"Since 1995, more than $15 million in taxpayer dollars has been paid out to settle claims, including sexual harassment claims, on behalf of members of Congress and congressional staff. While the amount of money paid is public, everything else is secret. The public doesn’t know which members have been involved in taxpayer-financed settlements for alleged misconduct."

Those are the words of Florida Republican Representative Rob DeSantis, who is a cosponsor of a bill that would stop Congress’ secret, taxpayer-funded harassment settlements. While anyone else would be required to spend their personal funds to settle a sexual harassment lawsuit, politicians have been using tax dollars to do so for decades. Now that male politicians have been revealed as the pigs they are, now more than ever it’s important American taxpayers are refunded for bailing out the pigs.

While the bipartisan bill would require lawmakers who used the secret Treasury Department fund reimburse the government, with interest, that’s not enough. American taxpayers deserve to be reimbursed -- not the government. That’s our money -- not the government’s, and when our money is used to bail out politicians who are already rich, our money needs to be returned.

Since the Republican tax bill will force poor and middle class Americans to pay more in taxes to fund a massive tax cut for corporations and the rich (and raise the deficit to boot), the least Republicans could do is toss the average American a refund for settling sexual harassment suits. It might only result in a 13-cent refund for each American taxpayer ($15 million divided by 122 million taxpayers), that’s still more than most Americans are getting with the current legislation.

Contact your Senators and Representatives and demand any taxes used to bail out politicians accused of harassment, sexual or otherwise, be returned to you and every American taxpayer immediately. This should be something upon which both Democrats and Republicans can agree -- taxpayer dollars shouldn’t be used or collected to bail out political pigs.

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If you like this, you might like these Genesis Communications Network talk shows: The Costa Report, Drop Your Energy Bill, Free Talk Live, Flow of Wisdom, America’s First News, America Tonight, Bill Martinez Live, Korelin Economics Report, The KrisAnne Hall Show, Radio Night Live, The Real Side, World Crisis Radio, Know Your Rights

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If the tax plan presented by Donald Trump and Republicans is adopted, the average American stands to benefit very little. According to a new report by the nonpartisan Tax Policy Center, four-fifths of American taxpayers can expect their after-tax income to increase .5 percent or less, while the top fifth of earners would see a three percent increase in after-tax income.

The study also found that 80 percent of tax benefits would go to the top one percent of American earners. Households making more than roughly $900,000 a year would save $200,000 on average. The top one percent of American earners can expect a tax cut of 9.8 percent between now and 2027. Repealing the estate tax would cost the federal government $240 billion in tax revenue over the first decade, most of which would stay in the pockets of the super rich.

Big businesses stand to benefit from the Trump tax plan, too, thanks to a decrease of the corporate tax rate from 35 percent to 20 percent. But businesses that rely on debt to finance their investments, like real estate companies, private equity firms and financial companies, will likely see costs increase, because Trump’s tax plan proposes limiting the deductibility of corporate interest.

Realtors have been especially opposed to the Trump tax plan, because while it preserves the mortgage interest deduction, fewer people would benefit from itemizing their mortgage interest given the plan’s proposed increase to the standard deduction, which is closer to a 15 percent increase than a doubling of the standard deduction. This could make homeownership less attractive and hurt the housing market.

High-tax states like New York and California would be especially affected by Trump’s plan to eliminate the state and local tax deduction, which allows taxpayers who itemize to deduct property, state and local taxes. Congressional Republicans in high-tax states have already expressed their concern, so Trump’s tax plan might not pass without the state and local tax deductions being preserved.

Who is paying for these tax cuts for businesses and the super rich? The Tax Policy Center found that a majority of households earning between $150,000 and $300,000 would pay more in taxes under Trump’s tax plan, as would almost 30 percent of Americans earning between $50,000 and $150,000 annually.

Trump’s tax plan also doesn’t come in under budget. The tax plan would increase the deficit by $2.4 trillion over the first decade, and by $3.2 trillion over 20 years. And while the Royal Bank of Canada thinks Trump’s tax plan will raise gross-domestic product by .5 percent annually, even if that were sustainable over the next 20 years, Trump’s tax plan still increases the federal deficit by $1.252 trillion.

