1/20: Coming Soon - The Start of a Proposal to Save Social Security First

The most rational and logical way to save Social Security is to tax capital. It is also the way that our Founding Fathers would support if they were alive today.

1/20: Reconciliation Menu By House Budget Committee

The 10-year budget reconcilation process is a way to pass tax cuts that are fiscally irresponsible with regards to the national debt and the unfunded liabilites of Social Security and Medicare.

On page 14 of this document the GOP estimates the cost of repealing the estate tax. This repeal, if permanent, would make it very difficult for a future Congress from using the estate tax to help fund the poor and middle-clase entitlements of Social Security and Medicare. So don't believe Donald Trump's promise to protect Social Security when he wants to repeal or reduce the estate tax.

Eliminate the Death Tax
$370 billion in 10-year
VIABILITY: HIGH / MEDIUM / LOW

• Estates exceeding a certain value are subject to federal tax. The TCJA doubled the estate tax exclusion. The 2023 exclusion amount is $12.9 million per person ($25.8 million for married couples). This option would eliminate the federal estate tax.

My estimate of the cost of eliminating the death tax (or more correctly the estate tax that currently includes a death bonus of a $12.9 million exemption and a stepped-up basis in assets) is many trillions of dollars.

In 2001, 2.5% of estates were subjected to the estate tax. Recently, the percentage has declined to less than .1%. The base case for estimating the costs of repealing the estate tax should be based on the inflation-adjusted exemption basis that existed in 2001 of $675,000 and not $12.9 million.

1/19: Scott Bessent, the Nominee for Treasury Secretary, Does Not Appear to be a Prudent Choice

• Did he disclose his tax return?
  - He did disclose his tax returns to the Senators, but not to the public.
  - He improperly claimed significant tax losses and a bad debt.
  - How much did this billionaire pay in income taxes?
• We know he used a tax loophole to avoid paying Medicare taxes.
  - Did he also avoid paying FICA taxes?
  - It appears that he is no friend of Social Security and Medicare.
• What other loopholes did he use to avoid paying income taxes?
  - For example, did he claim carried interest?
• Has anyone commented on his poor and erratic investment performance?
  - His Key Square Group's assets under management declined from $5.1 billion in 2017 to $577 million in 2023.
• Based on a review of his performance, he is more likely to be considered a speculator than an investor.
  - He speculated heavily on Donald Trump and won.
  - Unfortunately, those of us who expected fiscal discipline from a Treasury Secretary will lose.
  - He has also been a speculator in buying and selling 20 homes according to realtor,com.
• At his confirmation hearing he warned of 'devasting consequences' if the 2017 TCJA tax cuts are not extended.
  - Are you aware that the GOP used temporary 7-year tax cuts to pass the TCJA to meet the 10-year budget requirements under the reconciliation rules?
  - Using budget reconcilation is a way to pass tax cuts that are fiscally irresponsible with regards to the national debt and the unfunded liabilites of Social Security and Medicare.

1/18: Now on Recommended Sites (access by top right panel)

• BB's WSW: Tightening the Belt Under a Second Trump Administration (1/17)
• BB's WE Law: TikTok Ban Upheld & Trump Day One Orders (1/18)
• NPR's OTM: Farewell TikTok? Plus, the Role of Memory and Forgetting with the L.A. Wildfires (1/17)
• PBS' FL: Juan Williams discusses what he sees as a second civil rights movement and the backlash against it (1/17)
• PBS' WW: Trump’s first day & TikTok politics (1/17)
• RNRH: Fires In LA, Foreboding In DC (1/18)
  

1/11: Now on Recommended Sites (access by top right panel)

• BB's WSW: Breaking the Mold (1/10)
  - Brian Moynihan's Enduring Tenure
  - AI Enters Food Space
• BB's WE Law: Trump Sentenced & TikTok Ban (1/11)
• NPR's OTM: Public Broadcasting Is In Danger (Again) (1/10)
• PBS' FL: Three women discuss Lukashenko's dictatorship in Belarus (1/10)
• PBS' WW: Trump's promises & Confirmation hearings (1/10)
• RNRH: The Legacy of Jimmy Carter (1/11)
  - Historian Douglas Brinkley and Carter speechwriter James Fallows reflect on his life and legacy.

