Friday, November 18, 2016

Reduce your taxes like President Trump

Reduce your taxes like President Trump 
President Trump has said: "I fight very hard to pay as little tax as possible" because "that makes me smart." If I did pay taxes, "it would be squandered, too, believe me." Be smart:
Converting part of your IRA to a Roth will provide future income without the income tax. Converting $10,000 today (pay $1,500 tax) and spend $24,000 in 10 years (after age 60). You can spend it all and not pay the $3,600 tax on $24,000. You could use this lump sum for a vacation or your grandson’s education or just leave it to grow into a handsome legacy for your heirs. Since this money is not taxable you may avoid tax on your other income too. For instance, SS benefits are taxable if your income is over $32,000 ($25,000 single). If you were to convert $10K IRA money every year for 10 years, you will have turned $100,000 TAXABLE income into $250,000 FREE of TAX. Since you must take IRA money at age 70.5 anyway, taking it earlier will lessen the “forced” distribution and thus less tax. You may convert any amount any year. You can fund a Roth IRA now and not have to convert later.


We never did get to see The Don’s tax returns
He said they don’t matter to his voters and he was right. So now he, as head of IRS, won’t be finishing the audit on himself and he will get away with not paying his fair share. He deducted about $1 billion of other people’s money and gets to keep all of his income from TV and using his name on things for 20 years. His tax plan includes huge tax breaks for the wealthy. The top 1% would get about half the benefits of his tax cut. People with $3.7 million or more in annual income would receive $1 million in annual tax savings. Deficits will soar unless the rich create tax payer jobs here. (This has not worked in KS which gave businesses 0 taxes in 2012.) However, if the created jobs are low-pay, like in Texas, no new tax revenue would be created. Since The Don will cut corporate taxes, new middle class taxes will go up and less-advantaged assistance programs will be cut. GOP has already targeted ObamaCare, Medicaid, Medicare and Social Security.

The Don’s excuse for not paying taxes: “They waste the money
Can The Don stop the big business subsidies Congress relies on for their daily bread? He railed against lobbyists who get paid for subsidies. But, OH NO, he HAS them in his transition team deciding who will make the rules. Will he cancel EPA so we have dirty air, dirty water and contaminated soil? Which programs are wastes to The Don? The Don is using the same people as Bush for decisions—his first tell— “He is failing the first test, and he should be held accountable for it.” For instance, Ed Meese, a lobbyist for Heritage Foundation is setting up budget. The list goes on. Energy, Communication, Intelligence, Agriculture, etc. They even asked JP Morgan Chase Dimon to run Treasury. Hardly outsiders! Some are the ones who oversaw the financial collapse of 2007. Obama never jailed any of them. His Justice has let many bankers skate. Can The Don put any white-collar criminals in jail? If some went to jail, it might persuade banks to not take big risks. But Don has relied on them for financing his projects—3 casinos, the Plaza and scores of buildings/golfs. He used Tax Credits to avoid paying his fair share.

Where should you invest now for retirement if GOP cuts Social Security?
Ryan and House members will now have a “mandate” to cut our “entitlements” since The Don will be spending on other projects. Without cuts in Social Security and Medicare, the GOP would need to raise taxes. Where can you put your money so that you can supplement the cuts in your future Social Security benefits? One alternative is to use a balanced fund that makes you owner of stocks and bonds. One of the best is the Vanguard Wellesley Income fund. It has returned 9.8% since 1970--7% in 2016 so far.


Remember when The Don was against hedge fund operators?
No longer. Now they are in the government. He said: “Hedge fund guys are getting away with murder.” One of Trump’s friend/backer, hedge fund owner, Steven Mnuchin, is even a contender for Treasury secretary. “That nonsense is ending: the anti-banking cabal and the screed of hatred for people that live on Wall Street,” Anthony Scaramucci, a well-known money manager who is on the transition team, said last week following Trump’s victory. Mnuchin, a former hedge fund manager and partner and Goldman Sachs Group Inc., is a top candidate to lead Treasury; he served as Trump’s campaign finance chief. John Paulson, who made billions when the housing market collapsed, is an economic adviser; he was a Trump donor and has been pushing for changes to Fannie Mae and Freddie Mac, the U.S. mortgage giants. Rebekah Mercer, the daughter of hedge-fund magnate Robert Mercer, is on Trump’s transition team. Carl Icahn, investor, has also backed Trump, hoping the candidate will rein in Environmental Protection Agency rules, which he says harm refiners like CVR Refining LP, where he has a controlling stake. His wife, Gail, has been named to the inauguration team.
Lies, all lies.


Can Wall Street learn to put our needs ahead of their own?
Obama tried to reform the Wolf of Wall Street so that they would not collapse our financial system again. When you are setting up your retirement income from 401k and IRA accounts, the Wolf used to take a big bite—5-10%. Now it can eat up to 63% of your investment portfolio. Obama’s retirement div put out rules to protect vulnerable senior’s nest eggs from the Wolf. Will Trump destroy the Fiduciary Rule as part of the industry lobby to repeal Dodd-Frank? Fiduciary means advisors put your interest before their own. This rule does not mean advisors can’t overcharge on all other products. It does not mean they can’t charge fees for years after the sale of retirement products. In fact Chase and other banks have already said they will stop commissions and charge annual fees forever instead. Instead of paying 5-10% up front, you will pay an extra 1% per year. Chase and BoAmerica could take 10-15% over the life of your account. The Wolf cannot help taking the whole cake—now just one bite at a time--forever.

