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Throughout the campaign of 2024, President Donald Trump promised to use tariffs to reset America’s global trade relationships, revitalize American manufacturing, and increase government revenues—and in the first months of his second administration, the president has used tariffs and the threat of tariffs to drive concessions even while raising antagonism and roiling markets. Kimberly Clausing helps us distinguish between the rhetoric and the reality of these tariffs. Clausing is an expert on the taxation of multinational firms. She served as the Deputy Assistant Secretary for Tax Analysis in the U.S. Department of the Treasury, serving as the lead economist in the Office of Tax Policy during the Biden administration. She is a nonresident senior fellow at the Peterson Institute for International Economics, a member of the Council on Foreign Relations, and a research associate at the National Bureau of Economic Research. Clausing has worked on economic policy research with the International Monetary Fund, the Hamilton Project, the Brookings Institution, the Tax Policy Center, and the Center for American Progress. She has testified before the House Ways and Means Committee, the Senate Committee on Finance, the Senate Committee on the Budget, and the Joint Economic Committee. Her research examines how government decisions and corporate behavior interplay in the global economy. She has published numerous articles on the taxation of multinational firms, and she is the author of “Open: The Progressive Case for Free Trade, Immigration, and Global Capital.” See omnystudio.com/listener for privacy information.
Watch The X22 Report On Video No videos found Click On Picture To See Larger PictureLayoffs are left over from the Biden administration, Trump is now countering the layoffs with incoming jobs. Trump just used information to see what China's next move is. Trump is now preparing for the next phase, he needs to see who will fight against removing taxes. The [DS] is being weakened, they are doing everything they can to fight back but it is making it worse. Trump and the patriots know they need a clean house and Gabbard confirms they are doing exactly that. Operation Hunt and Terminate is now happening in the agencies. Trump has now exposed the RINOs and the [DS] players, they are now boxed in and he is now setting up the team to expose the crimes they have committed. (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:13499335648425062,size:[0, 0],id:"ld-7164-1323"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="//cdn2.customads.co/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs"); Economy https://twitter.com/KobeissiLetter/status/1920539645273575910 Job cuts have been particularly high in the government sector, followed by retail and technology. DOGE actions, market/economic conditions, and restructuring have been major drivers of layoffs. US layoffs are at recession levels. Since Donald Trump became president on January 20, 2025, approximately 345,000 jobs have been created, based on available data up to April 2025. This figure comes from a White House memo citing job creation through March 2025, with 228,000 jobs added in March alone. Additionally, February 2025 saw 151,000 jobs added, according to a jobs report. These numbers align with claims from the Trump administration, though they emphasize private-sector growth (54% in non-government sectors) and manufacturing gains (9,000 jobs in February). https://twitter.com/KobeissiLetter/status/1920847873270264005 https://twitter.com/EricLDaugh/status/1920838414590488902 Trump Says GOP Should ‘Probably Not' Raise Taxes After Reportedly Backing Millionaire Tax “The problem with even a “TINY” tax increase for the RICH, which I and all others would graciously accept in order to “[Raising taxes on the top level] would be a tax on every small business, every job creator,” Republican Texas Sen. Ted Cruz said Thursday on CNBC. “That's what Kamala Harris campaigned on. That's what she promised.” “Right now, I'm not excited about the proposal,” Senate Finance Committee chairman Mike Crapo told conservative commentator Hugh Hewitt on Thursday. “But I have to say, there are a number of people in both the House and the Senate who are, and if the president weighs in in favor of it, then that's going to be a big factor that we have to take into consideration as well.” Republican Missouri Sen. Josh Hawley, who frequently breaks with his party on economic issues, told the Daily Caller News Foundation on Thursday afternoon that he would be “fine” with the president's millionaire tax proposal. He cautioned that at most two of his Senate GOP colleagues would join him in signing off on the tax hike. Source: dailycaller.com Trump signed the Tax Cuts and Jobs Act in 2017, which reduced taxes for many, including the wealthy. The law lowered the top individual income tax rate from 39.6% to 37%, doubled the estate tax exemption, and cut the corporate tax rate from 35% to 21%, disproportionately benefiting high earners and corporations. Data from the Tax Policy Center shows the top 1% of households received an average tax cut of about $50,000 in 2018, while middle-income households got around $900. supporters claim it spurred economic growth. https://twitter.com/EricLDaugh/status/1920553634775118283 https://twitter.com/BitcoinMagazine/status/1920841070281175489
Taxes on wages make up the bulk of federal revenue every year. Where does that money go, and who decides how much you should pay?The process is extremely complicated - and deeply political - which is why it's important for everyday taxpayers to understand how the people they elected choose to spend the money voters give out of their paychecks every year. We talk with tax policy expert Beverly Moran, a Paulus fellow at Boston College Law School and professor emerita at Vanderbilt, about how budget reconciliation works: where Congress decides where it will cut taxes, and how it will make up for those cuts. We also talk about how those decisionsaffect the vast majority of taxpayers, who earn most of their wealth from salary or wages... and how it looks different for the wealthiest Americans. Find Beverly's research on the impact of the 2017 TCJA here. Listen to our episodes on the history of the income tax in the United States, and how the tax return process works. We used a number of sources in this episode. Here are some, in order of appearance: How much revenue has the US government collected this year? from the US Treasury Department. Reconciliation explainer from the Congressional Budget Office.Budget Reconciliation: Tracking the 2025 Trump Tax Cuts from the Tax Foundation. What are itemized deductions and who claims them? from the Tax Policy Center. How did the TCJA change taxes of families with children? from the Tax Policy Center. The 2017 Tax Law Was Skewed to the Rich, Expensive, and Failed to Deliver on Its Promises from the Center on Budget and Policy Priorities. Lifting the SALT Cap: Estimated Budgetary Effects, 2024 and Beyond from Penn Wharton Budget Model at the University of Pennsylvania Wharton School of Business. Differences between the traditional CPI and Chained CPI from the Congressional Budget Office. Republicans say Medicaid cuts won't happen. But does their budget work without them? from NPR. Republicans want to lower taxes. The hard part is choosing what to cut. from the New York Times. Want our new "Civics is my cup of tea" mug? CLICK HERE TO DONATE AND GET YOURS!CLICK HERE: Visit our website to see all of our episodes, donate to the podcast, sign up for our newsletter, get free educational materials, and more! To see Civics 101 in book form, check out A User's Guide to Democracy: How America Works by Hannah McCarthy and Nick Capodice, featuring illustrations by Tom Toro.Check out our other weekly NHPR podcast, Outside/In - we think you'll love it!
Send us a text Jeff and Scott chat with Bill Gale of the Tax Policy Center about his new paper (with Oliver Hall and John Sabelhaus), "The Same But Different: How the Income Tax Affects Black, Hispanic, and White Households." We discuss how the bottom 70% of Black households, by income, pay less in tax than White households with similar incomes. This occurs because Black households have more dependents, on average, than White households, and children are tax advantaged in the U.S. In the top 30% of households, by income, White households pay less in tax because they are more likely to have tax-advantaged forms of income, such as capital gains. Across the first nine income deciles, Hispanic taxpayers pay less in tax, as Hispanic households tend to have more dependents throughout the income distribution.
