Politics

Here is the leaked Trump tax plan

Update 1:  To our complete ‘shock’, Democrats have already taken to the media to bash Trump’s tax proposal as a “windfall for the weaLthy” even though the plan explicitly contemplates a new top end personal tax bracket to “ensure that the reformed
tax code is at least as progressive as the existing tax code and does
not shift the tax burden from high-income to lower- and middle-income
taxpayers.”  

SCHUMER: GOP TAX PROPOSALS WON’T FLY WITH AMERICAN PEOPLE

SCHUMER: GOP TAX PROPOSALS WOULD RESULT IN WINDFALL FOR WEALTHY

WYDEN: GOP TAX PLAN BREAKS TRUMP PLEDGE THAT RICH WOULDN’T GAIN’

Meanwhile, Senator Wyden somehow concluded that a “lack of detail” necessarily confirms that the middle class is about to get screwed by the Trump administration…we’re waiting to hear from Wyden on whether that lack of detail also confirms that Trump colluded with the Russians in 2016.

WYDEN: LACK OF DETAIL IN PLAN MEANS MIDDLE-CLASS WILL BE HIT

And, of course, Pelosi had to chime in by stringing together a series of buzz words to form non-sensical statements:

PELOSI: GOP WILL GO AFTER SOC. SEC, MEDICARE TO PAY FOR PLAN

PELOSI: GOP STILL PURSUING TRICKLE-DOWN AGENDA

* * *

This afternoon, during a speech in Indianapolis, President Trump was expected to reveal, for the first time, the details of the long-anticipated Republican tax reform proposal that calls for substantial business and individual tax cuts. But in a political era where every little thing is leaked to the media, we no longer have to wait for presidential speeches to learn the details of key pieces of legislation.  As such, below is a 9-page summary of Trump’s tax plan courtesy of the latest leaks.

Here are the highlights:

GOALS

The Trump Administration, the House Committee on Ways and Means, and the Senate Committee on Finance have developed a unified framework to achieve pro-American, fiscally-responsible tax reform. This framework will deliver a 21st century tax code that is built for growth, supports middle-class families, defends our workers, protects our jobs, and puts America first. It will deliver fiscally responsible tax reform by broadening the tax base, closing loopholes and growing the economy. It includes:

  • Tax relief for middle-class families.
  • The simplicity of “postcard” tax filing for the vast majority of Americans.
  • Tax relief for businesses, especially small businesses.
  • Ending incentives to ship jobs, capital, and tax revenue overseas.
  • Broadening the tax base and providing greater fairness for all Americans by closing special interest tax breaks and loopholes.

Personal Tax Rates:  As expected, Trump’s plan includes a doubling of standard deductions with a consolidation of tax brackets and the suggestion that a new top end bracket may be created to “ensure that the reformed tax code is at least as progressive as the existing tax code and does not shift the tax burden from high-income to lower- and middle-income taxpayers.”

The framework simplifies the tax code and provides tax relief by roughly doubling the standard deduction to:

  • $24,000 for married taxpayers filing jointly, and
  • $12,000 for single filers.

Under current law, taxable income is subject to seven tax brackets. The framework aims to consolidate the current seven tax brackets into three brackets of 12%, 25% and 35%.

Typical families in the existing 10% bracket are expected to be better off under the framework due to the larger standard deduction, larger child tax credit and additional tax relief that will be included during the committee process.

An additional top rate may apply to the highest-income taxpayers to ensure that the reformed tax code is at least as progressive as the existing tax code and does not shift the tax burden from high-income to lower- and middle-income taxpayers.

Alternative Minimum Tax: Eliminated.

The nonpartisan Joint Committee on Taxation (JCT) and the Internal Revenue Service (IRS) Taxpayer Advocate have both recommended repealing the AMT because it no longer serves its intended purpose and creates significant complexity. This framework substantially simplifies the tax code by repealing the existing individual AMT, which requires taxpayers to do their taxes twice.

