Showing posts with label Taxes 2022. Show all posts
Showing posts with label Taxes 2022. Show all posts

Friday, September 23, 2022

Adam Tooze: Central bankers' hands were forced in 2010, the poor dears, they aren't the lords of easy money, no, they're its slaves, just like us

 Here, for The New York Times:

If you are worried about wealth inequality in the United States, then the solution is not to tighten monetary policy but to make structural changes to the country’s financial system, starting with the undergrowth of shadow banking. Serious taxation of wealth and capital gains would also push in the right direction.
It would no doubt help if onetime central bankers, rather than cycling in and out of private finance, spoke out seriously in favor of reform. They would be doing the public a service if they spelled out the way that their hands were forced by the current incestuous intertwining of public debt markets with hedge funds and the like. Ultimately, however, it is politics that must grasp the nettle of change.
In the current dispensation, it may be flattering for central bankers to be cast as maestros, but in practice they are less the lords of easy money than its functionaries.     
 
 
Central bankers cycle in and out of private finance raking in millions, Adam.
 
If anyone were serious about restructuring the country's financial system, the place to start would be by restoring the key missing feature of capitalism without which it doesn't really exist. It's called bankruptcy. 

Sunday, September 18, 2022

Once again, it was the idiot liberal Republican George H. W. Bush who advanced the anti-capitalist Democrat global warming agenda

 . . . the Inflation Reduction Act was signed by President Biden earlier this summer. It had been thirty years and sixty-five days since President George H.W. Bush signed the United Nations Framework Convention on Climate Change in Rio de Janeiro.

Here.

George also spawned the redundant hate crime legislation, huge increases to LEGAL immigration, wheel-chair access at every intersection's crosswalk among other expensive accommodations for the ambulatory handicapped, who in 2016 are fewer than 7% of the population, an unchastened Saddam Hussein, and READ MY LIPS . . . NEW TAXES.

Oh yeah. He also literally spawned the guy who didn't keep America safe on 911 and gave us the expensive nation-building wars in Iraq and Afghanistan and the insidious Patriot Act, but don't get me started.

Everything BUSH has been terrible for America, which is saying a lot when everything Democrat always is anyway.  

Thursday, August 11, 2022

Phony Democrat SALT Caucus is out there today boasting it is going to vote for the Manchin bill anyway, which doesn't undo the Trump tax increases on the wealthy they promised to get rid of


  a group of House Democrats say they will still vote for the party’s spending package without SALT reform . . . members of the SALT Caucus ... have vowed to oppose a bill without SALT relief

 

From their website:

SUOZZI,  GOTTHEIMER, YOUNG,  GARBARINO  ANNOUNCE  NEW  BIPARTISAN  SALT  CAUCUS  TO  FIGHT  FOR  TAX  RELIEF  FOR  MIDDLE  CLASS  FAMILIES

April 15, 2021  
Press Release 
32 Democrats and Republicans join

Today, April 15, 2021, Tom Suozzi (NY-3), U.S. Representatives Josh Gottheimer (NJ-5),  Young Kim (CA-39), and Andrew Garbarino (NY-2) announced the formation of the new bipartisan SALT Caucus to advocate for new tax relief from Congress. 

  

“Our effort to restore the SALT deduction is gaining momentum. Together, Democrats and Republicans alike, we will advocate for the restoration of the SALT deduction and highlight the middle class families who have been unfairly hurt by the cap,” said Rep. Tom Suozzi, SALT Caucus Co-Chair. “The cap on the SALT deduction has been a body blow to New York and middle-class families throughout the country. At the end of the day, we must fix this injustice.”

 

“We’re formally launching a new bipartisan group — the SALT Caucus — because, for all our Members, and for the tens of thousands of middle class families we represent, it is high time that Congress reinstates the State and Local Tax deduction, so we can get more dollars back in to the pockets of so many struggling families — especially as we recover from this pandemic,” said Rep. Josh Gottheimer, SALT Caucus Co-Chair. “This bipartisan group we’re founding today, with members from coast to coast and across the political spectrum, are all banding together to reinstate the State and Local Tax deduction, to find a way to get this done in Congress, and to actually get tax relief for the hard working middle class families we represent.”

 

“Hardworking Californians in the 39th District and across my home state have been burdened enough by high state and local taxes. It is estimated that in the 2022 tax year, California’s 39th District will pay on average more than $640 million due to the SALT cap,” said Rep. Young Kim, SALT Caucus Co-Chair. “I am proud to fight for lower taxes for my constituents as Co-Chair of the SALT Caucus and am looking forward to working together to ensure California workers and families can keep more of their hard-earned money.” 

 

“The SALT cap penalizes working class Long Islanders. From firefighters to police officers, to teachers, to nurses, and small business owners, I hear from people every day about what a crushing blow the SALT cap has delivered them. I’m proud to be a Co-Chair of the bipartisan SALT Caucus to fully restore the deduction once and for all,” said Rep. Andrew Garbarino, SALT Caucus Co-Chair.

 

“A critical component of our overall economic recovery must be the repeal of the state and local tax deduction cap that was imposed by the 2017 tax law,” said Rep. Mikie Sherrill, SALT Caucus Vice Chair. “There is a misconception that the SALT deduction doesn’t help middle class families. But in high cost of living areas like my district, SALT does in fact make a critical difference in helping make ends meet for our middle class residents like teachers and law enforcement officers, who depend on this deduction to afford the high cost of living in our area. To be clear, the 2017 tax bill specifically targeted states and communities like mine that have prioritized key investments in our public schools, living wages for workers, environmental protections, the list goes on. I’m proud to be launching this bipartisan caucus to ensure we deliver a win on this issue for families in New Jersey and across the country.”