Critics on the Left have long attacked open markets and free trade agreements for exploiting the poor and undermining labor, while those on the Right complain that they unjustly penalize workers back home. In Open: The Progressive Case for Free Trade, Immigration, and Global Capital (Harvard University Press, 2019), Kimberly Clausing takes on old and new skeptics in her compelling case that open economies are actually a force for good. Turning to the data to separate substance from spin, she shows how international trade makes countries richer, raises living standards, benefits consumers, and brings nations together. At a time when borders are closing and the safety of global supply chains is being thrown into question, she outlines a clear agenda to manage globalization more effectively, presenting strategies to equip workers for a modern economy and establish a better partnership between labor and the business community. Kimberly Clausing holds the Eric M. Zolt Chair in Tax Law and Policy at the UCLA School of Law. During the first part of the Biden Administration, Clausing was the Deputy Assistant Secretary for Tax Analysis in the US Department of the Treasury, serving as the lead economist in the Office of Tax Policy. Prior to coming to UCLA, Clausing was the Thormund A. Miller and Walter Mintz Professor of Economics at Reed College. Professor Clausing is also a nonresident senior fellow at the Peterson Institute for International Economics, a member of the Council on Foreign Relations, and a research associate at the National Bureau of Economic Research. She has worked on economic policy research with the International Monetary Fund, the Hamilton Project, the Brookings Institution, the Tax Policy Center, and the Center for American Progress. She has testified before the House Ways and Means Committee, the Senate Committee on Finance, the Senate Committee on the Budget, and the Joint Economic Committee. Professor Clausing received her B.A. from Carleton College in 1991 and her Ph.D. from Harvard University in 1996, both in economics. Other New Books Networks interviews on related themes include Yale economist Penny Goldberg, former Chief Economist of the World Bank, on The Unequal Effects of Globalization, Princeton economist Leah Boustan on how immigrants have contributed to and rapidly assimilated into US society, and University of Massachusetts economist Isabella Weber on China's process of integration into the world economy. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/new-books-network
Critics on the Left have long attacked open markets and free trade agreements for exploiting the poor and undermining labor, while those on the Right complain that they unjustly penalize workers back home. In Open: The Progressive Case for Free Trade, Immigration, and Global Capital (Harvard University Press, 2019), Kimberly Clausing takes on old and new skeptics in her compelling case that open economies are actually a force for good. Turning to the data to separate substance from spin, she shows how international trade makes countries richer, raises living standards, benefits consumers, and brings nations together. At a time when borders are closing and the safety of global supply chains is being thrown into question, she outlines a clear agenda to manage globalization more effectively, presenting strategies to equip workers for a modern economy and establish a better partnership between labor and the business community. Kimberly Clausing holds the Eric M. Zolt Chair in Tax Law and Policy at the UCLA School of Law. During the first part of the Biden Administration, Clausing was the Deputy Assistant Secretary for Tax Analysis in the US Department of the Treasury, serving as the lead economist in the Office of Tax Policy. Prior to coming to UCLA, Clausing was the Thormund A. Miller and Walter Mintz Professor of Economics at Reed College. Professor Clausing is also a nonresident senior fellow at the Peterson Institute for International Economics, a member of the Council on Foreign Relations, and a research associate at the National Bureau of Economic Research. She has worked on economic policy research with the International Monetary Fund, the Hamilton Project, the Brookings Institution, the Tax Policy Center, and the Center for American Progress. She has testified before the House Ways and Means Committee, the Senate Committee on Finance, the Senate Committee on the Budget, and the Joint Economic Committee. Professor Clausing received her B.A. from Carleton College in 1991 and her Ph.D. from Harvard University in 1996, both in economics. Other New Books Networks interviews on related themes include Yale economist Penny Goldberg, former Chief Economist of the World Bank, on The Unequal Effects of Globalization, Princeton economist Leah Boustan on how immigrants have contributed to and rapidly assimilated into US society, and University of Massachusetts economist Isabella Weber on China's process of integration into the world economy. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/world-affairs
Critics on the Left have long attacked open markets and free trade agreements for exploiting the poor and undermining labor, while those on the Right complain that they unjustly penalize workers back home. In Open: The Progressive Case for Free Trade, Immigration, and Global Capital (Harvard University Press, 2019), Kimberly Clausing takes on old and new skeptics in her compelling case that open economies are actually a force for good. Turning to the data to separate substance from spin, she shows how international trade makes countries richer, raises living standards, benefits consumers, and brings nations together. At a time when borders are closing and the safety of global supply chains is being thrown into question, she outlines a clear agenda to manage globalization more effectively, presenting strategies to equip workers for a modern economy and establish a better partnership between labor and the business community. Kimberly Clausing holds the Eric M. Zolt Chair in Tax Law and Policy at the UCLA School of Law. During the first part of the Biden Administration, Clausing was the Deputy Assistant Secretary for Tax Analysis in the US Department of the Treasury, serving as the lead economist in the Office of Tax Policy. Prior to coming to UCLA, Clausing was the Thormund A. Miller and Walter Mintz Professor of Economics at Reed College. Professor Clausing is also a nonresident senior fellow at the Peterson Institute for International Economics, a member of the Council on Foreign Relations, and a research associate at the National Bureau of Economic Research. She has worked on economic policy research with the International Monetary Fund, the Hamilton Project, the Brookings Institution, the Tax Policy Center, and the Center for American Progress. She has testified before the House Ways and Means Committee, the Senate Committee on Finance, the Senate Committee on the Budget, and the Joint Economic Committee. Professor Clausing received her B.A. from Carleton College in 1991 and her Ph.D. from Harvard University in 1996, both in economics. Other New Books Networks interviews on related themes include Yale economist Penny Goldberg, former Chief Economist of the World Bank, on The Unequal Effects of Globalization, Princeton economist Leah Boustan on how immigrants have contributed to and rapidly assimilated into US society, and University of Massachusetts economist Isabella Weber on China's process of integration into the world economy. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/public-policy
Critics on the Left have long attacked open markets and free trade agreements for exploiting the poor and undermining labor, while those on the Right complain that they unjustly penalize workers back home. In Open: The Progressive Case for Free Trade, Immigration, and Global Capital (Harvard University Press, 2019), Kimberly Clausing takes on old and new skeptics in her compelling case that open economies are actually a force for good. Turning to the data to separate substance from spin, she shows how international trade makes countries richer, raises living standards, benefits consumers, and brings nations together. At a time when borders are closing and the safety of global supply chains is being thrown into question, she outlines a clear agenda to manage globalization more effectively, presenting strategies to equip workers for a modern economy and establish a better partnership between labor and the business community. Kimberly Clausing holds the Eric M. Zolt Chair in Tax Law and Policy at the UCLA School of Law. During the first part of the Biden Administration, Clausing was the Deputy Assistant Secretary for Tax Analysis in the US Department of the Treasury, serving as the lead economist in the Office of Tax Policy. Prior to coming to UCLA, Clausing was the Thormund A. Miller and Walter Mintz Professor of Economics at Reed College. Professor Clausing is also a nonresident senior fellow at the Peterson Institute for International Economics, a member of the Council on Foreign Relations, and a research associate at the National Bureau of Economic Research. She has worked on economic policy research with the International Monetary Fund, the Hamilton Project, the Brookings Institution, the Tax Policy Center, and the Center for American Progress. She has testified before the House Ways and Means Committee, the Senate Committee on Finance, the Senate Committee on the Budget, and the Joint Economic Committee. Professor Clausing received her B.A. from Carleton College in 1991 and her Ph.D. from Harvard University in 1996, both in economics. Other New Books Networks interviews on related themes include Yale economist Penny Goldberg, former Chief Economist of the World Bank, on The Unequal Effects of Globalization, Princeton economist Leah Boustan on how immigrants have contributed to and rapidly assimilated into US society, and University of Massachusetts economist Isabella Weber on China's process of integration into the world economy. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics
Critics on the Left have long attacked open markets and free trade agreements for exploiting the poor and undermining labor, while those on the Right complain that they unjustly penalize workers back home. In Open: The Progressive Case for Free Trade, Immigration, and Global Capital (Harvard University Press, 2019), Kimberly Clausing takes on old and new skeptics in her compelling case that open economies are actually a force for good. Turning to the data to separate substance from spin, she shows how international trade makes countries richer, raises living standards, benefits consumers, and brings nations together. At a time when borders are closing and the safety of global supply chains is being thrown into question, she outlines a clear agenda to manage globalization more effectively, presenting strategies to equip workers for a modern economy and establish a better partnership between labor and the business community. Kimberly Clausing holds the Eric M. Zolt Chair in Tax Law and Policy at the UCLA School of Law. During the first part of the Biden Administration, Clausing was the Deputy Assistant Secretary for Tax Analysis in the US Department of the Treasury, serving as the lead economist in the Office of Tax Policy. Prior to coming to UCLA, Clausing was the Thormund A. Miller and Walter Mintz Professor of Economics at Reed College. Professor Clausing is also a nonresident senior fellow at the Peterson Institute for International Economics, a member of the Council on Foreign Relations, and a research associate at the National Bureau of Economic Research. She has worked on economic policy research with the International Monetary Fund, the Hamilton Project, the Brookings Institution, the Tax Policy Center, and the Center for American Progress. She has testified before the House Ways and Means Committee, the Senate Committee on Finance, the Senate Committee on the Budget, and the Joint Economic Committee. Professor Clausing received her B.A. from Carleton College in 1991 and her Ph.D. from Harvard University in 1996, both in economics. Other New Books Networks interviews on related themes include Yale economist Penny Goldberg, former Chief Economist of the World Bank, on The Unequal Effects of Globalization, Princeton economist Leah Boustan on how immigrants have contributed to and rapidly assimilated into US society, and University of Massachusetts economist Isabella Weber on China's process of integration into the world economy. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/politics-and-polemics
