House Speaker Paul Ryan’s new tax law will save less than $9 a week for most working Americans, and many may receive cuts as little as $2.70. Meanwhile, a $1 million filer will gain $628 a week. The GOP plan smells like a few peanuts for the middle class and the elephant’s share of the tax cut designated for the very rich.
Current law now taxes a married couple for every dollar earned that exceeds $24,000 a year. Last year’s tax floor was $20,800, or a difference of $3,200.
Anyone earning exactly $24,000 in 2018 will save income tax of 10% of that $3,200, or $6.15 a week, versus last year.
What do you do with this $6.15 tax cut? If you are taking Xarelto for heart problems, as millions do, your tax bonanza won’t cover that drug’s $80 a month increase, or offset higher gas prices, or, or…
But what would have happened if candidate Donald Trump’s original tax plan had been adopted? Continue reading →
President Donald Trump in February 2016:
“I know the guys at Goldman Sachs. They have total, total control over him (Ted Cruz). Just like they have total control over Hillary Clinton.”
Times have changed and there are now suggestions to rename the “East Wing” to “Hedge Fund Headquarters.”
Or more accurately – “GS Village in the Capitol.” This is the place where old bean counters and masters of economic disaster gather to decide how much financial misery the “little people” will endure without revolting.
A good and quick example is Anthony Scaramucci, He worked at Goldman Sachs‘s Investment Banking, Equities, and Private Wealth Management divisions from 1989 to 1996. Flamboyant, like his fictional counterpart, he lasted ten days before Trump replaced him with a retired general. The president’s picks for his cabinet tend to be either Wall Street bankers or multi-star generals. Guns and promises of rose gardens?
But GS and the financial class are hardly left without influence, despite Continue reading →