(Just a quick note, Trump’s business ventures — no matter what you think of his success — has hired MANY thousands of people over the years and paid them enough wages to pay for a place to live, send kids off to college, given them health care, and the like. Joe Biden has done none of this. He is a politician for life.)
Mark Levin reads a few sentences from the New York Times article:
...Mr. Trump was periodically required to pay a parallel income tax called the alternative minimum tax, created as a tripwire to prevent wealthy people from using huge deductions, including business losses, to entirely wipe out their tax liabilities.
Mr. Trump paid alternative minimum tax in seven years between 2000 and 2017 — a total of $24.3 million, excluding refunds he received after filing. For 2015, he paid $641,931, his first payment of any federal income tax since 2010….
(a) Trump followed the tax laws; (b) did not pay Cohen [as #nevertrumpers and Democrats said for two years]; (c) nor Russians [or get paid by them – as #nevertrumpers and Democrats said for three years]; (d)and was under audit [as Trump said, and #nevertrumpers and Democrats said was not the case]. (e) Also, as it turns out — the only wire transfers from Moscow were into Hunter Biden’s bank account.
….Much more significantly, consider what Buettner says about the AMT—the alternative minimum tax.
As Buettner notes, the AMT was created as a type of substitute for the federal income tax. If, under the tax code’s welter of rules, an individual ended up owing no income tax, he would have to pay the AMT instead.
Sad! According to the Times, in seven years when Trump “paid no income tax,” he did make AMT submissions—and those submissions totaled slightly more than $24 million.
During those seven years, Trump averaged $3.5 million per year in AMT submissions. Did we mention the fact that the AMT was designed as an alternate form of—as a substitute or replacement for—the federal income tax?
During seven of the years in question, Trump paid no “income tax”—but he paid an average of $3.5 million in the alternative minimum tax! Journalistically, that has to be an all-time example of a “distinction without a difference.”
Sadly, it seems to leave us with only three years when the commander paid no income tax. Let’s review the basic concepts:
The T in AMT does in fact stand for “tax.” (The A stands for “alternative.”)
In other words, the AMT was designed as an alternative form of the income tax. It takes the place of the income tax when, under the rules of the game, no “income tax” is owed.
Yesterday morning, Joe and Mika (literally) didn’t know the first thing the Times had said. Beyond that, it’s hard to tell if the new data the Times acquired covers seventeen or eighteen years….
In other words, Californians are doomed if remaining on this course.
Who cares about public pension liability? Well, you should – after all, it’s the reason entire cities and even states are facing bankruptcy. Joshua Rauh, professor of finance at Stanford and Senior Fellow at the Hoover Institution, paints a startling picture of just how broken the public pension system really is, and what will happen if we continue to ignore it.
My Vimeo account was terminated. (So some of my posts with these Vimeo videos will be down for some time — till I can find them and replace them with recovered audio) To wit, what is nice is that Vimeo — while noting I did not meet their clear marks of content — did send a list of videos with links to download them. With over 1,200 videos though… it will be a task (many are already on YouTube… so I just need to weed through them). But I still think that was VERY NICE of Vimeo. I would still recommend them for church’s who are looking for places to upload sermons and other original content. Here are two old audios recovered:
Dennis Prager deals squarely with a mantra you often hear from the left. Enjoy.
Two callers call the Michael Medved show to express their opinions against tax cuts “for the wealthy.” Michael responds in his usual — knowledgeable — way.
…The total economic impact of the airport in 2012 was more than a half billion dollars. The impact takes into consideration not only jobs, income and taxes, but also incorporates the money the airport spends for daily operations and capital expenses. Additionally, the study conducted by Boyd Group International, factors in transportation cost savings.
The Akron-Canton Airport generated an estimated $50.7 million in local, state, federal, sales and excise tax revenues in 2012. These taxes support many programs that aim to improve the quality of life in the community, such as the support of schools, infrastructure improvements and further economic development.
The airport and its tenants directly employed 1,821, and total employment generation equaled 3,086. The average annual income of those employees reached $57,400, in 2012….
Here is just a snippet of the economic impact of New York airports:
…In total, New York’s commercial airports, which includes LaGuardia, John F. Kennedy International, Newark Liberty International and New York Stewart International, flew 138 million passengers in 2018, a 3.8 percent increase.
