deduction for owners of flow-through entities (such as partnerships, limited liability companies and S corporations) and sole proprietorships — only through 2025

  • Doubling of bonus depreciation to 100% and expansion of qualified assets to include used assets — effective for assets acquired and placed in service after September 27, 2017, and before January 1, 2023

  • Doubling of the Section 179 expensing limit to $1 million and an increase of the expensing phaseout threshold to $2.5 million

  • Other enhancements to depreciation-related deductions

  • New disallowance of deductions for net interest expense in excess of 30% of the business's adjusted taxable income (exceptions apply)

  • New limits on net operating loss deductions

  • Elimination of the Section 199 deduction, also commonly referred to as the domestic production activities deduction or manufacturers' deduction — effective for tax years beginning after December 31, 2017, for noncorporate taxpayers and for tax years beginning after December 31, 2018, for C corporation taxpayers

  • New rule limiting like-kind exchanges to real property that is not held primarily for sale

  • New tax credit for employer-paid family and medical leave — only through 2019

  • New limitations on excessive employee compensation

  • New limitations on deductions for employee fringe benefits, such as entertainment and, in certain circumstances, meals and transportation
For Individuals and Estates
The new law makes small reductions to income tax rates for most individual tax brackets, and it significantly increases individual AMT and estate tax exemptions. But there's also some bad news for individuals: The TCJA eliminates or limits many tax breaks. In addition, much of the tax relief for individual taxpayers will be available only temporarily.
Here are some of the key changes; except where noted, these changes will sunset after 2025:
  • Reductions in individual income tax rates ranging from 0 to 4 percentage points (depending on the bracket) to 10%, 12%, 22%, 24%, 32%, 35% and 37%

  • Near doubling of the standard deduction to $24,000 (married couples filing jointly), $18,000 (heads of households), and $12,000 (singles and married couples filing separately)

  • Elimination of personal exemptions

  • Doubling of the child tax credit to $2,000 and other modifications intended to help more taxpayers benefit from the credit

  • Reduction of the adjusted gross income (AGI) threshold for the medical expense deduction to 7.5% for regular and AMT purposes — for only 2017 and 2018

  • New $10,000 limit on the deduction for state and local taxes (on a combined basis for property and income taxes; $5,000 for separate filers)

  • Reduction of the mortgage debt limit for the home mortgage interest deduction, to $750,000 ($375,000 for separate filers), with certain exceptions

  • Elimination of the deduction for interest on home equity debt

  • Elimination of the personal casualty and theft loss deduction (with an exception for federally declared disasters)

  • Elimination of miscellaneous itemized deductions subject to the 2% floor (such as certain investment expenses, professional fees and unreimbursed employee business expenses)

  • Elimination of the AGI-based reduction of certain itemized deductions

  • Elimination of the moving expense deduction (with an exception for members of the military in certain circumstances)

  • AMT exemption increase, to $109,400 for joint filers, $70,300 for singles and heads of households, and $54,700 for separate filers

  • Doubling of the gift and estate tax exemptions, to $10 million (expected to be $11.2 million for 2018 with inflation indexing)
In addition, the new law permanently eliminates the individual mandate under the Affordable Care Act requiring taxpayers not covered by a qualifying health plan to pay a penalty. The elimination of the individual mandate is effective for months beginning after December 31,2018. Also permanent is the expansion of tax-free Section 529 plan distributions to include those used to pay qualifying elementary and secondary school expenses, up to $10,000 per student per tax year.
Need Help?
The new tax law is broad-reaching and complicated. And more tax reform may be coming. Other proposals that Republican congressional leaders have discussed would address retirement and education savings, reorganize the IRS, delay some taxes funding the Affordable Care Act (such as the medical device tax and the health insurance provider fee), prevent abuses of the earned income tax credit and extend the benefits of some tax credits for renewable energy property, nuclear energy production and biodiesel.
In this time of change, your tax advisor can be a valuable resource, helping you stay atop the latest developments.
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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Friday, July 21, 2017

Tax Reform Is Long Term Key To Trump

Bill O'Reilly Says Trump's Presidency 

Depends on This One Thing

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Bill O'Reilly Says Trump's Presidency Depends on This One Thing
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Former Fox News host Bill O’Reilly told conservative radio host Glenn Beck 
on Friday that President Donald Trump won’t last four years in the White 
House if he doesn’t get the ball rolling on tax reform.

“I think the president has got to stop everything and just, you know, get 
into the tax cut business and get in fast,” O’Reilly said, adding that Trump
won’t “have any power” if he doesn’t, because the Republican Party “is turning
 on him.”

O’Reilly’s bold prediction prompted Beck to ask if that means he believes 
Trump will be impeached. The former Fox host said that, once the president
 loses support from his base, “they walk away.”

“Then the bad guys come in, and they’re going to throw everything at him. 
 They’ll trump up stuff, they’ll make up stuff,” he asserted. “[I]f he loses his
 support, and he hasn’t so far. His people are staying with him.”

Read more at http://americanupdate.com/articles/bill-o-reilly-says-trump-s-presidency-depends-on-this-one-thing#86oKqbiS5tUDuwM8.99