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Now that Republicans’ plans to repeal and replace Obamacare are all but dead, GOP Congress-men and -women will be working to preserve their jobs by accomplishing something -- anything. Now it seems the Republican budget proposals will get in the way of their next big project -- tax reform. But there is a lifeboat out there for Republicans, if they’re willing to accept a hand from a Democrat.

Progressive Consumption Tax

Senator Ben Cardin (D-Md.) reintroduced S. 3529, otherwise known as the Progressive Consumption Tax Act (PCTA), back in December. And while the bill wouldn’t do what many Republicans would like and get rid of the Internal Revenue Service, it would re-purpose and shrink the IRS and make tax collection a lot easier. It would also make it so most people would no longer owe individual income taxes, and it would reduce the corporate income tax rate to one of the lowest among industrialized nations.

“How?” you ask. Well, revenue once created by income taxes would be replaced by revenue created through a consumption tax, which is a tax on goods and services consumed rather than a tax on income. It’s a lot like a sales tax, except Cardin has proposed what’s called a value added tax.

Value Added Tax (VAP)

A value added tax is collected from each producer involved in the production chain of a product rather than the end consumer. So if a manufacturer buys $40-worth of product from other manufacturers earlier in the production chain, puts its own labor and materials into it and sells it for $100, the value added by that manufacturer is $60.

Why a value added tax? It’s more likely to be paid. Compliance is believed to be better when the tax is collected at all stages of production rather than the final stage, when the product is purchased by a consumer from a retailer. Both a retail tax and value added tax would produce identical revenue if compliance is perfect, and collecting at all stages of production would help ensure that is the case.

Flat Tax

Cardin’s proposed a 10-percent, flat tax because it simplifies taxation, facilitates compliance and enforcement, and doesn’t allow for distortions based on product type. The few exemptions to the consumption tax are financial services, “which are difficult to handle within a VAT and are often exempted, residential rents, and sales of existing residential housing.” So you won’t pay taxes for your accountant or broker, rent or mortgage, or the sale of your home.

According to the independent and nonprofit Tax Foundation’s Taxes and Growth Model (TAG), the plan would raise the country’s gross domestic product (GDP) 4.4 percent, increase the stock of capital used in production by 15.2 percent, and create 1.1 million jobs. It would also increase after-tax income for rich and poor, so every American would have more money with which to stimulate the economy. In fact, real after-tax hourly wages would increase 6.5 percent.

That all sounds great, right? But will it pay the bills? In short, yes. Cardin’s plan is designed to raise at least as much revenue as the current income tax system does, and the rate can be altered, but the revenue created can never be more than 10 percent of GDP. That doesn’t mean the percentage can’t increase, but the U.S. tax revenue as a percent of GDP was 26.4 percent in 2015. Cardin’s plan would refund taxpayers any revenue over 10 percent of GDP.  

Do you see how Cardin’s plan creates more revenue despite a lower percentage of GDP? Tax revenue, whether a consumption tax or income tax, is linked to economic growth. The more economic growth, the more tax revenue. Increasing the U.S. GDP 4.4 percent is no small feat. As of 2015 numbers that’s almost $800 billion, which would cover the entirety of the Republicans’ proposed military budget and then some ($621.5 billion).

Why should Congress enact a consumption tax? Well, much like healthcare, the United States is behind a lot of developed countries when it comes to taxation. About 150 countries have a consumption tax, most of which were established decades ago.

The consumption tax would also allow the U.S. to tax imports and subsidize exports without violating current World Trade Organization rules (WTO), which Donald Trump would love, even though economic theory indicates a border adjustment tax would end up trade neutral. But that’s what House Republicans want, even though, “Economists can show that the House Republican plan has the same effect as abolishing the corporate tax altogether, introducing a VAT, and then cutting payroll taxes.”

That makes the Republicans’ border adjustment tax nothing more than a political ploy that plays to its base, but that’s what Republicans need -- a political ploy that plays to its base. That and an accomplishment like tax reform. It ain’t gonna be healthcare or a budget anytime soon. So work together, Congress, and we can all get what we want.

Enacting a consumption tax is about as bipartisan as it gets. Republicans get to help corporations. Democrats get to help the poor, and Republican Congress-men and -women might get to keep their jobs. But apparently it’s a nonstarter for most Republicans -- unless you tell them otherwise. You can use Countable to keep your Congress-men and -women accountable to you. I urge you to contact them and tell them you want a progressive consumption tax. It will save every American money, and allows Americans to save and invest.

