Friday, December 29, 2017

GOP spending our children's future income

GOP spending our children’s future income
In exchange for our $60 to $400 tax cut for just 7 years, we and our kids will be working off the extra $1.5 Trillion of principal and interest on the national debt forever. Right now your share of the debt is about $60,000 so our kids will be paying interest every year of about the same as they would be for a small house. Unfortunately, the principal of the loan is going up; not down. Our extra $60 for 7 years is nothing compared to the average millionaire’s $30 million tax bonanza FOREVER. The GOP has made our cuts END and theirs last with the repeal of the Alternative Minimum Tax. They don’t pay the 37% tax rate. Most of their income is capital gains and they pay 17% or less. Since there will be less revenue in the future and GOP never stops buying military stuff, there is only one way for GOP—cut programs for those without power—cut Social Security, Medicare, Medicaid, children’s health, ObamaCare, arts, environment, regulation of air, water, consumer finance and others. GOP said it will have to cut ‘entitlements’ even though we paid for them. We paid for them—Social Security and Medicare are not revocable benefits.
GOP: the party of spending for the rich and the hell with the young, old, poor and sick.

This is what American Socialism looks like now
Our so-called ‘representatives’ got a $1.5 Trillion loan from China and will pay it to the wealthy to forward to their offshore tax shelters. 323 million working Americans will have to pay back the loan: From 323 million to the 400 oligarchs. (Socialism: from the many to the few). The GOP killed the ObamaCare mandate, so the healthy will stop paying premiums and those left in the coverage pool will need to pay more—almost like another tax. Premiums will go up 10% or more so our temporary (ends 2025) ‘tax cut’ of $60-$400 will not be spent on more goods to fuel the economy as promised. No corp CEO has passed out ‘permanent’ wage increases: a 1 year bonus doesn’t count. GOP will cut our social benefits starting 2018 to pay loan interest to China. Tax the middle-class.

“What should I do with my 401k now that I am retiring Dec 31?”
I was asked recently about this situation. You may work after retirement too. IMPORTANT: DO NOT LET HR CUT YOU A CHECK: you lose 20% to taxes.
Call Vanguard or your current IRA Trustee and have THEM move your 401k or 403b from your employer’s trustee to theirs as a tax-FREE ‘trustee to trustee transfer’ IF IF IF you don't want to contribute or are no longer allowed to contribute to the old 401k. 
First, determine if you want to contribute. 2-3 days of work may not pay enough to make contributions. Your taxes should be lower now and you don't need to defer paying tax on the money now. You can contribute to a Roth IRA now and even after age 70.5. The only rule is you must have income! Part time or self employment work is great.
IRS rules: traditional IRAs require you to stop contributing by age 70½. But a Roth IRA has no age limit on contributions and has no mandatory distribution. The Roth IRA is perfect for an estate plan. You can keep contributing to the 401(k) until you retire if they allow it. You gain 8% a year if you wait and you lose 25% of your benefits by starting Social Security at 62. However, you will have to pay tax later and the distributions might require more tax on your Social Security benefit. Best: Roth IRA for your estate plan as long as you work/self-employed. A small business may boost your tax-FREE estate.

What American corporations do with new tax cuts
Since many corporations pay NOTHING and very few paid the 35% rate, cutting their tax to 21% may not have much impact on jobs or wages. Most businesses have enjoyed high earnings in this growth economy. They hide their money overseas to avoid $ billions in taxes. Host countries have already lowered their rates under 21%. Apple hides its money on the island of Jersey. There are scores of countries where corps can hide money. No CEO has announced a large expansion plan here—most of the tax cuts and subsidies will go overseas to hire more cheap labor. IBM needs 1600 people in Bangalore and Shanghai. There are temporary jobs in Houston, Key West and Puerto Rico but they were not created by the anticipated tax ‘reform.’ The tax reform actually benefits real estate developers like Trump the most. James Repetti, Boston College Law School, said: “This is a windfall for real estate developers like Trump.” Trump had already learned how to avoid corporate taxes by manipulating special provisions of the tax code. Golf courses are a big tax right-off. His businesses are set up as ‘pass-throughs’ already so he benefits from his special new rate of 25%. Follow the money for peace and quiet.