LaGuardia — based in Cortez’s district – employs 12,000 individuals directly and as many as 136,000 indirectly, totaling $6.8 billion in wages and $18.7 billion in economic activity for New York and New Jersey, according to data from the New York Port Authority…
…Passenger operations at JFK International Airport have an estimated impact of $30.4 billion on the region, while LaGuardia Airport had a $11.2 billion impact and Newark Liberty International Airport was at $16.5 billion.
Cargo at JFK alone is an $8.8 billion bump.
To handle the massive number of travelers and goods, JFK employs 38,232 workers. Newark employs 20,268 followed by LaGuardia at 11,977….
Two New Major International Terminals Will Add 4 Million Square Feet to Airport’s North and South Sides, Increasing Airport’s Capacity by at Least 15 Million Passengers Annually and Transforming Traveler Experience from Curb to Gate
Historic Investment Advances Governor’s JFK Vision Plan for a Unified, Modern Airport with World-Class Passenger Amenities, Expanded Taxiway and Gate Capacity, State-of-the-Art Security, Streamlined Roadway Access and Centralized Ground Transportation Options – See Renderings Here
First New Gates Will Go Live in 2023 with Project Completion in 2025; 90 Percent of $13 Billion Plan Represents Private Investment
Includes 30 Percent MWBE Goal for Contracts and Financing Interests; Extensive Community Opportunities to be Created, Including Local Office to Assist with Contracting and Job Placement to Open in Jamaica this Fall……
In the following audio, Elizebeth Warren uses a term coined by Alexandria Ocasio-Cortez:
You look at our tax rates back in the ’60s and when you have a progressive tax rate system. Your tax rate, you know, let’s say, from zero to $75,000 may be ten percent or 15 percent, et cetera. But once you get to, like, THE TIPPY TOPS— on your 10 millionth dollar— sometimes you see tax rates as high as 60 or 70 percent. That doesn’t mean all $10 million are taxed at an extremely high rate, but it means that as you climb up this ladder you should be contributing more. — AOC
Here is Senator Warren Tweeting it as well as you hearing it below:
I presume they are trying to explain Marxism to Millennials? Senator Warren and Senator Harris are just trying to outdo the crazy chica from “the Bronx,” *She Guevara.
Now “TIPPY-TOP” and words like “fair” are dog-whistles for Communism. Here is audio of Kamala Harris and Elizebeth Warren trying to bankrupt the country:
Larry Elder a while back showed how this didn’t work… and it will be no different decades later:
*In one of the funniest posts in a while, TWITCHY want to shorten Alexandria Ocasio-Cortez’s name:
We need a nickname for Alexandria Ocasio-Cortez. It’s too long to type it all out. Post your suggestions here….
Mark Levin hosts Life, Liberty, & Levin and this week he is joined by American Enterprise Institute Scholar Mark J. Perry to discuss trade in America today. (Mark J. Perry is concurrently a scholar at AEI and a professor of economics and finance at the University of Michigan’s Flint campus. He is best known as the creator and editor of the popular economics blog Carpe Diem. At AEI, Perry writes about economic and financial issues for American.com and the AEIdeas blog.) How tariff’s effects other countries and Americans as well, along with President Trumps strength against China, and where we may go wrong if we’re not careful.
Mark Levin gives us an Econ 101 class on tariffs and taxes. This is why the unions love this because it protects their jobs and not other businesses in the States.
An interesting part of the call which I stitched to before the other segment is an article in the Wall Street Journal which notes that the reason car manufacturers build in Mexico is due to free-trade agreements:
Audi says that an array of free trade agreements favors Mexico over U.S. sites. Its not just the price of skilled labor that is attractive to Audi. If you think about a $50,000 car made in the U.S. that is then exported to Europe there is a 10% duty on that car. So that’s $5000 in duties that Audi is paying. When that same car is made in Mexico there is no duty. This means with an already concentrated area of auto manufactures in Mexico, low cost skilled labor and free trade agreements it is a huge win for Audi and it will be easy to do business. No reinventing the wheel or stepping out alone as the only auto manufacture, Audi is simply following suit. (WSJ)
Not only will these Executive Orders (E.O.) worsen us in the long run (unless this administration has something else up their sleeve), it is the same thing we gripped about when Obama was President and Left leaning legal scholar, Jonathan Turley said was not what the office of President was intended for. I agree.