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The Senate Republicans’ Better Care Reconciliation Act takes federal money dedicated to America’s poor and gives it to the rich. While Obamacare raised taxes on high-income Americans to subsidize insurance for the poor, the Republicans intend to cut those taxes and reduce federal funding to insure low-income Americans.

So instead of insuring the most Americans and lowering the collective tax burden of uninsured hospital visits, the Republicans’ plan is to insure fewer Americans and increase that collective burden for which we all pay. Those visits by uninsured Americans cost $900 each.

Those likely to be hit hardest are those on Medicaid, which includes nearly 40 percent of all American children. The Republicans are proposing a maximum payment to states per enrollee, and while it’s set to increase annually, it will be at a lower rate than medical costs increase. So Medicaid enrollees will be forced to flip more of the bill or go uninsured. As time goes by, fewer and fewer Americans will be insured, and we’ll be right back in the mess Obamacare fixed.

I realize the Republicans are all about personal responsibility, but they have to realize that many Americans are not personally responsible. A 30-year-old, healthy American who doesn’t partake in dangerous activities (i.e. driving, which is the most dangerous activity) could likely go uninsured and not cost the American taxpayer a dime during the year. But those aren’t the people that caused the health insurance mess in the first place. Insurers have caused this mess, and the Republicans just want to keep paying them more.

The moment this idea for private health insurance came about the average American was screwed. Profiting from people’s health is not unlike the undertaker profiting from death. People will pay anything to live longer, and people will pay just about anything for someone to “make the arrangements” for loved ones who have died. “Just because we’re bereaved doesn’t make us saps!” says Walter Sobchak in The Big Lebowski. Well, people are saps when faced with death, which is exactly why private insurance is wrong on every level.

Faced with death, money's no object. It doesn’t matter how rich or poor you are, you’d give anything you had to live longer. Republicans realize this and intend to take everything you have so you have nothing to give when faced with death. It’s why they take affordable insurance plans and make them unaffordable behind the guise of “personal responsibility,” and it’s why they move federal dollars from benefiting those who need them most to people who don’t need them at all.

I am one of the 74 million Medicaid enrollees that only has insurance because of Obamacare and because my home state expanded Medicaid. I feel sorry for the states that have elected not to expand Medicaid. I pay $264 annually for health insurance. I have made two doctor’s visits in the last year. Before that I was uninsured and paid nothing. At least now I’m creating revenue and saving the American taxpayer money by not making hospital visits while uninsured.

I will lose insurance because of the Republicans’ bill and won’t feel guilty about costing the American taxpayer money if I’m forced to see a doctor while uninsured. Nobody should. This bill will be a disaster for America, and in five years or so, we’ll be attempting to fix the same problem Obamacare fixed. Hopefully, next time, a Medicaid-for-all plan will be the only one considered. Until then, low- and moderate-income Americans will either pay a higher percentage of their income to private insurance companies or go without, raising the tax burden for all Americans. How is this bill supposed to help everyone again? Oh, right. It’s not about everyone for the Republicans. It’s about them and their deep pockets, and the rich people like them.

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If you like this, you might like these Genesis Communications Network talk shows: USA Prepares, Building America, Free Talk Live, The Easy Organic Gardener, American Survival Radio, Jim Brown’s Common Sense, Good Day Health, MindSet: Mental Health News and Information, Health Hunters, America’s Health Advocate, The Bright Side, The Dr. Daliah Show, Dr. Asa On Call, The Dr. Bob Martin Show, Dr. Coldwell Opinion Radio, The Dr. Katherine Albrecht Show

 

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After signing an executive order to limit the number of H-1B immigrants (immigrants working jobs requiring at least a Bachelor’s degree), Donald Trump signed Congress’s temporary spending bill that allows for more than double the number of H-2B immigrants (immigrants working jobs that don’t even require a high school education).

This is nothing new, as it’s the same policy passed in the last spending bill, but Trump didn’t exactly do much to alter the policy despite being in a position to do so. Why would he? Allowing even more immigrants to serve as temporary employees at cheaper wages will make his CEO friends happy, but it should infuriate Americans. It certainly assures that the 11.5 percent youth (ages 16 to 24) unemployment rate will remain mostly unchanged.