Critics on the Left have long attacked open markets and free trade agreements for exploiting the poor and undermining labor, while those on the Right complain that they unjustly penalize workers back home. In Open: The Progressive Case for Free Trade, Immigration, and Global Capital (Harvard University Press, 2019), Kimberly Clausing takes on old and new skeptics in her compelling case that open economies are actually a force for good. Turning to the data to separate substance from spin, she shows how international trade makes countries richer, raises living standards, benefits consumers, and brings nations together. At a time when borders are closing and the safety of global supply chains is being thrown into question, she outlines a clear agenda to manage globalization more effectively, presenting strategies to equip workers for a modern economy and establish a better partnership between labor and the business community. Kimberly Clausing holds the Eric M. Zolt Chair in Tax Law and Policy at the UCLA School of Law. During the first part of the Biden Administration, Clausing was the Deputy Assistant Secretary for Tax Analysis in the US Department of the Treasury, serving as the lead economist in the Office of Tax Policy. Prior to coming to UCLA, Clausing was the Thormund A. Miller and Walter Mintz Professor of Economics at Reed College. Professor Clausing is also a nonresident senior fellow at the Peterson Institute for International Economics, a member of the Council on Foreign Relations, and a research associate at the National Bureau of Economic Research. She has worked on economic policy research with the International Monetary Fund, the Hamilton Project, the Brookings Institution, the Tax Policy Center, and the Center for American Progress. She has testified before the House Ways and Means Committee, the Senate Committee on Finance, the Senate Committee on the Budget, and the Joint Economic Committee. Professor Clausing received her B.A. from Carleton College in 1991 and her Ph.D. from Harvard University in 1996, both in economics. Other New Books Networks interviews on related themes include Yale economist Penny Goldberg, former Chief Economist of the World Bank, on The Unequal Effects of Globalization, Princeton economist Leah Boustan on how immigrants have contributed to and rapidly assimilated into US society, and University of Massachusetts economist Isabella Weber on China's process of integration into the world economy. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/law
Critics on the Left have long attacked open markets and free trade agreements for exploiting the poor and undermining labor, while those on the Right complain that they unjustly penalize workers back home. In Open: The Progressive Case for Free Trade, Immigration, and Global Capital (Harvard University Press, 2019), Kimberly Clausing takes on old and new skeptics in her compelling case that open economies are actually a force for good. Turning to the data to separate substance from spin, she shows how international trade makes countries richer, raises living standards, benefits consumers, and brings nations together. At a time when borders are closing and the safety of global supply chains is being thrown into question, she outlines a clear agenda to manage globalization more effectively, presenting strategies to equip workers for a modern economy and establish a better partnership between labor and the business community. Kimberly Clausing holds the Eric M. Zolt Chair in Tax Law and Policy at the UCLA School of Law. During the first part of the Biden Administration, Clausing was the Deputy Assistant Secretary for Tax Analysis in the US Department of the Treasury, serving as the lead economist in the Office of Tax Policy. Prior to coming to UCLA, Clausing was the Thormund A. Miller and Walter Mintz Professor of Economics at Reed College. Professor Clausing is also a nonresident senior fellow at the Peterson Institute for International Economics, a member of the Council on Foreign Relations, and a research associate at the National Bureau of Economic Research. She has worked on economic policy research with the International Monetary Fund, the Hamilton Project, the Brookings Institution, the Tax Policy Center, and the Center for American Progress. She has testified before the House Ways and Means Committee, the Senate Committee on Finance, the Senate Committee on the Budget, and the Joint Economic Committee. Professor Clausing received her B.A. from Carleton College in 1991 and her Ph.D. from Harvard University in 1996, both in economics. Other New Books Networks interviews on related themes include Yale economist Penny Goldberg, former Chief Economist of the World Bank, on The Unequal Effects of Globalization, Princeton economist Leah Boustan on how immigrants have contributed to and rapidly assimilated into US society, and University of Massachusetts economist Isabella Weber on China's process of integration into the world economy. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Critics on the Left have long attacked open markets and free trade agreements for exploiting the poor and undermining labor, while those on the Right complain that they unjustly penalize workers back home. In Open: The Progressive Case for Free Trade, Immigration, and Global Capital (Harvard University Press, 2019), Kimberly Clausing takes on old and new skeptics in her compelling case that open economies are actually a force for good. Turning to the data to separate substance from spin, she shows how international trade makes countries richer, raises living standards, benefits consumers, and brings nations together. At a time when borders are closing and the safety of global supply chains is being thrown into question, she outlines a clear agenda to manage globalization more effectively, presenting strategies to equip workers for a modern economy and establish a better partnership between labor and the business community. Kimberly Clausing holds the Eric M. Zolt Chair in Tax Law and Policy at the UCLA School of Law. During the first part of the Biden Administration, Clausing was the Deputy Assistant Secretary for Tax Analysis in the US Department of the Treasury, serving as the lead economist in the Office of Tax Policy. Prior to coming to UCLA, Clausing was the Thormund A. Miller and Walter Mintz Professor of Economics at Reed College. Professor Clausing is also a nonresident senior fellow at the Peterson Institute for International Economics, a member of the Council on Foreign Relations, and a research associate at the National Bureau of Economic Research. She has worked on economic policy research with the International Monetary Fund, the Hamilton Project, the Brookings Institution, the Tax Policy Center, and the Center for American Progress. She has testified before the House Ways and Means Committee, the Senate Committee on Finance, the Senate Committee on the Budget, and the Joint Economic Committee. Professor Clausing received her B.A. from Carleton College in 1991 and her Ph.D. from Harvard University in 1996, both in economics. Other New Books Networks interviews on related themes include Yale economist Penny Goldberg, former Chief Economist of the World Bank, on The Unequal Effects of Globalization, Princeton economist Leah Boustan on how immigrants have contributed to and rapidly assimilated into US society, and University of Massachusetts economist Isabella Weber on China's process of integration into the world economy. Learn more about your ad choices. Visit megaphone.fm/adchoices
Critics on the Left have long attacked open markets and free trade agreements for exploiting the poor and undermining labor, while those on the Right complain that they unjustly penalize workers back home. In Open: The Progressive Case for Free Trade, Immigration, and Global Capital (Harvard University Press, 2019), Kimberly Clausing takes on old and new skeptics in her compelling case that open economies are actually a force for good. Turning to the data to separate substance from spin, she shows how international trade makes countries richer, raises living standards, benefits consumers, and brings nations together. At a time when borders are closing and the safety of global supply chains is being thrown into question, she outlines a clear agenda to manage globalization more effectively, presenting strategies to equip workers for a modern economy and establish a better partnership between labor and the business community. Kimberly Clausing holds the Eric M. Zolt Chair in Tax Law and Policy at the UCLA School of Law. During the first part of the Biden Administration, Clausing was the Deputy Assistant Secretary for Tax Analysis in the US Department of the Treasury, serving as the lead economist in the Office of Tax Policy. Prior to coming to UCLA, Clausing was the Thormund A. Miller and Walter Mintz Professor of Economics at Reed College. Professor Clausing is also a nonresident senior fellow at the Peterson Institute for International Economics, a member of the Council on Foreign Relations, and a research associate at the National Bureau of Economic Research. She has worked on economic policy research with the International Monetary Fund, the Hamilton Project, the Brookings Institution, the Tax Policy Center, and the Center for American Progress. She has testified before the House Ways and Means Committee, the Senate Committee on Finance, the Senate Committee on the Budget, and the Joint Economic Committee. Professor Clausing received her B.A. from Carleton College in 1991 and her Ph.D. from Harvard University in 1996, both in economics. Other New Books Networks interviews on related themes include Yale economist Penny Goldberg, former Chief Economist of the World Bank, on The Unequal Effects of Globalization, Princeton economist Leah Boustan on how immigrants have contributed to and rapidly assimilated into US society, and University of Massachusetts economist Isabella Weber on China's process of integration into the world economy. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/book-of-the-day
Jacob Bogage, Congressional economics correspondent at The Washington Post, andJoseph Rosenberg, senior fellow at the Urban Institute's Tax Policy Center, offer analysis of the Republicans budget plan, how it may or may not advance President Trump's legislative agenda and what it might mean for his tax cuts.