Itemized Deductions:  Keeps home mortgage interest and charitable deductions but eliminates all others including the “State and Local Tax” deduction which will mostly impact folks in the high-tax blue states of New York, New Jersey and California (but our understanding is that NY, NJ and CA residents want to pay higher taxes…so it’s really a win for everyone).

In order to simplify the tax code, the framework eliminates most itemized deductions, but retains tax incentives for home mortgage interest and charitable contributions. 

Death Tax: Eliminates “death tax” and generation-skipping transfer tax.

Small Business Tax Rates:  Capped at 25%

The framework limits the maximum tax rate applied to the business income of small and family owned businesses conducted as sole proprietorships, partnerships and S corporations to 25%.

Corporate Tax Rates:  Reduced to 20%

The framework reduces the corporate tax rate to 20% – which is below the 22.5% average of the industrialized world. In addition, it aims to eliminate the corporate AMT, as recommended by the non-partisan JCT. The committees also may consider methods to reduce the double taxation of corporate earnings.

Capital Investment Expensing:  Immediate expensing.

The framework allows businesses to immediately write off (or “expense”) the cost of new investments in depreciable assets other than structures made after September 27, 2017, for at least five years.

C-Corp Interest Expense:  Caps interest expense deduciton via some yet TBD formula.

The deduction for net interest expense incurred by C corporations will be partially limited. The committees will consider the appropriate treatment of interest paid by non-corporate taxpayers.

Repatriation:  Enacts “100% exemption” for dividends from foreign subsidiaries

The framework transforms our existing “offshoring” model to an American model. It ends the perverse incentive to keep foreign profits offshore by exempting them when they are repatriated to the United States. It will replace the existing, outdated worldwide tax system with a 100% exemption for dividends from foreign subsidiaries (in which the U.S. parent owns at least a 10% stake).

To transition to this new system, the framework treats foreign earnings that have accumulated overseas under the old system as repatriated. Accumulated foreign earnings held in illiquid assets will be subject to a lower tax rate than foreign earnings held in cash or cash equivalents. Payment of the tax liability will be spread out over several years.

Noticeably absent in Trump’s tax plan is any mention of the treatment of “carried interest”…a hot-button topic for hedge funds and private equity managers that reap the rewards of having the majority of their income treated at “capital gains” rather than “personal income.”

Of course, the real question is whether the bill has even the slightest chance of passing both houses of Congress or if will soon meet the same fate as the failed Obamacare repeal bills.

And the initial market reaction seems to be disappointment…

Here is the full outline.

Via ZeroHedge


Featured Image: Gage Skidmore/Flickr

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Milo proverbially eviscerates a reporter for “The Hill” on their own livestream

Milo upset that at”The Hill” for labeling him as “Alt-Right” which he says is “synonymous with neo-nazis”

(INTELLIHUB) — Well-dressed political commentator and author of the critically acclaimed book “Dangerous” Milo Yiannopoulos called out a reporter who works for the “The Hill” on Tuesday for trying to lump him in with the ‘Alt-Right’ despite the fact that a chapter in his book “Dangerous” is titled “Why the Alt-Right Hates Me.”

The strapping young lad went straight “scorched earth” on the Washington-based reporter while rockin’ a sassy broad-shouldered black coat with a synthetic fur collar, an eggshell colored collared shirt, several gold chains, many rings, and a gold crucifix.

To get warmed up Milo pointed out to the reporter how “The Hill” framed his Berkley event as “Alt-Right’ and cited the article which “The Hill” published.

Milo said that he has written “The Hill” on a number of occasions and said that they still manage to run his name in stories making it “synonymous” with neo-nazism.

“It’s a lie and it’s designed to suggest that I am or have some sympathy with some white nationalists or white supremacists and its fu*king disgusting,” Milo told the reporter. “Do you think it’s reasonable to call me Alt-Right given that the Alt-Right is now synonymous with neo-nazis? Do you think it’s right? Just stop doing it.”