Which Part D plan is right for you?
When comparing Part D plans, make sure the copay for your drug is reasonable. The AARP tested the difference between the copays for 30 day supply of 5 drugs in 5 states. The diffence in what you will pay is astounding: We pay $569 or $27 for the same Procrit 4,000 ml in FL amoung 20 plans. Large differences in copays for the same drug within a state not to mention in the same country leads any reasonable person to believe America has a problem. Trump used to rail about this problem. The problem was highlighted by the recent scandal over EpiPen. Do you spend all of your monthly budget for this lifesaver or let your kid go to the hospital so your family can eat? In England the same medicine costs $69. It actually costs $30 to make and we add $6 profit: $36. Someone or other is making a killing. If you are a millionaire Congressman or you earn $423,345 as a 1%er then $600 for Epipen is no problem. However, for most of us, medicine is like water and air—a necessity that should not be exploited. Can Trump make drugs affordable for the ‘forgotten’ family?

The Don says he will NOT take his $400,000 salary plus benefits
Taking a salary means having your taxes withheld. The Don does not pay taxes. However, he may not realize there is a large pension too. Seems unwise to refuse $½ million extra cash. Not all his job’s expenses are covered by the govnmt. We pay presidents for the rest of their lives even though they don’t need it—well maybe Jimmy Carter. A fixed income for 30 or 40 years is over $7 million without inflation rider. We can create a fixed monthly payment without having to pay the high annuity fees of 2-4%. There are better alternatives: https://www.amazon.com/Best-Annuity-Strategy-Income-Growth/dp/1497532019

Car and Drivers 10 Best Cars 2017.
Their annual list of the very best automobiles for sale in America includes some suprises, including the Honda Accord. To win a vehicle must offer good value, excel at its given mission, and, critically, deliver a pleasurable driving experience. Some are sporty and some are expensive too. Few are considered the most reliable according to JD Power. 5 cars to avoid this year—wait for revisions.
Ask for all your discounts when you buy new car insurance: https://www.amazon.com/Vehicle-Insurance-Beware-Double-Coverage/dp/1480027634

Tea Party controls House, Senate, President, courts, Supremes--Finally got to be rulers
If you are wealthy and hate government, you win. Most of us will grit teeth for 4 years. Trump’s Teas will cut programs that benefit older adults and younger people with disabilities, including Medicaid, Older Americans Act such as Meals on Wheels, adult day, information assistance. Don said he would leave Social Security and Medicare alone but he said many contra things. Teas have targeted all programs for disadvantaged like ObamaCare. Don may not resist their cuts especially if economy falters. He does not like losers. 20 million will have no health care. "You're not going to let people die sitting in the middle of the street." He made fun of disabled, banned unfavorable press firms, and attacked certain minorities, judges, laws, departments he did not like. His tax plan reduces taxes for very rich but his advisor says if growth does not come, middleclass tax increase will be necessary to balance budget. Christie just raised gas tax in NJ and let millionaire tax cut stay. He ended the estate tax for rich. Christie may be Don’s whip in Congress. He claims he can make Dems give in.




We are entering the Twilight Zone:
"There is a fifth dimension beyond that which is known to man. It is a dimension as vast as space and timeless as infinity. It is the middle ground between light and shadow, between science and superstition, and it lies between the pit of man's fears and the summit of his knowledge. It is an area which we call the Twilight Zone." 
Rod Serling
  
            THE TRUMP PROMISES
Deportation, The Wall, Re-Create Jobs, NO Abortion, No ObamaCare, More Guns, No Muslems, Reprochmont with Russia, Christian nation, Jail Clinton, Kill Terrorists and Family, Torture, Cancel Iran deal, Cancel EU-NATO, Replace VA head, Tax imports esp Ford, Grow 6%, Cut Deficit, Cancel Consumer Protection Act, Wealthy tax break, No tax income <$50K, Change Washington, Change GOP, Change, Change, It was rigged! … for me!

The Don’s 1st test: Replace job paying $23/hr Carrier move to Mexico—he promised.
                        CarrierMexico will pay $25/DAY. Automation, computers, math.
                        He made Carrier the poster child and “we’re going to hold him to it.”
            We want change: “It could have been Captain Kangaroo and he might have won.”

Deportations begin: “get the people that are criminal and have criminal records, gang members, drug dealers, where a lot of these people, probably 2 million, it could be even 3 million, we are getting them out of our country or we are going to incarcerate.”

Wall is too expensive—settle for a fence: Tax cuts for rich/corporations mean no money

NATO EU UN defunding: Weakening NATO, EU and UN ties is Putin’s goal in regaining Russia’s superpower status. The Don has been flattered by KGB: no friend.