In these BONUS episodes of Daughterhood the Podcast, Daughterhood Founder Anne Tumlinson joins Rosanne to bring the caregiving conversation to a different level as we're joined by change leaders and policy experts. Today we speak with Howard Gleckman, senior fellow at the Urban Institute, where he is affiliated with the Tax Policy Center and the Retirement Policy Program. He speaks and writes frequently on aging and caregiving, as well as on tax policy. Howard is the author of Caring for Our Parents: Inspiring Stories of Families Seeking New Solutions to America's Most Urgent Health Care Crisis, as well as two blogs—TaxVox and Caring for Our Parents which you can find on Forbes.com. In 2016, I was a named one of the nation's top 50 Influencers in Aging by Next Avenue. Today, we discuss the recent changes in Washington regarding potential cuts to Medicaid, changes to Medicare, drug production, The Older Americans act, the ACA and much more. EPISODE TRANSCRIPT Daughterhood
According to the Tax Policy Center, the highest-income households often pay less tax than middle-class ones, thanks to tax-optimization strategies that have largely been held for the rich. Now, technology is increasing access to those products for individual investors. WSJ Heard on the Street columnist Jon Sindreu joins host J.R. Whalen to discuss what it means for your portfolio. Sign up for the WSJ's free Markets A.M. newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices
Christine Benz, Morningstar's director of personal finance and retirement planning, interviews financial experts about different aspects of retirement in ‘How to Retire,' the companion podcast to her book of the same name. In this episode, Christine talks with author and researcher Howard Gleckman about long-term care. How Long-Term Care Differs from Conventional HealthcareWhy Americans Need More Long-Term Care Than Ever BeforeLong-Term Care Isn't Just in Nursing HomesDoes Medicare Cover Long-Term Care Costs?Who Should Consider Long-Term Care Insurance?The Financial Implications of Continuing Care Retirement CommunitiesHoward Gleckman's Experience with Long-Term Care Key Takeaways Hi, I'm Christine Benz from Morningstar and welcome to the How to Retire podcast. It's a companion to my book, which is also called How to Retire. Each episode will provide a bite-sized lesson about how to do some aspect of retirement well.If you read my work regularly, you know that I'm a little bit obsessed with the topic of long-term care, not just how to pay for it, but also all of the other dimensions of it, like the impact on families. To help discuss that topic, I reached out to Howard Gleckman. He is the author of a book called Caring for Our Parents, and he is also a Senior Fellow at the Urban Institute, where he is affiliated with the Tax Policy Center and the Program on Retirement Policy. He also writes a great blog for Forbes. I asked him to discuss the basics of long-term care, as well as the financial ramifications and implications for caregivers. More from Howard GleckmanBioForbes ColumnUrban InstituteTaxVox blogCaring For Our Parents, by Howard GleckmanHoward Gleckman on The Long View: ‘We Pretend This Isn't a Problem' Read more from Christine Benz.How to Retire: Tips for Entering RetirementThe Hidden Crisis in Long-Term CareHow Likely Are You to Need Long-Term Care?6 Steps for Smart Long-Term-Care PlanningWorried About Long-Term Care Expenses? Let's Do Something About It. Watch more from How to Retire.How to Retire: Prioritize Tax Planning in RetirementHow to Retire: Transition from Saving to SpendingHow to Retire: Consider a Retirement Bucket Portfolio StrategyHow to Retire: Know What ‘Enough' Means in RetirementHow to Retire: Understand the Role of Working LongerHow to Retire: Stay Flexible with Your Retirement Spending Read what our team is writing:Christine Benz Follow Christine Benz on social media.X: https://x.com/christine_benzLinkedIn: https://www.linkedin.com/in/christine-benz-b83b523
Tommy breaks down some tax numbers with Howard Gleckman, Senior Fellow in the Tax Policy Center
On the Debtwire Municipals Muni Lowdown podcast, Managing Editor Paul Greaves speaks with Thomas Brosy, a senior research associate with The Tax Policy Center and Reporter Kunal Kamal about the impact of declining commercial property revenues on city budgets.Thomas kicks off the podcast by delving into the intricate landscape of property tax dynamics and the potential impact on municipal revenues.Thomas proceeds to explain the diverging trends in residential and commercial property tax collections, which leads to an explanation of how a city's budget projections are impacted.Thomas discusses the “lagging indicator” nature of property tax collections and why that gives municipalities “a window” to develop alternative revenue strategies for absorbing any loss due to falling commercial property tax revenues.Thomas moves the conversation to identifying cities most vulnerable to revenue loss due to lower commercial property tax collections. He also provides the key characteristics of these municipalities.The podcast concludes with Thomas discussing the long-term shifts in work patterns and urban populations and how those trends influence the trajectory of commercial real estate values, as well as implications for future revenue streams for municipalities.#citybudget #muniland #propertytaxes #officevalues #commercialrealestate #CRE
Our guest on the podcast today is Howard Gleckman. He is the author of a book called Caring for Our Parents and an expert on the topic of aging and caregiving. Howard is also a senior fellow at the Urban Institute where he is affiliated with the Tax Policy Center and the Program on Retirement Policy. He also writes a tax and budget policy blog called TaxVox, which is available at Forbes.com. Before joining the Urban Institute, he was a senior correspondent in the Washington Bureau of Businessweek.BackgroundBioUrban InstituteTaxVox blogCaring For Our Parents, by Howard GleckmanLong-Term Care and Cognitive Decline“Is Long-Term Care a Predictable Need, or an Unexpected One?” by Howard Gleckman, Forbes.com, April 15, 2022.“The U.S. Needs to Help Seniors and Their Families Navigate Long-Term Care,” by Howard Gleckman, Forbes.com, Oct. 11, 2022.“The Quiet Struggles With Those Living Alone With Memory Loss,” by Howard Gleckman, Forbes.com, July 18, 2023.“Which States Provide the Best—and Worst—Long-Term Care Services?” by Howard Gleckman, howardgleckman.com, Oct. 2, 2023.“Why Are Care Delivery Models for People With Dementia Developing so Slowly?” by Howard Gleckman, howardgleckman.com, June 27, 2023.“FDA Has Approved the Anti-Alzheimer's Drug, Leqembi. What You Need to Know,” by Howard Gleckman, howardgleckman.com, July 6, 2023.“Experts Raise Questions About the Safety of Anti-Alzheimer's Drug Leqembi,” by Howard Gleckman, howardgleckman.com, April 25, 2023.“Aging in Place Is all the Rage, But It's Not Easy,” by Howard Gleckman, Forbes.com, March 21, 2022.Cost of Care“Medicaid Will Pay for a Common Alzheimer's Test But It May Not Be Reliable,” by Howard Gleckman, howardgleckman.com, Jan. 9, 2024.“Why Medicare Is Right to Negotiate Drug Prices,” by Howard Gleckman, howardgleckman.com, Aug. 30, 2023.“The Biggest Barrier to New Anti-Alzheimer's Drugs May Be Cost, Not Medicare Rules,” by Howard Gleckman, howardgleckman.com, June 14, 2023.“The War Over Whether Medicare Should Pay for new Anti-Alzheimer's Drugs,” by Howard Gleckman, howardgleckman.com, May 17, 2023.“The U.S. Predicts Big Increases in Skilled Nursing and Long-Term Care Costs,” by Howard Gleckman, howardgleckman.com, April 14, 2023.“Should You Enroll in a Medicare Advantage Plan?” by Howard Gleckman, howardgleckman.com, Nov. 1, 2022.Government and Policy“CMS' New Transparency Rule Can Help ‘Weed Out a Few Bad Actors' but Won't Impact Deals Much, Other Factors at Play,” by Shelby Grebbin, skillednursingnews.com, Dec. 6, 2023.“Forbes' Gleckman: Biden's PE Ownership Scrutiny Is ‘Two Beats Behind,'” by Amy Stulick, skillednursingnews.com, April 28, 2022.“Who Really Owns Nursing Homes, and How the Feds Are About to Learn More,” by Howard Gleckman, howardgleckman.com, Nov. 27, 2023.“Should State Long-Term Care Insurance Funds Invest in Stocks?” by Howard Gleckman, howardgleckman.com, June 22, 2023.Caregivers“Forget National Caregivers Month. Think About What Family Caregivers Need,” by Howard Gleckman, howardgleckman.com, Nov. 7, 2023.“For the First Time, Traditional Medicare Will Pay to Support Family Caregivers,” by Howard Gleckman, howardgleckman.com, Aug. 23, 2023.OtherLotsa Helping HandsMedicare.govFive-Star Quality Rating System
