Charities

Republican Tax Plan Will Hurt Middle Class, Promote More Concentration Of Wealth, And Will Kill Republican Majority Whether It Passes Or Not!

Ronald 3 Comments

The Republican Party’s attempt to promote “tax reform” will fail, whether it passes or not.

The likelihood is that Republicans in New York, New Jersey, Illinois, and California will refuse to vote for it, since it ends deduction of state and local income taxes on tax forms in those states.

It is also likely that a few Republicans in the US Senate will oppose it because of other aspects of the plan that make it uncomfortable to support.

The bill would victimize the middle class, and promote greater concentration of wealth in the top one percent and the corporations.

It would harm the white working class voters who put Donald Trump in office in Michigan, Wisconsin, Pennsylvania and Ohio.

The legislation adds $1.75 trillion to the national debt, and cuts so many programs and benefits, displeasing deficit hawks because of the former, and moderates and independents due to the latter.

Charities will be harmed by the legislation, and home builders and real estate agents will be affected by limits on mortgage interest deductions, making people less willing to buy homes, and instead to rent their housing.

Corporations will gain the most from the legislation, and many Americans are angry that many corporations already pay little or no taxes.

The legislation would also hurt Obamacare in a different form, even after failure to repeal it earlier this year, and no replacement is offered for millions of Americans who benefit from it.

The end of the estate tax, which affects so few people, also will displease the average American, who does not understand why all inheritances should be untouched in any way by taxes, as wealthy people have a responsibility to pay their fair share in life, as well as at the end of life, rather than pass on tens of millions to their heirs, without any responsibility to contribute to the future of American society.

Also, medical deductions would be limited, and students who have massive loan payments would not be able to deduct any of them on their tax return, undermining the sick and the young.

One can expect that this legislation will not pass, and therefore will harm the Republican Party, but if somehow it does pass, it also will harm the Republican brand in the 2018 midterm elections!

A Day To Celebrate: 77th Anniversary Of Social Security Act Signed Into Law By Franklin D. Roosevelt!

Ronald Leave a comment

Today is indeed a day to celebrate, the 77th anniversary of the signing of the Social Security Act into law, in 1935, by President Franklin D. Roosevelt, his signature domestic accomplishment among many of his New Deal programs.

Social Security gave dignity to the elderly, to widows, to children and orphans of a deceased worker, and to the disabled and handicapped!

It gave a sense of security to people at vulnerable times in their lives, and it came decades after similar actions in Germany, Great Britain, and France, the other major industrialized nations!

It has worked very well, and is only seen as in trouble because the Social Security fund has been raided constantly by reckless Congresses!

The future of Social Security long term could be guaranteed by raising the limit of $110,000 income being taxed to be what Medicare is, an unlimited income being taxed!

Also, if unearned income was taxed as earned income is, it would have no problems for an eternity of time.

But the Republican Party, most members opposed at the time to the legislation,; then having Barry Goldwater in the 1960s wanting to destroy it; and now Mitt Romney and Paul Ryan continuing the assault, makes this election a battle to preserve this key to the social safety net, and to promote common decency toward those who depend on it, and have contributed to it over their work lives!

Franklin D. Roosevelt should be saluted for his great leadership in guaranteeing a dignified life to those who, at different times and situations in their lives, need protection from government. This is not something that churches and synagogues and charities could possibly provide on an adequate level!

An Outrage: 21,000 Wealthy Americans Avoid Paying ANY Income Tax!

Ronald 1 Comment

Deductions and exemptions in the US Tax Code have allowed approximately 21,000 wealthy Americans, including billionaires, to avoid paying ANY income tax to the US government!

How can one avoid paying taxes?

Donations to charity
Earning income overseas
Writing off doctor bills
Investing in state and local governments

This number, 21,000, is only one half of one percent of the 4 million taxpayers who make up the top 3 percent. So no one is saying that the wealthy do not pay taxes, as a group, but many pay only what Mitt Romney pays, less than 15 percent, because they do not work for a living, and instead make their income primarily on investments.

Altogether, about 3 million people who earn more than $50,000 pay no federal income taxes, while 56 million Americans who earn less than $50,000 avoid federal income taxes.

While there is a lot of anger about the 56 million, realize most of these people make so little, far less than $25,000 for most, and continue to pay medicare and social security taxes and sales and property taxes, and cannot make ends meet as it is, while the 21,000 who are wealthy and avoid taxes could contribute a decent percentage of their income, but have lawyers and accountants to avoid their responsibilities!

There is a dire need to crack down on tax avoiders, but it will not happen under a President Romney, and in fact, will only get worse if the former Massachusetts Governor is elected President, while the poor and working class will actually have more taken from them, when they already have so little!