What is interesting is the juxtaposition the Dems find themselves in regarding the E.O.’s. You see, you had many challenges to Obama’s E.O.’s and he holds the record for the most overturned by the Supreme Court (SCOTUS) in our history as a country. But they were brought to the court mainly by Republican Attorney Generals in a state or a group — or a combination thereof. AND YES, many of these actions Trump is taking with his pen and paper are just as unconstitutional. However, in 2018 we find this:
The GOP will be defending just eight seats, while Democrats must fight for 23 — plus another two held by independents who caucus with Democrats.
This means that since the Democrats know their constituents are already upset enough at them to switch parties… why would you rock the boat on some of these executive orders that they know their constituents like. Like the car manufactures/unions. What Democrat in their right mind would bring a case to SCOTUS to overturn something they wish they had did?
Or how bout’ the growing concern in the black community about jobs and the influx of illegal immigrants? You see, they type of people Trump is putting on the Court would vote AGAINST what Trump is doing. They are originalists, and so, the Democrats would certainly win these cases if brought before the conservative Court.
But… they also have to win in 2018. They are essentially protecting 25-seats.
So many of these E.O.’s Trump is writing could easily be overturned if moved forward by the Democrats. Right now however, doing so would be politically dangerous for them. For now at least.
THE BILL GATES INCOME TAX (WALL STREET JOURNAL) If Washington’s most famous billionaires are really worried about their state’s finances, they’d write personal checks to the government and leave everyone else alone.
Bill Gates Sr. has personally contributed $500,000 to promote a statewide proposition on Washington’s November ballot that would impose a brand new 5 percent tax on individuals earning over $200,000 per year and couples earning over $400,000 per year. An additional 4 percent surcharge would be levied on individuals and couples earning more than $500,000 and $1 million, respectively.
Doing so would put the state’s economy at risk, says Arthur Laffer, chairman of Laffer Associates.
To imagine what such a large soak-the-rich income tax would do to Washington, we need only examine how states with the highest income-tax rates perform relative to their zero-income tax counterparts. Comparing the nine states with the highest tax rates on earned income to the nine states with no income tax shows how high tax rates weaken economic performance.
In the past decade, the nine states with the highest personal income tax rates have seen gross state product increase by 59.8 percent, personal income grow by 51 percent and population increase by 6.1 percent.
The nine states with no personal income tax have seen gross state product increase by 86.3 percent, personal income grow by 64.1 percent and population increase by 15.5 percent.
Over the past 50 years, 11 states have introduced state income taxes exactly as Washington is proposing — and the consequences have been devastating, says Laffer.
Each and every state that introduced an income tax saw its share of total U.S. output decline.
Some of the states, like Michigan, Pennsylvania and Ohio, have become fiscal basket cases.
Even West Virginia, which was poor to begin with, got relatively poorer after adopting a state income tax.
Over the past decade, the nine states with the highest tax rates have experienced tax revenue growth of 74 percent — a full 22 percent less than the states with no income tax.
Larry Elder plays CBS’ tax special with three families (watch the CBS video here at TOWNHALL) from different incomes: (a) little under $40,000 a year; (b) more than $150,000 a year; (c) couple’s combined income was $300,000. Turns out ALL THREE will get a tax return. The Democrats know they are in trouble!
Michael Medved deconstructs Abigail Disney’s positions in her video activism attacking [mainly by straw-men] the new Tax law. (Abigail is the grand-daughter of Walt Disney’s brother, Roy O. Disney.) Many disagreeing calls are taken, per Medved’s habit.
This interview took place minutes after the House passed the tax bill. There were things in this bill I had no idea were in there. Here is what I posted on my Facebook:
I finally know why the Dems are Soo bent out of shape over the tax bill. I was listening to Rush Limbaugh interview Paul Ryan. Wow! Talk about a YUGE conservative win on many fronts. F-O-R INSTANCE – ANWR is opened up for energy resources! WOW! You know how many years Repubs and conservatives wanted this! Awesome.
Hysterically shrieking “Republican tax cuts are going to kill us all!” is the official position of the Democrat Party.
PATRIOT LISTS SOME EXAMPLES
But don’t forget, Global Warming is also going to kill us all. And repealing Obamacare is going to kill us all. Changes to the school lunch program are going to kill our children so they won’t even live long enough to commit suicide as transgender teenagers. Even the slightest cuts to the size and scope of the Federal Bureaucracy, that’s going to kill us all, you betcha. And concealed carry reciprocity is surely going to kill us all.