Colorado Cancels TFG! | Breuninger, K. (2023, December 18). Trump judge slams credibility of paid expert in fraud case, suggests fee influenced testimony. CNBC. https://www.cnbc.com/2023/12/18/trump-judge-in-ny-fraud-case-slams-credibility-of-paid-defense-expert-.html Interior Watchdog Confirms J6 Organizers Lied About Planned March On Capitol. (2023, December 19). MSN. https://www.msn.com/en-us/news/politics/interior-watchdog-confirms-j6-organizers-lied-about-planned-march-on-capitol/ar-AA1lH1Eg The 118th Congress has few laws to show for its first year. (2023, December 19). Axios. https://www.axios.com/2023/12/19/118-congress-bills-least-unproductive-chart The least productive Congress ever? (2023, April 13). No Labels. https://www.nolabels.org/the-least-productive-congress-ever Senate hearing-room sex video: What we know, what we don't. (2023, December 18). Newsweek. https://www.newsweek.com/senate-hearing-room-sex-video-what-we-know-what-we-dont-1853075 Crime is down, Bidenomics is working - Tuesday good news roundup. (2023, December 19). Daily Kos. https://www.dailykos.com/stories/2023/12/19/2208310/-Tuesday-December-19-Good-News-Roundup FBI Quarterly Uniform Crime Report data release for Quarter 3, inclusive of January through September 2023. (2023, December 4). Federal Bureau of Investigation - Crime Data Explorer. https://cde.ucr.cjis.gov/LATEST/webapp/#/pages/explorer/crime/quarterly Yen, R. (2023, October 19). Did violent crime go up or down last year? Yes, it did. Council on Criminal Justice. https://counciloncj.org/did-violent-crime-go-up-or-down-last-year-yes-it-did/ The geography of U.S. gun violence. (2023, April 21). Nationhood Lab. https://www.nationhoodlab.org/the-geography-of-u-s-gun-violence/ What are the largest tax expenditures? (2022). Tax Policy Center. https://www.taxpolicycenter.org/briefing-book/what-are-largest-tax-expenditures Wage theft recovery for Denver workers hit an all-time high in 2023. (2023, November 9). Denverite. https://denverite.com/2023/11/09/wage-theft-recovery-for-denver-workers-hit-an-all-time-high-in-2023/ https://www.smilepolitely.com/music/chambana-classics-sarges-the-glass-intact-is-25/ https://www.youtube.com/c/FacebookfortheBlindFB4tB ► COME to a LIVE recording every Tuesday at 7:30p CST (♫@7:00p) Follow the link below - RSVP by email, then we send a Zoom link about an hour before the show! https://linktr.ee/fb4tb #FB4tB ► Like & Subscribe! FB4tB YouTube channel: https://www.youtube.com/c/FacebookfortheBlindFB4tB ► Subscribe to the FB4tB podcast HERE: https://bit.ly/3mINXct ► Like FB4tB on Facebook: https://www.facebook.com/FB4TB ► Follow FB4tB on Twitter: https://twitter.com/FB4tB_WasTaken ► Check out another nifty visualizered FB4tB podcast episode here: https://youtu.be/9O9KVHScswU Thank you for listening! #Listenable, #FB4tB, #Comedy, #memes, #TuesdayNight, #LIVE, #podcast, filmed before a Live audience
The city of Milwaukee will have a 2% sales tax increase starting in 2024. Officials say it could bring in $193.6 million in revenue. We hear from the Tax Policy Center on the impacts of the increase. Then, we hear from the Environmental Working Group about its recent ranking of water filters for PFAS elimination.
Another unnecessary crisis averted. In this episode, Jen examines the debt ceiling crisis events of the past to show that the Fiscal Responsibility Act of 2023 - which raised the debt ceiling - is not likely to reduce our government's debt but will likely ensure that our environment will be trashed for profit. She also examines the best path forward to ensure that the debt ceiling is never used for political leverage again. Please Support Congressional Dish – Quick Links Contribute monthly or a lump sum via PayPal Support Congressional Dish via Patreon (donations per episode) Send Zelle payments to: Donation@congressionaldish.com Send Venmo payments to: @Jennifer-Briney Send Cash App payments to: $CongressionalDish or Donation@congressionaldish.com Use your bank's online bill pay function to mail contributions to: 5753 Hwy 85 North, Number 4576, Crestview, FL 32536. Please make checks payable to Congressional Dish Thank you for supporting truly independent media! View the show notes on our website at https://congressionaldish.com/cd275-debt-ceiling-2023-crisis-normalized Background Sources Congressional Dish Episodes CD261: Inflation Reduction Act CD257: PACT Act – Health Care for Poisoned Veterans CD151: AHCA – The House Version (American Health Care Act) CD049: Crisis… Postponed CD048: The Affordable Care Act (Obamacare) Debt Ceiling Overview “US debt ceiling - what it is and why there is one.” Natalie Sherman. Jun 2, 2023. BBC. “What Happens When the U.S. Hits Its Debt Ceiling?” Noah Berman. Last Updated May 25, 2023. Council on Foreign Relations. “A brief history of debt ceiling crises and the political chaos they've unleashed.” Raymond Scheppach. May 12, 2023. The Conversation. “Congress has revised the debt ceiling 78 times since 1960. An expert explains why.” Scott Simon and Lennon Sherburne. April 29, 2023. NPR. New Development Bank Ben Norton on Twitter New Development Bank on Twitter New Development Bank Website “BRICS New Development Bank de-dollarizing, adding Argentina, Saudi Arabia, Zimbabwe as members.” Ben Norton. Jun 8, 2023. Monthly Review Online. “NDB Board of Directors held its 40th meeting.” Jun 5, 2023. New Development Bank. Debt Limit History “The Debt Limit Through the Years.” Bipartisan Policy Center. “US government shutdown to end after Congress passes debt ceiling deal.” Paul Lewis and Dan Roberts. Oct 15, 2013. The Guardian. “S.& P. Downgrades Debt Rating of U.S. for the First Time.” Binyamin Appelbaum and Eric Dash. Aug 5, 2011. The New York Times. “Gingrich Vows No Retreat on Debt Ceiling Increase.” Clay Chandler. Sept 22, 1995. The Washington Post. 2023 Crisis “House Democrats Move to Force a Debt-Limit Increase as Default Date Looms.” Carl Hulse. May 2, 2023. The New York Times. “Can Congress Make an End-Run Around a Debt Limit Impasse? It's Tricky.” Carl Hulse and Jeanna Smialek. Apr 7, 2023. The New York Times. The Debt “2023 VAT Rates in Europe.” Cristina Enache. Jan 31, 2023. Tax Foundation. “National Debt: Definition, Impact, and Key Drivers.” Updated May 25, 2023. Investopedia. “Briefing Book: What is the Child Tax Credit?” Updated May 2021. Tax Policy Center. The Law H.R.3746: Fiscal Responsibility Act of 2023 Jen's Highlighted PDF CBO Estimate of Budgetary Effects Law Outline Division A: Limit Federal Spending Title I: Discretionary Spending Limits for Discretionary Category Sec. 101: Discretionary Spending Limits Sets spending caps for fiscal years 2024 and 2025 2024: Over $886 billion for defense Over $703 billion for non-defense Sec 102: Special Adjustments for Fiscal Years 2024 and 2025 If there is a continuing resolution in effect on or after January 1, 2024 for fiscal year 2024, or a continuing resolution for 2025 on or affect January 1, 2025, defense and non-defense spending will be sequestered, meaning a 1% across the board cut Title II: Budget Enforcement in the House of Representatives Explains how the House of Representatives must implement this law Title III: Budget Enforcement in the Senate Explains how the Senate must implement this law Division B: Save Taxpayer Dollars Title I: Rescission of Unobligated Funds Takes money back from accounts where it wasn't all spent including from: The Public Health and Social Services Emergency Fund The Centers for Disease Control and Prevention Specifically their COVID vaccine activities and vaccine supply chains All the money except $7 billion for COVID testing and mitigation All of the SARS-CO-V2 genomic sequencing money except for $714 million All of the money for COVID global health programs International Disaster Assistance funds for the State Department National Institutes of Health - National Institute of Allergy and Infectious Diseases Centers for Medicare and Medicaid Services Community health centers National Health Service Corps Nurse Corps Graduate level teaching health centers Mental health and substance use disorder training for health care professionals and public safety officers Grants for mental health for medical providers Funding for pediatric mental health care access Grants for survivors of sexual assault Child abuse prevention and treatment Medical visits at home for families State and local fiscal recovery funds Rural health care grants Restaurant revitalization fund Elementary and secondary school emergency relief funds Housing for people with disabilities Housing for the elderly Grants to Amtrak and airports Air carrier worker support and air transportation payroll support Title II: Family and Small Business Taxpayer Protection Sec. 251: Rescission of Certain Balances Made Available to the Internal Revenue Service Defunds the IRS by approximately $1.4 billion Title III: Statutory Administrative Pay-As-You-Go Requires agencies to submit plan to reduce spending in an equal or greater amount to every action they take that increases spending. This is easily waived and expires at the end of 2024.. Title IV: Termination of Suspension of Payments on Federal Student Loans: Resumption of Accrual of Interest and Collections Sec. 271: Termination of Suspension of Payments on Federal Student Loans; Resumption of Accrual of Interest and Collections At the end of September, people with Federal student