A few reasons to be grateful this holiday season: America is GREAT already!
See specific numbers for your own age at Your Life in Numbers.
  • In 1966, average life expectancy was only 56 years. Today it’s 72. That’s an increase of 29 percent.
  • Out of every 1,000 infants born, 113 died before their first birthday. Today, only 32 die. That’s a reduction of 72 percent.
  • Median income per person rose from around $6,000 to around $16,000, or by 167 percent – and that’s adjusted for inflation and purchasing power.
  • The food supply rose from about 2,300 calories per person per day to over 2,800 calories, an increase of 22 percent, thus reducing hunger.
  • The length of schooling that a person could typically expect to receive was 3.9 years. Today, it’s 8.4 years – a 115 percent increase.
§        The world has become less authoritarian, with the level of democracy rising from -0.97 to 4.23 on a scale from -10 to 10. That’s an improvement of 5.2 points. 
Happy Holiday      Happy Holiday            Happy Holiday

Is your advisor a sales person first and foremost?
Your ‘advisor’ is a salesperson first and foremost. They would not have a job otherwise. Contrary to the Wall Street hype, your ‘advisor’ has no special information. They are not a therapist/doctor curing your financial problem or sickness. Few sales people use the products they sell because of costs. The most successful Wall Street executives are NOT traders. They do NOT try to time the market. They have learned the lessons of the financial legends: “The stock market is a device for transferring money from the impatient to the patient,” Warren Buffett said.    
In fact, the average managed-account equity investor earned just 3.79% a year over 30 years! A simple index fund earned 11%. Buffett, perhaps the greatest investor of all time, with 60 years experience, boils down the stock market to patience.   Mr Buffett's strategy of patience is the most successful. He earns about 20% a year compounded over time. He does NOT buy and sell stocks frequently. In other words, he does the opposite of what Wall Street 'advises' us to do. Wall Street is a sales industry not an advice industry. Do we ask a barber if we need a haircut?

Trump and his tax-credit class take at least $30 million EACH from working Americans
New tax cut does not reform the code. It repeals the personal AMT and some personal deductions and exemptions and expands the benefits of businesses. The AMT was one of the only ways the wealthy had to pay taxes. It added back all their deductions and special situations. Thus wealthy business people who were ‘self-employed’ and deducted all their expenses from their profits had to pay something. EG: Trump paid $36.5 million instead of $5.3 million due to the AMT. We have his leaked tax return from 2005. With the AMT gone, he will avoid at least $30 million in taxes. He will probably start using overseas tax shelters like his fellow tax credit class:

Aren’t you glad you did not fall for the Bitcoin scam
It went from $19,000 to $10,000 in one week. ‘Pump and Dump’ has been a favorite Wall Street scam for a long time. Watch The Wolf of Wall Street before you ever invest in anything. There are many participants who drive up the price by using social media and stories and then their computer sells before you have a chance to cash in. Bitcoin and other VIRTUAL currencies don’t actually have any physical value—there is no bullion or government like a normal currency. It’s pretend and the scammers owned it when it cost nothing. In five days in 2010, the price grew 1000%, rising from $0.008 to $0.08-8 cents. Your advisor/broker has sales stories to enhance their offerings of real company stocks or bonds too. Puerto Rico bonds fit that measure. Many investors are holding worthless paper now even though they paid a pretty penny for them plus commission. Your advisor may tell you that this or that opportunity is ripe but remember, your money can be wiped out in an hour and advisors don’t give refunds for bad advice. Reconsider what your advisor costs you—maybe now is the time to switch to a low-cost balanced fund so your stock market exposure is less and earn 9% over time too: https://www.amazon.com/Best-Robo-Advisor-Ultimate-Automatic-Management/dp/1537111957


“We think, as a result of lowering business taxes, wages will go up,”
Treasury Secretary Steven Mnuchin said on CNN but he is not counting on wages going up. He is set just like his cabinet mates under The Don. He has his money safe in a Cayman tax shelter and other undisclosed hideouts. None of Trump’s tax-credit class works for wages so they never pay the new 37% rate. Their interest and capital gains go up at tax-advantaged rate. They pay 17% or less like Mr Buffett. Trump’s aim, ‘make America great again’ for the rich works. Wages for most workers have not risen and we actually subsidize job-moving expenses to any country. Under Trump’s education plan, taxpayers are paying for the kids of the wealthy to attend private schools, not to make our public schools great. Instead making America’s schools great again, he is putting the voucher plan in place. After 5 year test in Pence’s IN, half the non-public school kids on vouchers are actually from wealthy families. “Taxpayers are now covering private and religious school tuition for children whose parents had previously footed that bill.” 