1/4: Now on Recommended Sites (access by top right panel)

• BB's WSW: A repeat broadcast (1/3)
• BB's Law: Bloomberg Law: 2025 SCOTUS Cases & Trump's NY Cases   (1/4)
• NPR's OTM: America's Empire State of Mind (1/3)
• PBS' FL: Jonathan Haidt discusses his book, "The Anxious Generation," and Gen Z's mental health crisis (1/3)
• PBS' WW: Speaker battle & Trump agenda (1/3)
• RNRH: 2024 Highlights (1/4)
  Steve, David, Hannah, Jimmy, and Francesco highlight some of the clips

12/30: Two Newsworthy DemocracyNow.org Videoa

• 12/23: Elon Musk's Opposition to Gov't Spending Bill a "Smokescreen" for His Business Interests with Robert Kuttner, co-founder and co-editor of The American Prospect on the real reason why Musk opposed the bill.
  From the Transcript:
  -"most important to Musk --- a provision ... to limit high-tech investments in China for national security purposes."
  -"Musk begins this Twitter storm of more than a hundred tweets warning that this bill is too expensive, ... and a whole bunch of things that just weren’t true."
  "This was all a smokescreen to get Congress to kill the bill because it had this China provision that would have cost Musk a lot of money."
  "They had to negotiate a whole new bill."
  -"End of the day, Musk got exactly what he wanted: The China provision was stripped from the bill."
• 12/27: Big Tech Backs Trump to Cut Taxes, Boost Crypto, Replace Workers with AI with Tech Investor Roger McNamee
  From the Transcript:
  -Trump has placed tech executives all over his new administration,
  -"But the core things come down to displacing workers with artificial intelligence, displacing the currency with crypto, and getting rid of any kind of taxation on wealth that might come up.".
  -"at the top of the list of all Silicon Valley executives right now. ... is they all want tax cuts. These are billionaires. They don't want to pay taxes on their wealth."

12/29: Trump, Musk and Ramaswamy favor Foreign Tech Workers

News Item:
12/28: Musk and Ramaswamy are sparking a debate over the H-1B visa. Here's what to know about the visa. from CBSNews.com

12/28: Other Recommended Sites on YouTube.com with Links

• The 10 Biggest Myths About Our Economy (27:02) by Robert Reich
• Philosopher Michael Sandel on What Trump's Win Says About American Society (17:57)
  -Are tech immigrants the new elites whom Trump supports and his MAGA supporters fear?
  -Tech leaders like Elon Musk and Vivek Ramaswamy support H-1B visas for skilled immigrants that could reduce opportunities for American workers
• Rana Foroohar of the Financial Times says that Trump's plans for deregulation, tax cuts and tariffs will likely bring an economic downturn. (17:48)

12/28: Now on Recommended Sites (access via upper right panel)

• BB's WSW: A repeat broadcast (12/27)
• BB's Law: Year End Antitrust Special (12/27)
• NPR's OTM: How AI and Algorithms Are Transforming Music (12/27)
• PBS' FL: Misty Copeland weighs in on diversity in ballet and the future of the art form (12/27)
• PBS' WW: Turmoil at home & America's future with George Packer (12/27)
  -How Arizona went from McCain Republicanism to Trumpism
  -Why Democrats lost the White House and the future of the party
• RNRH: Hollow Constituencies/ National Popular Vote/ Tort Museum Interns (12/28)
  

12/21: Note the Change in the Top Center Panel

It was: "Thomas Paine, the Common Sense Founding Father who Proposed Taxing Wealth and Inheritances to Help the Poor"
Our research revealed that in several documents the Founding Fathers proposed taxing property. These include the Articles of Confederation, the U.S. Constitution, and the Direct Tax of 1798.

12/21: Now on Recommended Sites (access by top right panel)

• BB's WSW: Law of Large Numbers (12/20)
  -The coming $105 trillion inheritance wave that is likely to concentrate the dynamics of wealth [ssr tbr]
  • How much of that inheritance wave can be used to save Social Security?
  • What is most disturbing is the current lack of interest among a majority of taxpayers in taxing inheritances and estates.
  • Our initial 2025 priority will be to communicate to a much wider audience how the estate tax can be used to reform Social Security.
  • Trump has promised to both Protect Socisl Security and to Repeal the Estate Tax.
  • The Republicans have been aware of the potential use of an increased estate tax to fund Social Security since at least the 1997 Taxpayer Relief Act.
  -The erosion of statistical data in the US
  -The balance between regulating competition and fostering innovation in the EU
• BB's Law: Mangione Charges & TikTok Ban (12/20)
  -The new federal charges against Luigi Mangione in the shooting death of United Healthcare CEO Brian Thompson
  -The Supreme Court fast-tracking a hearing on TikTok's challenge of a law banning it
  -The verdict in the murder of Cash App Founder Bob Lee
• NPR's Left, Right & Center (12/20)
  -Why are health officials worried about RFK's 'MAHA' moment?
  -The Atlantic, journalist Roge' Karma attributed the Democrats' loss to their miscalculations about the Latino vote
  -"How Gay Marriage Ruined Democratic Activism," by writer Jeremiah Johnson.
• NPR's OTM: The Harvard Plan: The Universities Are The Enemy (12/20)
• PBS' FL: Peggy Noonan relects on her career in politics and media and how Trump changed the GOP (12/19)
• PBS' WW: Musk's power & 2024 surprises (12/20)
• RNRH: Gideon Levy "Reports on a Catastrophe (12/21)
  Israeli reporter, Gideon Levy, discussed his book "The Killing of Gaza: Reports on a Catastrophe."