loans will have to begin repayment of their loans, and the Secretary of Education is not allowed to implement an extension of the payment pause. Division C: Grow the Economy Title I: Temporary Assistance to Needy Families Orders reports about work requirements for welfare payments Title II: SNAP Exemptions Sec. 311: Modification of Work Requirement Exemptions In order to receive food benefits for more than 3 months in a 3 year period, "able bodied" people have to work at least 20 hours per week or participate in a work program for 20 hours per week unless that person is under 18 or over 50 years old, medically unable to work, is a parent with dependent children, or is pregnant. This provision increases the work requirement age over the next few years so it becomes 55 years old. This provision adds homeless individuals, veterans or foster kids until they are 24 to the list of people exempt from the work requirements This provision expires and the qualifications revert back to what they used to be on October 1, 2030 Title III: Permitting Reform Sec. 321: Builder Act Changes the requirements for NEPA environmental studies to include "any negative environmental impacts of not implementing the proposed agency action in the case of a no action alternative..." and requires only "irreversible and irretrievable commitments of FEDERAL resources which would be involved in the proposed agency action should it be implemented" Adds circumstances when agencies will not have to produce environmental impact documents Requires environmental impact statements when the action has a "reasonably foreseeable significant effect on the quality of the HUMAN environment." Allows agencies to use "any reliable data source" and says the agency is "not required to undertake new scientific or technical research unless the new scientific or technical research is essential to a reasoned choice among alternatives and the overall costs and time frame of obtaining it are not unreasonable." Assigns roles for "lead agencies" and "cooperating agencies" and says that the agencies will produce a single environmental document Sets a 150 page limit on environmental impact statements and 300 pages for a proposed agency action with "extraordinary complexity" Sets a 75 page limit on environmental assessments Requires lead agencies to allow a "project sponsor" to prepare environmental assessments and environmental impact statements under the supervision of the agency. The lead agency will "evaluate" the documents and "shall take responsibility for the contents." Environmental impact statements must be complete in under 2 years after the EIS is ordered by the agency Environmental assessments must be completed in 1 year The agency may extend the deadlines Project sponsors are given the right to take government agencies to court for failure to meet a deadline Sec. 324: Expediting Completion of the Mountain Valley Pipeline "Congress hereby ratifies and approves all authorizations, permits, verifications, extensions, biological opinions, incidental take statements, and any other approvals or orders issued pursuant to Federal law necessary for the construction and initial operation at full capacity of the Mountain Valley Pipeline." Gives the Secretary of the Army 21 days after enactment of this law to issue "all permits or verifications necessary to complete the construction of the Mountain Valley Pipeline across the waters of the United States" "No court shall have jurisdiction..." to review "...any approval necessary for the construction and initial operation at full capacity of the Mountain Valley Pipeline... including any lawsuit pending in a court as of the date of enactment of this section." Division D: Increase the Debt Limit Sec. 401: Temporary Extension of Public Debt Limit Suspends the debt limit until January 1, 2025 On January 2, 2025, the debt limit will automatically increase to whatever amount the debt level is at the end of the suspension Audio Sources Senate Session June 1, 2023 Highlighted Transcript Senate Session Parts 1 & 2 May 31, 2023 Highlighted Transcript Meeting: H.R. 3746 - Fiscal Responsibility Act of 2023 May 30, 2023 House Committee on Rules Watch it on YouTube Clips 22:50 Rep. Jason Smith (R-MO): I should note for my colleagues that Democrats could have raised the debt limit last year when they controlled the House of Representatives. 35:30 Rep. Ron Estes (R-KS): The Fiscal Responsibility Act finally ends the federal student loan moratorium and the so-called interest pause, effective August 31, 2023. For every month borrowers were allowed to skip payments, $4.3 billion were added to the American taxpayers debt. 41 months later, the moratorium has cost American taxpayers approximately $176 billion. 1:01:15 Rep. Joe Neguse (D-CO): The President put forward a budget months ago. Chairman Smith, do you know when the President submitted his budget to the United States Congress? Rep. Jason Smith (R-MO): I don't remember but it was -- Rep. Joe Neguse (D-CO): It was March 9th. Rep. Jason Smith (R-MO): It was late. It was due February 1st. Rep. Joe Neguse (D-CO): Oh, I'm glad you noted that. Chairman Smith, when did the Republicans submit their budget? Rep. Jason Smith (R-MO): You would need to ask the budget committee. Rep. Joe Neguse (D-CO): I would need to ask the budget committee. Mr. Estes. When did the Republicans submit their budget? [Pause] Only in the Rules Committee, by the way, could a witness lay blame at the president for being a few weeks late in submitting his budget when his party hasn't submitted a budget, period. 1:06:45 Rep. Brendan Boyle (D-PA): We also run the risk that we will one day not be the reserve currency of the world. The reason why our interest rates are so low comparatively, is because we are a safe haven for investment for the rest of the world. These sort of antics increasingly bring that into doubt whether or not folks will get their money, the folks who are lending to us. 1:24:15 Rep. Teresa Leger Fernandez (D-NM): Now, Standard and Poor's, they downgraded our credit rating. Have they increased that credit rating? Rep. Brendan Boyle (D-PA): No. There are three credit agencies Standard and Poor's, which was the one that downgraded us in 2011, never reversed their downgrade. And frankly my concern and the worry right now is that the other two credit agencies will now follow suit, given the events of the last couple of months, which obviously look very much like 2011 all over again. 1:50:55 Rep. Jim McGovern (D-MA): I continue to be stunned by the fact that when I look at this deal, which focuses on discretionary funding, that the people who seem to be asked to do the most or to absorb the hits the most are the people that least can afford it. The military budget is part of this discretionary budget, it's over 50% of the discretionary budget. The United States spends more on national defense than China, Russia, India, Saudi Arabia, United Kingdom, Germany, France, South Korea, Japan and Ukraine combined. And yet, if this moves forward, we see an increase in defense spending. I mentioned in my opening remarks, I don't know how many of you saw the 60 minutes piece the other day, I mean, we all know, of the cost overruns in the Department of Defense. I mean, the idea that we're spending $10,000 for a $300 oil switch. I mean, it's been there for a long time, and yet, we seem unable to want to grapple with that waste and those cost overruns. I don't know if it's the defense lobbyists or the campaign contributions or whatever it is, but somehow, when it comes to the military budget, you know, not only are we not holding them accountable, but you know, we say we're going to increase it even more, even more, we'll give you more. 2:57:40 Rep. Chip Roy (R-TX): Look, I'm for NEPA reforms 100%. We need them for road projects, transportation, particularly for our energy industry. But my concern here that we've got language that none of us have fully reviewed, going through the committees of jurisdiction that has been adopted, that I've got colleagues texting me and saying they're not 100% sure if that language is good or bad for the purpose intended. I've got colleagues on both sides of the aisle that have raised those questions. And so the purpose intended, of course, is to streamline projects, whatever those projects may be. But I've got a text right here from GOP colleagues saying, Well, I'm not so sure that these will actually do what we think they will do, to streamline said projects. And in fact, a former high up in the administration, in the Energy Department under the Trump administration, just validated that concern by one of my colleagues. Yet we are putting forward this measures saying some grand improvement with respect to NEPA, that that's somehow something we should be applauding when it's not the full package of H.R. 1, which had gone through committee. And importantly, the one thing that I think is 100% clear, is that this bill fails to include even the most basic reform to President Biden's