Milo said that when someone labels someone “extreme” it means that the left thinks they are “dangerous.”

Featured Image: Screenshot via Milo/YouTube
©2017. INTELLIHUB.COM. All Rights Reserved.

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Roger Stone: ‘I tend to believe that the DNC hack was an inside job’

Roger Stone told reporters that he thinks a “thumb drive” may have been used physically on location at the DNC to obtain Wikileaked data

WASHINGTON (INTELLIHUB) — Political pundit and best-selling author Roger Stone told members of the press on Tuesday that the so-called ‘DNC hack’ may not have been a hack at all and was likely an “inside job.”

“Computer science seems to indicate an inside job,” Stone told reporters. “I don’t know whether the DNC was hacked, at all, by Russians and now on the basis of this report I tend to believe that it was an inside job — meaning the data was downloaded to say a thumb drive and spirited out of the building.”

Stone believes that such a thumb drive could have been delivered to Wikileaks.

©2017. INTELLIHUB.COM. All Rights Reserved.

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This is what Roger Stone told the House Intelligence Committee about Russiagate

Roger Stone tells the House Intel Committee how it is, demands an apology, calls ranking member a liar

WASHINGTON (INTELLIHUB) Best-selling author and political pundit Roger Stone testified to the House Intelligence Committee in secret behind closed doors Tuesday, where he made clear to the committee that he had “no involvement in the alleged activities within the scope of this committees investigation.”

After Stone’s testimony concluded, the flamboyantly outspoken pundit said that he “had no choice” but to go on Infowars’s platform to tell the world what he told the committee Tuesday.

Stone said that although investigators think that he was somehow involved some type of collusive activity between the Trump Campaign and the Russian State there is “not one shred of evidence” to back up the allegation which is “conjecture” at best.

Stone pointed out how “our intelligence agencies have become politicized” and, to this day, ‘continue to leak information in detriment to President Trump.’

Stone also said that he never “predicted” that John Podesta’s emails would be hacked before they actually were and requested that Ranking Member of the House Intel Committee Adam Schiff show him a quote which suggests he did.

Stone also got into his “extensive knowledge of the Podesta Brothers” and their business activities in Russia, including their “uranium deal” which was resurrected publically in July of 2016 after Intellihub’s release of the bombshell report authored by the agency’s founder, director, and editor-in-chief Shepard Ambellas titled “Clinton Foundation took massive payoffs, promised Hammond Ranch and other publicly owned lands to Russians along with one-fifth of our uranium ore.”

Featured Image: Screenshot via The Alex Jones Channel/YouTube
©2017. INTELLIHUB.COM. All Rights Reserved.

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Texas Rep. kneels on House floor to show solidarity with NFL players

Rep. Jackson Lee says President Trump’s ‘son of a bitch’ remark was racist

(INTELLIHUB) — Rep. Sheila Jackson Lee (D-TX) kneeled on the House floor Monday night to show her solidarity with spoiled overpaid NFL players who have disrespected our country by sitting out the National Anthem at games.

The outspoken Texas representative said that you “cannot deny” that when President Trump said ‘get that son of a bitch off the field’ he made a racist remark.

“[…] I kneel in honor of them. I kneel in front of the flag and on this floor,” Lee asserted.

Rep. Sheila Jackson Lee:

We simply ask for the dignity and respect to not call our mothers a son-of-a-B. I heard a young man who is an NFL player say that he will kneel from now on.

The only reason he is doing this is that someone had the lack of judgment to provoke the situation and call their mothers a name. I refuse to accept that as a standard of leadership for the highest office in the world.

Even if you never understand it, sir, if you think you’re playing to your base, we will continue to stand in the gap. And racism is going to be under our foot. You know where else it is going to be? Under our knees.

We in the CBC have always stood for what is right. There is no basis in the First Amendment that says you can not kneel in the national anthem.

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