 

“The cap on the state and local tax deduction hurts middle class California families,” said Rep. Katie Porter, SALT Caucus Vice Chair. “During the coronavirus pandemic, our state and local governments have led public health efforts on testing and vaccines—a potent reminder of the important work they do. Restoring the state and local tax deduction, which has been in our tax code since its inception, gives taxpayers and communities the ability to invest in their priorities and levels the playing field across states for federal taxation.”

 

“Counties are on the front lines of the COVID-19 pandemic, supporting nearly 1,000 hospitals, more than 1,900 public health authorities and other services essential to residents’ safety and well-being. The human and financial impacts of addressing this health and economic emergency are staggering,” said National Association of Counties Executive Director Matthew Chase. “We applaud the formation of this bipartisan caucus committed to repealing the state and local tax deduction cap, which would reinstate our local control of our tax systems and strengthen the ability of our counties and local communities to deliver essential public services, such as emergency response, public health and infrastructure.”

 

The SALT Caucus leadership consists of: 

 

Co-Chair Tom Suozzi (NY-3)

Co-Chair Josh Gottheimer (NJ-5)

Co-Chair Andrew Garbarino (NY-2)

Co-Chair Young Kim (CA-39)

Bill Pascrell, Jr. (NJ-9), SALT Caucus Vice Chair  

Katie Porter (CA-45), SALT Caucus Vice Chair

Mikie Sherrill (NJ-11), SALT Caucus Vice Chair

Jamie Raskin (MD-08), SALT Caucus Vice Chair

Chris Smith (NJ-04), SALT Caucus Vice Chair

Lauren Underwood (IL-14), SALT Caucus Vice Chair

 

The other founding members of the SALT Caucus include: Reps. Danny Davis, Nicole Malliotakis, Julia Brownley, Judy Chu, Lee Zeldin, Michelle Steel, Mike Levin, Jimmy Panetta, Jimmy Gomez, Brian Higgins, Jerry Nadler, Tom Malinowski, Jeff Van Drew, Alan Lowenthal, Anna Eshoo, Andy Kim, Ted Lieu, Brad Schneider, John Larson, Eleanor Holmes Norton, Mike Garcia, and Gregory Meeks.

 



Monday, August 8, 2022

LOL, watch for dozens of phony House Democrats who ran on repeal of Trump's 2017 SALT caps vote once again come Friday for a bill (Joe Manchin's) which doesn't remove them and adds more taxes on most Americans

Trump raising taxes on rich coastal elites and Democrats never doing anything about it after running on a promise to do so will never not be funny.

 House Dems Drop SALT Pledges To Back Manchin Bill

Democrats and Republicans have forcefully disputed whether the Inflation Reduction Act would raise taxes on middle-class households making less than $400,000, which would violate a core Biden pledge. The non-partisan Joint Committee on Taxation, found that the measure would raise $16.7 billion on taxpayers making less than $200,000 in 2023.

Josh Gottheimer NJ-5

Mikie Sherrill NJ-11

Tom Suozzi NY-3

Katie Porter CA-45


Mike Levin CA
Tom Malinowski NJ-7


Josh Harder CA-10


Julia Brownley CA-26

Friday, July 29, 2022

America and its people have added over $12 trillion to their total credit market debt outstanding just since 2019, but that has done little but stall the decline of debt growth

The $90 trillion millstone: We did it to ourselves.

We are now in the future we tapped in the past for the prosperity of "debt draws forward prosperity", and there's little here to be found.

From 1946 to 2008 when we hit the debt growth iceberg, real GDP grew at a compound annual rate of 3.324%. Since then it has fallen 49%, to 1.68%.

We should have stayed with capitalism in the post-war, where one risks actual savings instead of future notional tax, income, and fiat money "revenues". But capitalism went out the window a long time ago, bringing with it the end of the gold standard, the creation of the Fed, and the introduction of the income tax, among other horribles.

Payback is a bitch, and what can't be paid back won't. The rest comes out of your hide.

 


 






















 

Monday, March 14, 2022

Gold fanatics never mention the potentially bad tax news

 The war in Ukraine has pushed more investors into gold, which some see as a “safe haven” in volatile times, and fueled a price rally.  ...

And because the IRS classifies metal coins as collectibles, ETF investors face the top 28% tax rate that applies to all collectibles when they sell shares.
 
The IRS outlined this thinking in a 2008 memo. (While the memo doesn’t carry the weight of official law, accountants have largely accepted its rationale, Lewis said.) ...
 
Stock investors generally pay one of three tax rates on their profits — 0%, 15% and 20%, the top rate — based on their income. These rates are preferential with respect to an investor’s regular income tax rates, of which there are seven (10%, 12%, 22%, 24%, 32%, 35% and 37%).

Conversely, the capital-gains tax rate on collectibles aligns with these seven [ordinary income tax] rates, up to a 28% maximum. That means an investor whose annual income puts them in the 12% tax bracket would pay a 12% tax rate on their collectibles profits; an investor in the 37% bracket would be capped at 28% on their collectibles profits.

Read the whole thing.