Homeowners may pre-pay 2018 property tax in 2017 for deduction
Homeowners in high property tax states like NY, NJ, CT, CA, etc may pay property tax early so they do not lose the deductions above the $10,000 limit set for 2018. Each jurisdiction has their own rules on pre-pay tax, so this may not be for everyone. You may also consider charity (buy land to keep from development) and sales tax on a new car since these are restricted in 2018. Many deductions are restricted in 2018 but can reduce tax on a biz. Consult your tax preparer.

What can you do if you expect your taxes to go up in 2018?
Many in the blue states need to plan for their GOP increase in federal taxes due to the repeal of or limit on their deductions and exemptions. If you used to deduct over $10,000 in property and state income taxes, you may find you will owe more tax in 2018. There is a penalty for underpaying your taxes so you might want to increase your withholding by DECREASING your allowances on a W-4 at work and/or having Social Security withhold 7, 10, 15, or 25% from your benefits each month on W-4V. Sign the form and return it to your local Social Security office by mail or in person. If you find you have no deductions to offset your increased tax liability in 2018, you can send the IRS estimated tax payments using form 1040 ES:  https://www.irs.gov/pub/irs-pdf/f1040es.pdf.

Is your college saving plan the best?
The rating firm, Morningstar, places three 529 college savings plans at the top of state plans: UT, VA and NV. Most of these plans are open to any state resident. However, some state plans also provide residents with a state tax deduction which may reduce the cost. All plans allow tax deferred income to be saved and used for education with tax on the growth. Let’s say you start your college savings plan at age 5. With low fee stock funds, you egg may grow to $100,000 with $250 a month. That is tax-FREE money and you have no student loan obligations.
            If you now must pay the loans off, you may have options that help you cope. Federal borrowers can apply for income-based repayment plans like Pay As You Earn (PAYE) or Income-Based Repayment (IBR). Private borrowers often have fewer options than federal borrowers and the options available can vary significantly from lender to lender. You will have to contact your lending institution to learn whether you can adjust the terms of your loan.
Consider setting up auto pay, consolidating loans and paying down your most expensive debt first (to the extent your budget allows). For example, setting up auto pay can reduce your interest rate by 0.25 percent for some federal loans. It saves you a lot of money over time.


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TrumpWorld

Mandate: ‘I was elected President’ like Washington, Obama and Hitler
Except Bannon and I wish to “destroy the state”–our government.
Trump cancels housing for homeless veterans after taking credit—‘new low’

Trump is still just a mafia contractor from Queens—Dad taught him to be The Don.

Smoking gun: “Our boy can become president of the USA and we can engineer it,” Sater wrote in an email to lawyer Cohen. “I will get all of Putins team to buy in on this.” Manafort tells Russian mob he will keep them informed about “our boy.”

Putin sent 60 money wires to US marked “to finance election campaign of 2016.”
Russia manipulated our votes: Pizzagate: from Ms Campbell to Mr Welch’s AR-15.


LOCK ‘EM UP--Mueller draining the swamp!—Everyone gets pardon!
Papadopoulos rolls: Trump-Putin liaison pleads guilty.
Manafort rolls: Trump’s money launderer manager indicted: conspiracy against US.
Flynn rolls: Trump’s national security advisor and foreign agent pleads guilty to lying. “my actions were wrong” "if I did a tenth of what she [Clinton] did, I'd be in jail today.” I am not a traitor. Right, but he also said he never talked to Russia and had no connection to Russia and said was not paid by Turkey to change policy.
McFarland (“If there is a tit-for-tat escalation, Trump will have difficulty improving relations with Russia which has just thrown U.S.A. election to him.”)


Regulation is necessary: We need protection. Saves $12 billion of our money!
            (No one person can afford to sue a bank: class actions banned by GOP now.)

