Showing posts with label tax cuts. Show all posts
Showing posts with label tax cuts. Show all posts

Tuesday, November 21, 2017

SEX AND TAXES

Sex Sells!  The Ad man’s motto since modern advertising began has never been truer or more evident than in our latest “Cultural Moment” of coming to terms with sexual misconduct itself.    

Is it just coincidental that just as the most momentous tax shift in recent history is working its way through the halls of Congress, potentially affecting the entire economy and every American’s life for decades to come, the news is dominated with story after story of sexual misconduct by powerful men?

Sex sells because of both its attractive and repulsive qualities.  But its most notable quality at present is its tremendous power to distract.  Certainly the issues raised by overly aggressive or predatory behavior need to be vigorously aired and legal or social boundaries re-defined.  But with its magnetic public appeal, sex is dangerously drawing media and national attention away from other critical issues: in particular the egregious Republican effort to shift the tax burden from corporations and the already-wealthy to nearly everyone else.  

"Pay no attention to that man behind the curtain"
The Wizard of Oz, 1939
Credit: Creative Commons

The role that mainstream media might be playing in explaining and analyzing the tax “sausage” as it’s being made in unseemly haste in private party caucuses, without open hearings, serious debate or attempts to assemble a bipartisan coalition has somehow been superseded by the demands of reporting on the latest sexual harassment scandals.  

From Roy Moore to Harvey Weinstein to Al Franken and now Charlie Rose (with the specter of Donald Trump’s behavior looming in the background) sex has dominated both the news and the debate over national ethics and morals.  One result, New York Times columnist Michelle Goldberg has pointedly noted is that because of their responsiveness to issues of sexism, it “feels as if liberal institutions are devouring themselves over sex while conservatives, unburdened by the pretense of caring about gender equality, blithely continue their misrule.”

This is the climate in which a massive, detailed and highly controversial tax bill which permanently cuts corporate taxes from 35% to 20% and ends the estate tax while greatly reducing, phasing out or eliminating middle class benefits such as deductions for medical costs, state and local taxes, school loans and mortgage interest is being rushed through Congress. Not to mention the recent approval of more than a trillion dollar addition to the national debt which seems miraculously to have left deficit hawks in the GOP unfazed!


All under the guise of tax reform—surely a topic worthy of everyone’s serious attention—but now being railroaded by the demands of major donors and a Senate rules deadline.


Donald Trump’s election and presidency, for complex reasons, has clearly allowed a number of previously repressed and unresolved national issues to rise to the surface, some largely symbolic such as the removal of Confederate statues, and others such as sexism and racism  painfully real.

Yet behind the scenes, and certainly taking advantage of the fortunate distractions provided by juicy sexual scandals, Trump’s tweets about black athletes disrespecting the flag, and border walls, powerful and very determined masters of the universe are moving to alter the basic economic ground on which we all stand.  Whether by design or coincidence, the explosive “cultural moment” provided by our current obsession with sexual wrongdoing may just create the necessary conditions to allow them to prevail.

Les Adler

Thursday, March 02, 2017

HOW TO PAY FOR TRUMP'S $54 BILLION DEFENSE SPENDING INCREASE--A MODEST PROPOSAL

On Monday, February 27, President Trump announced his new "public safety and national security" budget. The centerpiece is a $54 billion raise for the military, to be paid for by an equal package of cuts to social, educational, environmental, health and other "non-essential" government programs. The Environmental Protection Agency and the Department of State reportedly are first in line at the chopping block.

David Koch, worth $39.6 billion--Will he be the first to pitch in?
Credit: Gage Skidmore
Unfortunately, $54 billion in cuts to those programs will do some serious damage. As quoted in the NYT article cited above, longtime Republican budget specialist Bill Hoagland comments "I don't know how you take $54 billion out without wholesale taking out entire departments."

In other words, boosting our safety and security by pumping up our military muscle will inflict a lot of pain on school children and their teachers, workers, poor people, disabled people, the unemployed, and those of us who have gotten used to clean air and water, safe food and drugs, and a functioning federal government.

