The primary goal of taxes is to raise the living standards of the Peoples of the United States. Who are the Peoples of the United States? [judicial reform]
12/5: Build Your Own Tax Extensions [tbr]
On December 3 the Committee for a Responsible Federal Budget (CRFB) published Reducing the Revenue Loss of TCJA Extension. The Extension of all the individual and estate tax cuts and subsidies is expected to create a 10-year budget deficit of $3.9 trillion under reconciliation at a time now when the official national debt is approaching $36 trillion. Most economists would think an expaniding economy should be producing budget surpluses but Trump and his supporters love fiscally irresponsible tax cuts and subsidies. On the CRFB page is a table of "Options for Reducing the Deficit Impact of TCJA Extensions" which includes estimates from various government sources and non-profit 'charitable' 501c3 think tanks.
You can use the link cited above in the heading to design your own solution to the projected 10-year budget deficit. It should be noted that Republicans have repeatedly used the 10-year budget reconciliation rules to propose tax cuts and subsidies that have increased the national debt in the post-10 years. That is why we need some credible organization to evaluate the effect of all budget reconcilation tax laws on the national debt and unfunded liabilities. Our further comments will appear at [tbr].
This interactive calculator is a good idea, but needs work. The underlying problem is that it's very difficult to estimate future benefits and costs because of the compleixity of the tax law. That is why a simple tax code without loopholes and preferences would make life easier and fairer. For example, the AMT can be eliminated by eliminating tax preferences.
11/7: AI Evidence Supporting COVID-19 as the Main Cause of Inflation
- Government stimulus:
- While not the primary cause, the massive fiscal stimulus provided during the pandemic (over $5 trillion) contributed to strong consumer and business demand, which put upward pressure on prices.
11/7: Biden's Major Legislative Achievements via AI [2024]
- American Rescue Plan:
- This $1.9 trillion COVID-19 relief package provided direct payments to Americans, funding for vaccines, and support for small businesses and schools.
- Inflation Reduction Act:
- This landmark legislation included a $369 billion investment in climate initiatives, the largest in U.S. history. It also capped prescription drug costs for seniors on Medicare and imposed a 15% minimum tax on large corporations.
11/7: Elon Musk's Fraudulent $1 million a day Seven Battleground State Lottery [2024]
ElectoralCollege.Org supports a federal tax incentive to encourage everyone to register to vote without any requirement to sign a pledge that favors any political party. [er tbr]
11/3: Why a Vote for Kamala Harris is a Vote For Civility? [2024]
- The greatest risk to America is a Trump presidency with control of both houses of Congress. His right-wing Supreme Court Justices have already granted him almost unlimited powers and immunity from prosecution. That is why it is vital that the Democrats win control of the House. [ssr tbr]
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Trump Says He'll Fight for Working-Class Americans. His First Presidency Suggests He Won' t by Eli Hager of
ProPublica on 11/2/24
His views on working-class and poor people can be found in specific actions that he tried to take when, as president, he had the power to make public policy. [ssr tbr]
10/24: Responses to Questions
- How did the Founding Fathers respond to "Taxation Without Representation"? [ah]
At the time of the Constitution's adoption in 1789, most of the 13 original states restricted voting rights to white property owners who paid taxes.
In the South property included slaves. - Peter Thiel (Germany & New Zealand), believes that democracy is incompatible with his libertarian views of freedom
- Why New Zealand? There is no tax on capital gains. It's his exit strategy from U.S. taxes.
- Favors systems that give more power to wealthy individuals and corporations while limiting the influence of the broader electorate.
- Converted his IRA into tax-free Roth IRA that is now worth billions.
- First outside investor in Facebook and board member.
- Investor in Rumble, a social media "free speech" network that caters to far-right users.
- Mentor to JD Vance. How much is Vance's Roth IRA worth?
- Who was the Best U.S. President after FDR for Social Security Recipients? [tbr ssr]
Richard Nixon introduced: automatic annual COLAs to help benefits keep pace with inflation, automatic increases in the maximum earnings subject to FICA taxes, and early retirement at age 62. - Who are the Two Worst U.S. Presidents for the Future of Social Security? [ssr]
George W. Bush and Donald Trump. Both substantially reduced the taxes on gifts and estates.