Trump kids become national security advisors—get top-secret clearance. Guiliani claims “they can’t work in the government because of the government rule against nepotism.” But they can use the information in Trump Corps and insider trading.


Ford will still build $2 billion factory in Mexico but does not send KY jobs there yet.

Teas have finally gotten their wish! Congress and WH are anti-govt but paid.
The Don’s “cabinet” are scary group

Jeff Sessions top law officer, was rejected for judgeships by GOP because racist remarks:
Sessions had referred to the N.A.A.C.P., the Southern Christian Leadership Conference and other civil rights groups as “un-American” and “Communist-inspired.” An African-American federal prosecutor then, Thomas H. Figures, said Mr. Sessions had referred to him as “boy” and testified that Sessions said the Ku Klux Klan was fine “until I found out they smoked pot.” He does not like the Voting Rights Act and the stringent oversight it placed on Southern states.

Mike Flynn, national security adviser, thinks that Shariah, or Islamic law, is spreading in the United States (it is not). His dubious assertions are so common that when he ran the Defense Intelligence Agency, subordinates came up with a name for the phenomenon: They called them “Flynn facts.” Flynn thinks Putin is an ally in fight against ISL. He worked for Russia Today, a Kremlin TV network. He was leading chants of “lock her up” against Hillary Clinton at rallies for The Don.

Mike Pompeo, CIA director, House Intelligence Committee, gained prominence for his role in the congressional investigation into the 2012 attack on the American diplomatic compound in Benghazi, Libya. He was a sharp critic of Hillary Clinton and thinks there was a cover-up. When the committee found no new evidence of wrongdoing by the Obama administration or Mrs. Clinton, Mr. Pompeo and Mr. Jordan filed a 48-page addendum that included far harsher criticism. Regarding the Iran anti-nuclear agreement, Pompeo thinks we should “walk away from this deal.” He has ties to the Kochs, the billionaire conservatives whose Koch Industries has provided his funding.

Myron Ebell, EPA, is a climate-change denier who directs the Center for Energy and Environment at the Competitive Enterprise Institute. The group's website, SafeChemicalPolicy.org, exists to downplay the health and ecological impacts of chemicals. “Pesticides aren’t bad for you.” “Honeybees decline not linked to pesticides.”


 I am the only one who knows who the finalists are!”
Like mafia family, The Don has never had a boss, no corporate board to question his acts!
            The Don Way: Making money from the Secret Service and Top Secret info for biz

Do-Nothing Congress will decide US future by doing nothing for more 4 years.

Axmen: Kushner, Palin, Guiliani, Sessions, Carson, Russian Manafort, cabinet

Enemies List: Clintons, Ryan, Graham, Cruz, Rubio, Bloomberg, DeBlazio, Gold star Kahns, NYTimes, NYPost, WashPost, Univision, Megyn Kelly, judge and claimants in Trump U. case, women accusers, Trump canceled brother’s insurance, Christie (for humiliating Kushner dad in 2005), Christie sued over shutting Fed property.

Subway wall sign: “love trumps hate”    Tolerance is un-American now?


Regulators are the only protection we have since we can’t sue anymore
               Supremes stop us from suing—State courts no longer available to sue corporations!

The Don wants national concealed carry law. NRA wins. Flip-flop from book.
Racial incidents on the rise as Trumpers flex muscle for their Leader. Protests grow.
JPMorganChase drops commissions on retirement options—ups the fees for more.
Financial abuse and exploitation costing seniors 20% more than it did two years ago.

We need regulation—GOP wrong—companies/cities wouldn’t fix bad products on own


Police want gun control.
When everyone has guns; your chance of being killed goes up. Police don’t know who to shoot. They assume everyone has a gun hidden. You and real criminals both have guns.
Oregon jury: “having guns is no threat but statement of culture like wearing cowboy hat.”?
Protect police with your gun: Passerby shoots suspect who’s beating sheriff in traffic stop



SCAMS: Bullies in SUVs will intimidate our ‘robot’ cars – Mercedes CEO complains

Ignoramus Award: "It will be refreshing to have a classy, beautiful, dignified First Lady in the White House. I'm tired of seeing a Ape in heels."
WV Clay County Development Corp. director Pamela Ramsey Taylor
Social media post following Donald Trump's election as president.
WV Clay Mayor Beverly Whaling responded: "Just made my day Pam."
GOP Dan Johnson Bullitt County KY depicted Barack Obama and his wife as monkeys. Republican House Speaker Jeff Hoover said Johnson will be "welcomed in our caucus."
“KKK is “more American” than President Obama” according to TN correction officer.
Is it lead poisoning from the water in TN, WV and KY? Lead can cause brain damage.
How our government wastes our money

Where have all the jobs gone?
Trump must hire 4,000 bureaucrates to run govt he vowed to eliminate
Trump’s advisor and sonlaw Kushner’s NY Observer in print ends and layoffs


Who owns your account now?
Obamacare enrollment surged by more than 300,000 after election. Now TrumpCare.

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