Happy holidays came a few days early for big corporations and rich shareholders. Their income tax rate in 2018 will drop from 35% to 21% – exactly a 40% decrease.
Next year, Medicare premiums will go from $109 to $134 per month – a 23% increase in one year. This additional deduction from Social Security benefits wipes out the proposed minimal 2% cost of living increase for most seniors, leaving them with no increase, just inflation losses.
The argument goes that most corporations deserve a tax decrease, because they pay higher income taxes (35%) here than in some other countries. Concerned about the tax burden on our “job creators”, I put together this list of the top 30 largest companies (sales) and what they paid in income tax in 2016.
All told, these firms paid $114.9 billion of income tax on $4,108 billion in sales, or 2.76% rate on sales. Continue reading →
GOP plan to end “Death Tax” means the billionaires will be overjoyed, while the rest of us pay the bills
Tuesday, 4/4/17: examining entire fake “Russian Dossier” on Donald Trump!
Estate tax percentages have varied in recent history, ranging from 55% in 2000 under George Bush #1 to 35% under Barack Obama and now 40% under Donald Trump. The GOP wants it to be zero.
Currently, couples with less than about $11,000,000 pay no estate tax. On amounts above that, the government takes 40% for taxes. The history of the estate tax revolves around the desire for fair taxation of the richest Americans to pay for public programs.
Eliminating the estate tax will aid any couple who die with more than $11 million (current deduction), and the GOP argues that this would affect many small businesses, which would have to sell land or equipment to pay the tax.
I have an idea that should please the GOP and still maintain some sanity in our progressive tax system. This is in addition to the 123 Plan, which easily adds $54 billion in revenues to the federal budget this year.
Only apply the estate tax to those whose estates are $1 Billion or more, but raise the rate to Bush #1 rate of 55%.
That would generate $1,514,425,000,000, or $1.5 Trillion that the rest of us won’t have to pay in income and other taxes. This revenue is calculated by taking the total current Forbes wealth of all American billionaires and assuming they will die someday and have to pay the estate tax.
If there is no estate tax, they will avoid $1.5 trillion in taxes.
Who are these billionaires. Check the list Continue reading →
It’s as easy as: one, two, three!
The 2018 Donald Trump Federal Budget can be balanced, even when including nearly $54 billion in increased Defense Department spending, and not one federal department would require any cuts in spending.
These are the proposed $54 billion in department cuts that would not have to take effect under my 123 Plan:
Agriculture 2018 Budget
- Eliminates $500 million Water and Wastewater loan/grant program
- Eliminates $200 million McGovern-Dole International Food for Education program
- Cuts Women, Infants and Children nutrition assistance from $6.4 billion to $6.2 billion
- Unspecified staff reductions at USDA service center agencies
- Cuts $95 million from Rural Business and Cooperative Service