However, there's a simple way to come up with $54 billion, and one that will only impact fewer than two dozen people rather than hundreds of millions of us. Why not ask Trump, his cabinet members, and his billionaire backers to help out?

A few minutes of online research shows that Trump and his cabinet are worth around $13 billion. If we add in just the top dozen Trump supporters--billionaires like the Koch brothers, Robert Mercer, Peter Thiel and Sheldon Adelson, all of whom pumped a lot of cash into his campaign--we find that they're worth around $163 billion. So Trump, his cabinet, and twelve of his biggest backers have a combined worth of $176 billion.

Given their obvious patriotism, and the fervent support for Trump demonstrated by their generous contributions to his election, I'm sure that these munificent ladies and gentlemen would be happy to contribute, say, 30% of their net worth to pay for the bigger and better armed forces we so urgently need. That would neatly cover the $54 billion Trump has earmarked, and, remarkably, all of those noble donors would still be incredibly rich.

Nor will their generosity go unrewarded if Trump's proposed tax cuts become law. According to Forbes, the wealthiest one-tenth of one percent of the population will receive 24 percent of the $6.2 trillion in tax cuts, or just under $1.5 trillion, and will see their after-tax income increase by 14.2 percent. With that $1.5 trillion pie to divide up, I'm guessing it would not be long before those generous billionaires will be even richer than before. Talk about a win-win solution!

Ladies and gentlemen of the billionaire class, please consider this an open invitation, not just to Trump, his cabinet and his top dozen supporters, but to all 540 U.S. billionaires. With your combined worth of $2.4 trillion, just think of what you can accomplish.

Who will be the first to step up? Bill, Warren, Jeff, Mark, Larry, Michael, Charles, David, Larry, Jim, Alice, Sheldon . . .?


Saturday, November 06, 2010

Kimberley Strassel of the Wall Street Journal reveals GOP game plan for next two years

Kim,

Your piece, "The GOP's 2012 Game Plan" in the WSJ on Mitch McConnell lifted my spirits.

It's always comforting to know we have you and a resident realist in Washington who put the Republican Party above the unnecessary liberal "needs" of the country. Without Mitch we would never have taken back so many seats in Congress. The Republican strategy of the past two years has been the best I've seen in my lifetime as a Republican--take a President who offers hope and bipartisanship and just say no to everything. Limit his accomplishments and register our opposition. The 'green behind the ears' Obama was caught completely off guard--he came into office thinking he could do something for the country! We showed him otherwise. Now, with good game-planning we'll keep him hopping another two years and then we'll put Sarah in office and be able to get those tax cuts back for us rich people. I don't know about you, but I HATE to give money to the government. How else could I have become the multi-millionaire I am?

I can't tell you how excited I am--and that goes for my family too. We flew to France yesterday to look at a new villa (it's 15th century, but new to us). I know we will be able to afford it now. And we stopped by the Caymans on the way home (I'm glad airport security checks for liquids but not for greenbacks--if you get me drift). Boy are we going to have fun, and we can count on Maria and Jose to take care of the place "on the Sound" while we're away.

I don't know what America would do without true Republicans like you to protect the interests of us on Wall Street. Two years ago we thought it was over. And thanks to you and leader Mitch, we're raking it in once more.

I am so sincerely indebted to you and Mitch, I am at a loss for words. Still, you can be sure that I'm not at a loss for other ways to show my appreciation. Now that the Supremes have granted my corporation its free speech rights, I'll be able to help the cause in hundreds of thousands of ways.

Yours truly,

P.S. Did you hear that rumor that Obama is going to be spending $200,000,000 of your money and my money on a junket to India. Hey, me and my buds went there just last year and it didn't cost half that much. We have to put some breaks on that bozo in the WH before he gets out of control--so good luck to you and our Resident Realist.

Lou Miller
for the institute