12/13: Coming Soon

• How do Tech Billionaires Avoid Taxes and Threaten Democracy? [er ssr tbr]
• How does the burden of funding the current Social Security system fall mainly on the Middle Class in states with a higher cost of living? [ssr tbr]
• Why did a Republican member of the House W&M Subcommittee on Social Security propose legislation to Repeal the Estate Tax? [ssr tbr]
• Why doesn't the Heritage Foundation tell you the truth about the Founding Fathers' views on Taxes? [tbr]
• Is it time to Rethink SALT and the Charitable Deduction?
• How do Republicans use the Budget Reconciliation Rules to Increase the National Debt and Unfunded Liabilities? [tbr]
• Do most Americans think the Wealthy Should Pay More to Help the Poor and Middle Class? [tbr]

12/8: Books to Read

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].

11/20: Who was Pierce Butler? [ah]

11/16: Who were the Two Immigrant Founding Fathers Who Conspired to Create the Electoral College? [er-ec]

The four key delegates to the Constitution Convention in 1787 who negotiated the Three-Fifths Compromise and the Electoral College were James Wilson (PA), Pierce Butler (SC), Gouverneur Morris (PA) and James Madison (VA). See the Election Tab for more details and eventually a proposal to reform the Electoral College.

11/7: ElectoralCollege.org is disappointed with the outcome of this election. [2024]

11/7: Elon Musk's Fraudulent $1 million a day Seven Battleground State Lottery [2024]

11/3: Why a Vote for Kamala Harris is a Vote For Civility? [2024]

11/2: The Harris Campaign Did Not Have an Ad during the Army v. Airforce Game [2024]

10/30: Recent News Articles of Interest [2024]

10/29: What's at Stake on State Ballots [2024]

10/24; Responses to Questions [2024]

• Who was the Best U.S. President after FDR for Social Security Recipients? [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 limiting the tax-free amount in Roth IRAs and requiring 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? [tbr]
  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.

10/4: Research: The GOP Wants to Defund Social Security [ssr]

Most people who are familiar with the history of Social Security are aware of Thomas Paine's 1795 pamphlet entitled "Agrarian Justice." He proposed to use a 10% tax on inheritances to provide an annual benefit to be paid to every person age 50 and older, to guard against poverty in old-age. You can verify this by visiting the Social Security Administration History Page on Thomas Paine.

Thomas Paine is known for being the author of "Common Sense" that was featured within the last 12 months as the first book to read on C-Span's Books That Shaped America. Early in his writing career Thomas Paine used the pseudonym Common Sense. Mr. Common Sense certainly had a common-sense proposal to tax inheritances to fund an old-age pension for the poor.

One must ask: "Have any members of the House Ways and Means Subcommittee on Social Security considered a common sense proposal to use a tax on estates to support Social Security?" They certainly should be presumed to be aware of what Thomas Paine proposed in Agrarian Justice.

On January 18, 2024, Representative Randy Feenstra (IA-4). a Republican member of the Subcommittee on Social Security proposed H.R. 7035, the bill to Repeal the Estate Tax. The names of the GOP House Members who are co-ponsors of this bill are listed on two pages of Defund Social Security. I hope this list will be downloaded and used to defeat these GOP members who want to Defund Social Security.

9/27: Forthcoming Updates (Dates will appear here and above when updated)

• American History [ah]: Our, and Possibly Your, Relationship to the Founding Fathers and Mothers (9/29)
• Election Reform [er]: Two Founders Who Might Have Been Responsible for the Electoral College and the Limitation on the Direct Tax (9/29)
• Immigration Reform [ir]: Why we don't need Illegal Immigrants (9/27)
• Judicial Reform [jr]: Term Limits and Ethics Reform
• Media Reform [mr]: The Need for Disclosure
• Social Security Reform [ssr]: The Republican Plan to Defund Social Security Via the IRA and the Repeal of the Estate Tax
• Tax & Budget Reform [tbr]: How Budget Reconciliation Favors Capital and Increases the National Debt

9/10: News [2024]

9/10: EC Opinion: Common Sense Questions

• What About the National Debt and the Solvency of Social Security? [ssr tbr]
• What actions did Trump and Biden do or not do to cause inflation?[2024]

2/18/24: Proposal to Save Social Security [ssr]