These H-2B jobs, like working at winter or summer resorts in guest services or as a housekeeper or groundskeeper, used to be filled by high school and college students looking to make a buck while going to school. Some of them are saving for a college education that has grown increasingly unaffordable. Now the money goes to temporary immigrants who will take it home with them when they’re no longer needed. They can serve up to three years on an H-2B visa, but then only have to leave the United States for three months before reapplying. From the U.S. Citizenship and Immigration Services website:

A person who has held H-2B nonimmigrant status for a total of 3 years must depart and remain outside the United States for an uninterrupted period of 3 months before seeking readmission as an H-2B nonimmigrant. Additionally, previous time spent in other H or L classifications counts toward total H-2B time.”

When you elect an American businessman to be the most powerful person in the world, you are submitting this country and others to the business practices of an American businessman. Those practices include hiring cheap, immigrant labor (Trump businesses have asked the government to grant temporary visas to 1,200 foreign workers since 2000), lowering taxes for corporations and the rich and raising them for the middle class (Trump’s tax plan cronies are considering eliminating the personal exemption and reduce the top corporate tax rate from 35 percent to 15 percent), and allowing internet service providers to monitor your online history and sell it to advertisers.

At least medical marijuana jobs won’t be affected by the spending bill, though. The Department of Justice still can’t spend funds enforcing federal marijuana law upon state’s that have legalized medical marijuana, but no protections exist for states with recreational marijuana policies.

Alaskan fisher-people should also be happy, as the spending bill has made the “brown king crab” more appealing by allowing it to be called “golden king crab.” Young Americans will also be subjected to school breakfasts and lunches featuring more sugar and fat thanks to new Agriculture Secretary Sonny Perdue freezing Michelle Obama’s plan to fight childhood obesity. Welcome to Trump's America, where under-educated Americans lose jobs to under-educated immigrants, under-paid Americans pay more taxes than over-paid Americans, and diabetes runs rampant.

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If you like this, you might like these Genesis Communications Network talk shows: The Costa Report, Drop Your Energy Bill, Free Talk Live, Flow of Wisdom, America’s First News, America Tonight, Bill Martinez Live, Korelin Economics Report, The KrisAnne Hall Show, Radio Night Live, The Real Side, World Crisis Radio, The Tech Night Owl, The Dr. Katherine Albrecht Show, Free Talk Live

Published in News & Information
Tuesday, 18 April 2017 16:45

The Taxman Cometh

Today -- April 18th, 2017 --  is the last day you can file your Federal Income Taxes. Uncle Sam has bills to pay and expects your check in a timely manner. I usually do my taxes at the last minute and this year was no different. I have oft wondered, “Is this the year where I don’t get my taxes done in time and have to file an extension?”

 

Thankfully, the answer is, “Nope. Not this year!” But what does one do if one has not yet filed their taxes? You can link jump to irs.gov and fill out: Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return. It’s a pretty simple form.

 

Keep in mind if you file for an extension there may or may not be late fee penalties, accrued interest, nasty letters from the IRS, collection agents, tax levies and / or liens. Consequences all depend if you are filing late or not filing at all. There is a huge difference in the amount of consequences between filing late and not filing. All sorts of bad thing can happen to you up to and including jail time if you fail to file your taxes on time or at all. So don’t do it.

 

Even celebrities get in trouble for income tax evasion! And celebrities can get away with nearly anything. Here is a partial list of Celebrities Who Were Forgiven For Their Horrible Acts. I mean, look at that list! Matthew Broderick has killed people! And his grand punishment was that he had to fork over a colossal fee of -- $175. Not $1.75 million or $175 million.Nope. One hundred and seventy five dollars! For killing two people! Like I said, celebrities can get away with a lot of awful stuff. But not tax evasion. Just ask Martha Steward or Wesley Snipes or Willie Nelson or Nicolas Cage.  

 

Point being, the tax man gets his money. It doesn’t matter if it’s your $284 or Nicolas Cage’s $6 million. The tax man always wins. So file today  and you free, free, free from the tax man!


Well, until next year. Or until your extension expires. I guess I take that back. You will not be free. There is a reason, “Death and Taxes,” is a colloquialism. Nothing is inevitable except for … well, you know.

 

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If you like this you might like the GCNlive talk shows: The CEO ShowKorelin Economics, Millionaire Roadshow, Wall Street Raw.    

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