unreliable energy subsidies that were put forward in the so called inflation Reduction Act for the wealthy, elites, corporations, and the Chinese Communist Party just to be blunt. And frankly, it ensures that permitting reform will likely benefit renewables the most. Basically, if you're a government that is subsidizing the crap out of something, in this case, unreliable energy, giving massive subsidies to billion dollar corporations, giving significant subsidies to families that make over 100,000, 300,000 for EVs, because you're chasing your your dreams of, you know, a fossil fuel-less world. You're going to absolutely decimate our grid because you're not going to have the projects being developed for the gas and the coal nuclear that are actually required to keep your grid functioning. But yeah, that's what we're doing and I just for the life of me can't understand why we're applauding that. 3:15:50 Rep. Jason Smith (R-MO): So we've been asking for the IRS to give us a plan of how they wanted to spend the additional $80 billion that they had. They finally gave that to Congress about six weeks, eight weeks ago. They broke down how they're spending the $80 billion: $1.4 billion of it was for hiring more agents and what the bill before you does, it eliminates that $1.4 billion for this year. House Session May 25, 2023 Highlighted Transcript House Session, Morning Hour, Parts 1 & 2 May 24, 2023 Highlighted PDF How the Pentagon falls victim to price gouging by military contractors May 21, 2023 60 Minutes The Rich Get Richer, Deficits Get Bigger: How Tax Cuts for the Wealthy and Corporations Drive the National Debt May 17, 2023 Senate Budget Committee Witnesses: Bobby Kogan, Senior Director, Federal Budget Policy, Center for American Progress Bruce Bartlett, Former Deputy Assistant Secretary for Economic Policy, United States Department of Treasury Samantha Jacoby, Senior Tax Legal Analyst, Center on Budget and Policy Priorities Dr. Adam Michel, Director of Tax Policy Studies, Cato Institute Scott Hodge, President Emeritus & Senior Policy Advisor, Tax Foundation Clips 32:25 Bobby Kogan: Today I intend to make two points. First, without the Bush tax cuts, their bipartisan extensions, and the Trump tax cuts, the ratio of debt to GDP would be declining indefinitely. And second, our rising debt ratio is due entirely to these tax cuts and not to spending increases. Throughout this testimony, When I say spending, I mean primary spending, that is spending excluding interest on the federal debt, and every mention of revenues, spending deficits, and debt means those amounts as a percent of GDP. Okay, according to CBO primary deficits are on track to stabilize at roughly 4% over 30 years, high enough to cause the debt to rise indefinitely. The common refrain that you will hear, that I heard when I staffed this committee, and that unfortunately, I expect to hear today, is that rising debt is due to rising spending. Revenues have been roughly flat since the 1960s and while spending was also roughly flat until recently, demographic changes and rising healthcare costs are now pushing the costs up. These facts are true. Our intuitions might reasonably tell us that if revenues are flat, and spending is rising, then the one changing must be to blame. But our intuitions are wrong. In CBO's periodic long term projections earlier this century, spending was projected to continue rising, but despite this CBO routinely projected long term debt stability, It projected revenues to keep up with this rising spending, not due to tax increases, but due to our tax code bringing in more as our country and the people in it prospered. That prosperity results in both higher revenue collection and higher real after tax income for the people whose incomes are growing, it is a win win. In other words, we used to have a tax system that would fully keep pace with rising spending. And then the Bush tax cuts were enacted and expanded, and then on a bipartisan basis eventually made largely permanent in 2013. Under the law dictating CBO and OMB's baseline construction, temporary changes in tax law are assumed to end as scheduled. In practice this meant that CBO is projection showed the Bush tax cuts ending on schedule with the tax code then reverting to prior law. 2012 was therefore the last year in which CBO is projections reflected the Bush tax cuts expiring. Yes, CBO's 2012 long term projections showed rising spending, but it also showed revenues exceeding spending for all 65 years of its extended baseline with indefinite surpluses, CBO showed debt declining indefinitely. But ever since the Bush tax cuts were made permanent CBO has showed revenues lower than spending and has projected debt to rise indefinitely. And since then, the Trump tax cuts further reduced revenues. Without the Bush tax cuts, their bipartisan extensions, and the Trump tax cuts, debt would be declining indefinitely, regardless of your assumptions about the alternative minimum tax. Two points explain this. The first employs a concept called the fiscal gap, which measures how much primary deficit reduction is required to stabilize the debt. The 30 year fiscal gap is currently 2.4% of GDP, which means that on average primary deficits over 30 years would need to be 2.4% of GDP lower for the debt in 2053 to be equal to what it is now. The size of the Bush tax cuts their extensions and the Trump tax cuts under current law over the next 30 years is 3.8% of GDP. Therefore, mathematically and unequivocally without these tax cuts, debt would be declining as a percent of GDP, not rising. 41:45 Bruce Bartlett: The reason I changed my mind about taxes and decided that we needed tax increases happened on a specific day that I'm sure Senator Grassley remembers, if nobody else. And that was the day in November of 2003, when the Medicare Part D legislation passed, and I was just, you know, at the time, I thought the reason Republicans, and I was a Republican in those days, were put on this earth was to control entitlement programs. And I was appalled that an entirely new entitlement program was created that was completely unfunded. It raised the deficit forever by about 1% of GDP. And I thought a dedicated tax should have been enacted, along with that program, which I didn't oppose and don't oppose. In fact, I benefit from it at my age. But I just think that we need proper funding. And that was when I first started saying we needed to raise taxes, because we just can't cut discretionary spending enough to fix the problem. And I think this is the error of the House budget, which cuts almost entirely domestic discretionary spending, doesn't even touch defense, and I just think that's extraordinarily unrealistic and an unserious approach to our deficit problem. We simply have to do something about entitlements. If you're going to control spending, control the budget on the spending side, I don't think we're going to do that. I think we need a new tax. I have advocated a value added tax for many years, as a supplement to our existing tax system. It creates, you can raise a lot of revenue from it every virtually every industrialized country has one. The money could be used to fix things in the tax code, as a tax reform measure. Once upon a time in the 70s, and even the 80s, it was considered the sine qua non of Republican tax policy, because it's a consumption based tax system, a flat tax, and now many Republicans are in favor of something called the Fair Tax which is very similar except that it won't work. Administratively it's poorly designed. The Value Added Tax will work and that's why it should be a better approach to these problems. 49:15 Samantha Jacoby: Wealthy people who get their income from investments accumulate large gains as those assets go up in value over time, but they won't owe income tax unless they sell their assets. And if they never sell, no one will ever pay income tax on those gains. That's arguably the biggest flaw in the tax code. Policymakers should consider a tax like President Biden's budget proposal to enact a minimum tax on very wealthy households. This would treat unrealized capital gains, which is the primary source of income for many wealthy households, as taxable income instead of letting income accrue tax free across generations. 54:15 Dr. Adam Michel: Keeping government small is the best way to ensure that the American people can continue to prosper. 