Remember the promise of a tax cut primarily for the middle class?
For many Americans that will be a lie, and retired seniors will be hit the hardest, despite the attempted sleight of hand numbers game that “gives” you about double the standard deduction, but doesn’t mention the loss of personal exemptions.
Even worse, the so-called reform means that a couple that used to itemize deductions above $12,700 (under 65) and $15,200 (over 65) will now have to wait until the itemization exceeds $24,000.
The table below shows the current income tax formula for a senior couple with the average Social Security benefit, plus a part-time job, and an RMD. (At age 70 1/2 the government forces you to take out part of your IRA and pay income tax on it every year. If you have stocks or bonds, they must be sold to satisfy the IRS, even if they lost value.)
This average senior couple will pay $1,506 income tax under current law without itemization.
Some might wonder about that tax on Social Security Continue reading “Some seniors will pay a 296% tax increase under “Deep State” deal with media and politicians”
UPDATE to April 2017 post, Russian Dossier with complete text: DNC and Clinton campaign paid for Fusion GPS report used by FBI to investigate President.
The following was emailed to me on Saturday from the White House.
TRUMP PENCE WEEKLY NEWSLETTER 10.21.17
TAX CUTS FOR REAL AMERICANS
President Trump is working harder than ever to bring tax reform to middle class Americans, including the biggest tax cut in American history. This week, the President took his case to conservative leaders, seeking their support in pushing Congress to pass a tax reform bill, he said, “We need…help…to get our tax cuts through the house, through the Senate, and to my desk for signature.” Now is the time for all Republicans in Congress and maybe even patriotic Democrats to come together and support major tax reform that will boost wages and deliver families a $4,000 annual pay raise. We must get Congress on board, in order to deliver tax relief to hard-working Americans. Call and remind your Representative and Senators to support the President’s Middle Class Miracle today.
Although I am retired and there is no boss to give me a pay raise, I imagined that, at least, my children and grandchildren would benefit, and perhaps send me a fancier birthday card or buy me a funny hat with all the extra cash in their checking accounts.
And after learning that I am a “Real American”, according to this government email, I wondered: “could this $4,000 pay raise be real?” I turned to YouTube, where your computer screen seems to come alive with the voice of Mr. Trump and Bill Nye, among others, and found the President making this same promise: Continue reading “$4,000 Wage hike “Fake News” from the White House – whatever happened to Trump promise of “no taxes for a couple earning less than $50,000””
Time after time, Mr. Donald Trump promised no cuts to Medicare and Social Security, but the current leader of the nation and Republican Party now seems to have a change of heart – to put it very kindly – or he has just wandered even deeper into the swamp.
It could be the President is distracted by his fake plan to lower taxes for the middle class and so he hasn’t noticed the GOP-dominated House passed its 2018 budget resolution on Thursday by a vote of 219-206. The cunning House Speaker Paul Ryan led his swarm to approve cutting $1.5 trillion from Medicare and Medicaid. Eighteen Republicans voted against the resolution, along with all the attending Democrats.
Robert Roach, who heads the Alliance for Retired Americans, was furious at the news: Continue reading “GOP House passes plan to raise Medicare eligibility age to 67, then turn it over to insurance companies”
IBM’s chief executive, Ginni Rometty was anxious to meet with the newly-elected Donald Trump in December, last year, and she pledged that her tech firm would create 25,000 new American jobs. She also promised that IBM will be investing in the United States by bringing $1 billion to create training programs and opening new offices.
Promises are cheap. But Mr. Trump was quick to praise Rometty, and even included her in the June 19 Tech Summit, pushed by his son-in-law, Jared Kushner. A tech council was supposed to be formed at that time, but nothing happened since then.
What did happen is that these companies, virtually all of them, continued to send jobs overseas and/or hire foreign workers on Visa programs to replace American workers.
No better example is IBM. Rometty’s promise to hire 25,000 workers was “clarified” to mean 25,000 workers over the next four years, and the reaction from employees was harsh: Continue reading “Trump ignores own warning about tech swamp snakes; now IBM has more jobs in India than U.S.”
“If you’re single and earn less than $25,000 per year, or married and jointly, and jointly earn less than $50,000 – so very important – if you’re single and make less than $25,000 or married and jointly earn less than $50,000, you’ll not pay any income tax. Nothing.” – Donald Trump
September 29, 2015
@2:00 – Less than $25,000 or jointly less than $50,000, pay no taxes
February 3, 2017
In January President Trump took office and almost immediately lowered the benefits of his “middle class” tax plan. Suddenly, the $25,000 and $50,000 standard deductions promised on the campaign were slashed 40% to just $30,000 and $15,000. Continue reading “Fake campaign promise by Trump to lower taxes has reduced his Presidency to swimming in the swamp”