In 2006 Bush signed the Tax Increase Prevention and Reconciliation Act (TIPRA) of 2005 with an effective date of 2010 for the backdoor Roth IRA. This delay was designed to avoid recognition of the substantial future revenue loses to the U.S. Treasury.
Our proposal to save Social Security will include the entire value of Roth IRAs in estates, limit the tax-free amount in Roth IRAs, and require annual minimum distributions. - How does "The Good, the Bad and the Ugly" apply to Tax Reform Laws? [tbr]
- The Good: Tax reform that reduces the national debt.
- The Bad: Tax reform that favors unearned income more than earned income.
- The Ugly: Tax reform that increases the national debt.
- Which of the Two Presidential Candidates is Most Likely to Lead U.S. into Bankruptcy? [2024]
This is of course is Donald Trump. You may want to read why the voters rejected him in 2020. We're watching Trump's 7th bankruptcy unfold.
Voters should reject him again now.
Do you really want to give him another chance to mishandle the economy?
His tariff proposal will be inflationary.
He plans to use budget reconciliation to increase the national debt to finance tax cuts that primarily benefit the rich.
The Democrats need to win the House to stop him.
9/27: Forthcoming Updates (Dates will appear here and above when updated)
- Tax & Budget Reform [tbr]: How Budget Reconciliation Favors Capital and Increases the National Debt
- What About the National Debt and the Solvency of Social Security? [ssr tbr]
8/17: Other News of The Week [2024]
- Kamala Harris, like Trump, proposes no tax on tips. [ssr tr]
-Does this include all income and payroll taxes?
-Will state and local governments follow?
-How will this affect the worker's entitlement to Social Security and Medicare benefits? - Kamala Harris tries to outpromise J.D. Vance and the Republicans on the Child Tax Credit (CTC) by promising $6,000 for the year of birth of a child. [tbr]
-J.D. Vance promised a $5,000 CTC. He may next promise the CTC to start when the mother gets pregnant. [tbr]
-Don't both parties realize that the U.S is heading for bankruptcy and that promising an expanded CTC also encourages children and families to cross the southern border? [ir]
-These border-crossing families are also promised by decisions of the Supreme Court to get free schooling and free medical care that are paid by state and local taxpayers with no reimbursement from the federal government. [ir]
-Sixteen states, mainly blue states, and the District of Columbia allow illegal immigrants to obtain driver's licenses. [ir]
-Maine now has a program to provide free or heavily subsidized housing for asylum seekers. [ir]
-When are we going to have a National ID so we know who is here and their legal status? [ir] - Who is Miriam Adelson [ir tbr] and how much estate tax did her husband Sheldon's estate pay when he died in 2021 with an estimated net worth of $30 billion? [tbr]
-She is the wealthiest Israeli citizen with a current net worth also estimated to be $30 billion. [ir]
-She has been described as an Israeli-American with dual citizenship. [tbr]
-She has promised to donate to the Trump campaign $100 million in return for his supporting the annexation of the West Bank. A survey has indicated that 67% of the Americans polled oppose this. [er or]
8/2: How to use AI chatbots to understand the misinformation and lies promoted by all political campaigns in 2024 [2024]
- Why is the Heritage Foundation and most of the other non-profit advisors to Project 2025 qualified to be classified as Section 501(c)(3) organizations? [tbr]
-Isn't it about time that those of us who pay taxes, don't want the government to support any organization that engages in political advocacy?
-The charitable contribution deduction should be limited to helping the poor and furthering medical research and not helping the rich avoid paying taxes to defend America and support the common good. -
Why is a political party and campaign entitled to be subsidized by low-cost nonprofit postage stamps? [tbr]
-The normal first class stamp is now 68 cents when the nonprofit stamps might be less than 10 cents - Why are contributions to foreign organizations and U.S. nonprofit organization provided more favorable tax treatment than state and local taxes (SALT) paid to help U.S. citizens and residents [tbr]
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Why is the SALT deduction limited to $10,000 for single individuals and married couples filing jointly [tbr]?
-Isn't this a marriage penalty? - Why doesn't the federal government reimburse State and Local governments and hospitals for the costs they incur to support refugees, asylum seekers and illegal immigrants? [ir tbr]