Trump’s Tax Cut Failure

TRUMP’S TAX CUT FAILURE:

Nothing Has Trickled Down

Robert Reich is one of the most respected economists in the United States. Robert is an American economic advisor, teacher, author, and political commentator. He served in the administrations of Presidents Gerald Ford, Jimmy Carter, and Bill Clinton. He was Secretary of Labor from 1993 to 1997.  Reich has a lot to say about the stupidity of the Trump Tax Cuts and why those tax cuts are damaging the United States financial well-being. Time to get real about taxes and how they effect the economy.

 

A Taxing Season Til April 15th

A Taxing Season Til April 15th

April 15th is fast approaching

April 15th is only a month away. I find myself  wondering if I should attempt to do it myself or just call a CPA.

April 15th, Looming Large

In case anyone has forgotten, income tax returns are due in just over a month. April 15th is looming large, as they say. It is not that www.calamitypolitics has that many deductible expenses, but that is only because I haven’t figured out how to deduct my daily double Caramel Mocha or my mani-pedis. Maybe I should consult Ivanka on that.

To Deduct, Or Just File Away

Sorting, ironing and filing

I have been busy, sorting, ironing and filing receipts, getting ready for tax deadline

Over the last week, I have been sorting, ironing and filing receipts. Typically I toss most of my Calamity Politics tax receipts into my car’s glove box. I find if I crumple up every receipt really small I can fit a lot of them in the glove box. Any overflow goes in to the bottom file drawer in my home office. The only problem comes at the end of the tax year when I have to get out the ironing board and iron those crumpled receipts flat.

Tax Year and a Standard Year

My son keeps telling me there is no difference between a ‘standard year’ and a ‘tax year’, both are 365 days long. Well, I don’t believe it; I see it as just more government distortion. It feels as if the tax year is actually 9 months long, or 270 days. It is like a time morph for the muddled, and the disorganized.  I’m sure this phenomenon is a real knee-slapper for those at the IRS. The government’s artificially shortened year, combined with the recent tax changes has admittedly added to my tax preparation anxiety.

Call a Friend

I figured I am not the only one with tax deduction stress so I called on my friend and fellow writer Wes Hessel to come up with some help for me and other befuddled American tax payers. Check out what he learned and is now sharing with us.

D. S. Mitchell

A Taxing Season Til April 15th

By Wes Hessel

Facing The Inevitable

They say that only two things are certain: death and taxes; while some may prefer death over doing their taxes, there are gratis resources that can avoid your considering 1040 to be a four-number word.

Land Of The Free

A Google search for “free tax help” (YSRMV – Your Search Results May Vary) yields multiple options for Federal tax return tools that are credible:

https://turbotax.intuit.com/

https://www.taxact.com/

https://www.taxslayer.com/

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Growing Wealth Inequality: A Danger Sign for Democracy

Growing Wealth Inequality:

A Danger Sign for Democracy

By D.S. Mitchell & Jones William

Uneven Distribution

Wealth inequality occurs when income and assets are unevenly distributed within a group of people, or society. There are at least three measures of that distribution of wealth. Economic inequality is generally grouped into three categories; pay, income and wealth.

1) Pay

Pay is the amount received from employment only. Pay can be based on an hourly, weekly, monthly or yearly basis. Pay may also include bonuses and benefits. Pay inequality: the difference between individuals’ pay across all 50 states (or within one company).

2) Income

Income includes all the money received through pay, investments, state benefits, rent, pensions (personal, company, state) and savings. Income is calculated on an individual or household basis. Income inequality, is the disparity of money streams between groups and individuals.

3) Wealth

Wealth is the total assets of an individual or household. It includes all assets of value: bonds, stocks,  pensions, art, jewelry, boats, planes, automobiles, savings, investments, and real estate. Wealth is a collection of assets minus liabilities. Wealth inequality, is the difference between the valuation of all assets owned by groups or individuals.

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TRUMP TAX MARCH – Saturday, April 15

Trump Tax March

D. S. Mitchell

Two Hot Topics

I woke up this morning and turned the TV channel to ‘New Day’. There were two hot news topics. Christine Romans and the guests were mostly focused on 1.) Trump’s attack on the Syrian air fields and 2.) how long Steve Bannon would be able to hang on at the White House. It seems Bannon has been banging heads with Trump’s son-in-law, Jared Kushner. To escape the two big stories, here at Calamity News and Politics I’m going to focus my political discussion for a few minutes on the Trump Tax March, scheduled for April 15, 2017.