Robert Shapiro, Woodbridge, Boca caught stealing $1.2 Billion in Ponzi with 275 LLCs.
Fiat recalls 1.8 million RAM trucks that can ram you in back—Drives itself when parked.
Aston Martin recalls 5,500 models that roll by self and battery cables make fire 
John Rogicki, Train Babcock Advisors, stole from foundation of elderly widow 


Another special person dead—“guns don’t kill people” for fun. Is your wife next?


Ministry of Truth’ 1984 novel: Government propaganda is ‘truth’ when they say it!

  
My Theory on Trump/Putin ‘love’:
Trump got Russian help/funding for business from business/mob ties to PutinUS banks not interested in more bankruptcies. No one expected him to win so no harm getting Putin help. Don owes Vlad’s mob money so they sent mob gofer Manafort to run the campaign. ‘Colluding’ Putin style. Trump always has a fall guy to blame when caught in lie. Sessions claims campaign execs all too inept and overwhelmed to collude on purpose.
Putin gives The Don a big kiss—first name basis—Don made markets hum

TrumpWorld – using presidency to make money the old fashioned way: theft

President’s coin lost the 13 original states and motto, “E pluribus unum”: name 3 times.



McMaster, National security adviser: Trump has intelligence of a “kindergartner”


Dictator talk time:
“When the president does it, that means it is not illegal,” Richard Nixon

Trump” not ready ‘YET’ to give Flynn his pardon for conspiracy against US 

Banned words -- Burning books next?
Trump’s Disease Control has banned words he does not like as if disease disappears

So Trump like Putin is a dictator. Trump is no longer claiming Russia just fake news—collusion/conspiracy real—but he can do it cause he is prez, they say.

Trump storm troops arrest people who look like immigrants.

Trump considers secret mercenaries he will direct to undermine CIA, NSA: like Hitler’s SA?

Make American ‘Conservative-White’ Again
Trump packing in young Scalia-type judges to kill abortion, liberal rights across US.

Obama: we must protect democracy from Nazi-style dictatorship—vigilance and press

            I can never be wrong: “The reason I originally endorsed Luther Strange (and his numbers went up mightily), is that I said Roy Moore will not be able to win the General Election. I was right! Roy worked hard but the deck was stacked against him!”



The president can’t have a conflict of interest.” The Don is above the law?
Fires FBI head because he was investigating The Don’s Russia mob ties then blames FBI.
  
Fear is a ruler’s weapon: “Media is America’s enemy” but 1st amendment still US law.


Ideology can justify any policy: At RedState, there has always been one hard and fast rule: Oppose abortion at all costs. Christian Right is not Christianity but ideology.
Today child molester; tomorrow rapists? How GOP religionists justify crimes of the Fuehrer and followers. He can pardon every crime.


1998 the House of Representatives approves two articles of impeachment against President Bill Clinton, charging him with lying under oath to a federal grand jury and obstructing justice.

2017 Nov. House of Representatives introduced articles of impeachment against President Don Trump, charging him with firing FBI Comey, violations of the Emoluments Clause, actions "undermining" the judiciary and freedom of the press.

2018 the House of Representatives approves two articles of impeachment against President Don Trump, charging him with lying under oath and obstructing justice. Trump was told that Flynn lied to FBI so he commanded Comey to drop it. Lied on TV about why he fired Flynn. Fired Comey to end inquiry on Trump’s conspiracy with foreign power to destroy lawful election admitted on TV. Fired NY AG who was investigating his laundering Putin money via real estate.

TX Rep Al Green’s Articles of Impeachment failed Dec2017. WWIII next?



Quid pro quo: "something for something."


We have given The Don time to act like president: Time to Impeach for obstructing FBI



How Govt wastes our money:
Corporate subsidies AFTER ‘tax overhaul’: $6 billion for sugar processors, $1 billion for dairy, $800 million for marketing to foreigners, $370 million for peanut corps, $650 million for manufacturer’s consultants, $2.5 billion for F-35 problem fixes, $1.2 billion to subsidize southern power, $1 billion for TVA parks etc, and thousands more. 

SCAMS:

Jobs:

Who owns your account now?
Cape Cod chips to Campbell’s, 21 CenturyFox to Disney, Regal Theaters to Cineworld, Au bon Pain to Panera, TaskRabbit to Ikea, Uber to Softbank
2.8% best 5-year CD even if you must pay penalty to withdrawal

Miracle:
Sheriff saves 8 year old from frozen pond after 30 minutes breaking ice with hands.

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