Frank Started It

N.Y. comedian Frank Lesser, started it all. Lesser admits he has somehow become the center of the protest tax movement. He is definitely pushing the “Don the Chicken,” mascot theme. Just from a personal perspective, I want to see those dumb birds floating over huge protests from coast to coast.

Changing Story

Trump’s story has changed over time. Before Trump ran for president he said he would release his tax returns. When Trump entered the 2016 election campaign he said he would release his taxes when “the IRS finishes its audit.” After he won the election,  Kellyanne Conway stated flatly that Trump would “never release his taxes.” She did however, back off somewhat, later saying, “maybe,” he would release his tax records.

Tax Returns Tell A Story

As a self-appointed political analyst it is clear to me that the only way Trump is going to publish his tax returns is if the public forces that publication. It will probably come through the courts. There is currently noise in the Congress to subpoena Trump’s taxes. The reason to look at his tax returns is, “to unravel his entanglements with foreign governments to discern whether he used illegal tax shelters,” said Lessor. It is essential we know “who he owes money to”. And how does that debt affect his actions as president.

Ready And Willing

I am hoping for a sizable turnout across the country. I hope political fatigue is not setting in. It hasn’t happened to me. I am still fired up, and looking for a reason to irritate this president in any I can. So, I’m ready to march in Portland, Oregon on 4/15/17. I hope there is a big turnout. But, I won’t be disappointed if it is only me and six friends. Because I am speaking out against the worst scoundrel and liar to ever occupy the Oval Office.

Four Decades Of History

Every U.S. President for four decades has released his tax returns. Trump is being sued right and left over the issue. The suits center over payments from foreign governments that might violate the Emoluments Clause of the Constitution. The American people care what our president is doing financially, and his indebtedness. We care if the president is dishonest. We care where his money is coming from, and where it’s going. There is an unprecedented amount of self promoting going on.  I see Trump frequenting his golf courses, and hotels. Pushing the brand. Ivanka and Melania are seen modeling jewelry on Pinterest. Pushing the family brand never stops. I believe, along with several others, it’s time for Trump to release his taxes.

Robert Reich

I’m going to add some comments that Robert Reich, Former Secretary of Labor, made to Newsweek. Reich thinks Trump would already be facing impeachment proceedings if the Congress was not top-heavy with Republicans.

First Issue

When Trump swore to “faithfully execute laws of the Constitution,” he broke that oath when he went on a baseless twitter attack on Barack Obama, accusing him of wire tapping the Trump Tower.

Second Issue

Article 1 Section 9 of the Constitution which forbids government officials from taking things of value from foreign governments. Trump steers diplomatic delegations to his hotels. He had an application for the Trump brand trademark approved in China, after the election. This was an application that had previously been rejected.

Third Issue

According to Robert Reich, the First Amendment that “bans any law respecting an establishment of religion or prohibiting the free exercise there of.” Reich believes the “travel ban,” is a ban on Muslims and as such is unconstitutional.

Fourth Issue

“Abridging the freedom of the press”.  Labeling the press “enemies of the people” and limiting access of the press to the administration. Trump thinks limiting access gives him and the administration more positive coverage. This is a very bad precedent.

Fifth Issue

The fifth cause, Article II Section 3 of the Constitution defines treason against the U.S. “adhering to their enemies, giving them aid and comfort”. Many are saying, supported by growing evidence, that Trump and his campaign colluded with the Russians to win the 2016 Presidential election.

Reich Explains

A President of the U.S. can be impeached for “high crimes and misdemeanors”. Reich says, “The question is no longer whether there are grounds to impeach Trump, but whether there’s the political will.” As long as the Republicans are holding power in the House of Representatives it is unlikely much will happen. Any Bill of Impeachment originates in the House. This is why it is critical to flip the House to Blue in 2018.

April 15, 2017

So, with all of this going on, don’t forget to come to the April 15, 2017 Trump Tax March! Hope to see you there. Any discussion of U.S. politics today has to include the disparity of wealth. The Tax March should be part of that larger protest about the income inequality and Trump’s plans for huge tax cuts for the rich, including himself, his cabinet, his friends and his family.

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