58:45 Scott Hodge: There are many elements of the tax code that benefit the wealthy and big corporations, I absolutely agree, and the inflation Reduction Act is the most recent example of corporate welfare in the tax code. 1:01:00 Samantha Jacoby: So the the 2017 law, it dramatically changed the way that foreign profits are taxed of multinationals. And so what happens now is large corporations who have big, big foreign profit centers, lots of foreign profits overseas, they pay a lower tax rate on those foreign profits than they do on their domestic profits or purely domestic businesses pay. 1:02:55 Bruce Bartlett: And one of the things I tried to do in my prepared testimony is look at what has actually happened in the seven years since then. And very few studies, I know, some of the tests, the footnotes and my colleagues testimony or to our projections based on studies were done in 2017, 2018. I tried to find things that were written more recently, perhaps, or preferably, I should say, in the academic literature, which I think is more substantive and more dependable. And I looked at peer reviewed journals, and the data that I could find showed no macroeconomic impact whatsoever. It didn't raise growth, it didn't lower growth. And I think I concluded in that -- Sen. Sheldon Whitehouse (D-RI): It did shift wealth, correct? Bruce Bartlett: Excuse me? Sen. Sheldon Whitehouse (D-RI): It did shift wealth. Bruce Bartlett: Oh, absolutely. No question about that. But I'm more interested in the macroeconomic effect on investment and growth and employment. And I would just close by saying that if a tax cut had no positive impact, then it can't have any negative impact if you get rid of it. Now, you may not want to for other reasons.... 1:05:25 Bobby Kogan: Right. So our demographic changes and rising healthcare costs are the reason that spending is increasing. If you break spending into two categories, Medicare, Medicaid, Social Security, everything else, including the everything else entitlements, the everything else is shrinking as a percent of GDP and it's the Medicare, Medicaid and Social Security that are growing. And they are growing not because they are getting more, they're doing more, it's not because we're giving more and more to seniors, and to extremely poor people, but because it costs more to do the same. And that is the rising that is the demographics is changing the ratio of non workers to workers and there's also the rising health care costs. And so what this means is that if you want to spend less, you are necessarily saying that future seniors should be getting less of a benefit than they're currently getting. That's the only way to do it. Since that's the portion of the budget that's growing, if you want to cut that, you have to say that the current amount that we're doing for Social Security recipients, the current amount that we're doing for seniors, the current amount that we're doing for people on Medicaid is too much, and future people should be having less. That's the only way to do it. And, you know, the very nice thing that I had though, ii my testimony, we used to have a tax system that despite that rising, we keep up with that, and now we don't. 1:15:50 Bruce Bartlett: Well, first of all, I think in terms of tax shelters and tax evasion and extreme levels of tax avoidance, the problem isn't so much with the law as with the enforcement. And as you know, it's been the policy of Republicans to slash the budget of the IRS in real terms, for many years, which is a way of giving, privatizing tax avoidance to rich people and the rich individuals have the greatest power and ability to evade taxation. And I think it was really wonderful that the Congress increased the IRS budget, and I think it's just the height of absurdity that one of the major elements of the House Republican proposal is to slash the IRS budget again, even though the CBO has said this is a revenue losing proposition. 2:06:40 Bruce Bartlett: I think there's absolutely no question that the debt limit is unconstitutional, and not just under the 14th Amendment, section four, but under the general powers of the President. I mean, one of the things that I will point out is that the debt limit is a very serious national security issue. A huge percentage of the national debt that is owned by foreigners is owned by foreign central banks. They are not going to be happy if their assets are suddenly worth a great deal less than they thought they were. I think the President has full power within his inherent authority to simply declare the debt limit null and void. And I would point out that it's not a simple question of whether you just break the debt limit. I think a lot of people, even on this committee, forget the impoundment part of the Budget Act of 1974, which says the President must spend the money that is appropriated by law, he doesn't have the choice not to, which is what some Republicans seem to think that he can do. And he lacks that power. So I would agree that the President has that power. I wish he would use it. I wish it as sincerely as anything I believe in life. Thank you. Senate Session May 16, 2023 Highlighted PDF House Session May 16, 2023 Highlighted PDF Senate Session May 15, 2023 Highlighted PDF House Session May 10, 2023 Highlighted PDF Senate Session, Parts 1 & 2 May 19, 2023 Highlighted PDF Senate Session May 9, 2023 Highlighted PDF Senate Session May 4, 2023 Highlighted PDF Senate Session, Parts 1 & 2 May 2, 2023 Highlighted PDF Music Tired of Being Lied To by David Ippolito (found on Music Alley by mevio) Editing Pro Podcast Solutions Production Assistance Clare Kuntz Balcer
This is Garrison Hardie with your CrossPolitic Daily News Brief for Tuesday, May 2nd, 2023. Fight Laugh Feast Conference - Ark Encounter This year, our Fight Laugh Feast Conference is at the Ark Encounter in Kentucky on The Politics of Six Day Creation. The politics of six day creation is the difference between a fixed standard of justice and a careening standard of justice, the difference between the corrosive relativism that creates mobs and anarchy and the freedom of objectivity, truth, and due process. The politics of six day creation establishes the authority and sufficiency of God’s Word for all of life: from what is a man or a woman, when does human life begin, and how is human society best organized? Come hear Ken Ham, Pastor Doug Wilson, Dr. Ben Merkle, Dr. Gordon Wilson, me and more, and of course a live CrossPolitic show! Mark your calendars for October 11th-14th, as we fight, laugh, and feast, with beer & psalms, our amazing lineup of speakers, our Rowdy Christian Merch, and a Sabbath Feast to wrap up the occasion. Maybe an infant baptism while we’re at it! Visit fightlaughfeast.com for more information! https://www.financialexpress.com/world-news/us-says-chinese-coast-guard-harassing-philippine-vessels/3069316/ US says Chinese coast guard harassing Philippine vessels The United States urged China on Saturday to stop harassing Philippine vessels in the South China Sea, pledging to stand with the Philippines after another maritime confrontation between the two Asian countries. “We call upon Beijing to desist from its provocative and unsafe conduct,” the U.S. State Department said in a statement. The Philippines on Friday accused China’s coast guard of “aggressive tactics” following an incident during a Philippine coast guard patrol close to the Philippines-held Second Thomas Shoal, a flashpoint for previous altercations located 105 nautical miles (195 km) off its coast. China on Sunday said it was willing to handle maritime differences with countries of concern in the South China Sea through friendly consultations and warned the United States against interference. “The U.S., as a country outside of the region, must not interfere with the South China Sea matter or use the South China Sea matter to sow discord among regional countries,” a Chinese foreign ministry spokesperson said in a written statement. The Second Thomas Shoal is home to a small military contingent aboard a rusty World War Two-era U.S. ship that was intentionally grounded in 1999 to reinforce the Philippines’ territorial claims. In February, the Philippines said a Chinese ship had directed a “military-grade laser” at one of its resupply vessels. China claims sovereignty over almost the entire South China Sea, with a “nine-dash line” on maps that stretches more than 1,500 km off its mainland and cuts into the exclusive economic zones of Vietnam, the Philippines, Malaysia, Brunei and Indonesia. An international arbitral ruling in 2016 dismissed that line as having no legal basis. China’s foreign ministry on Friday said the Philippine vessels had intruded into Chinese waters and made deliberate provocative moves. The State Department said Washington “stands with our Philippine allies in upholding the rules-based international maritime order.” https://www.nytimes.com/2023/05/01/us/politics/debt-limit-date-janet-yellen.html#:~:text=WASHINGTON%20%E2%80%94%20Treasury%20Secretary%20Janet%20L,defaulting%20on%20the%20nation's%20debt.’ U.S. Could Run Out of Cash by June 1, Yellen Warns Treasury Secretary Janet L. Yellen said on Monday that the United States could run out of money to pay its bills by June 1 if Congress does not raise or suspend the debt limit, putting pressure on President Biden and lawmakers to reach a swift agreement to avoid defaulting on the nation’s debt. The more precise warning over when the United States could hit the so-called X-date dramatically reduces the projected amount of time lawmakers have to reach a deal before the government runs out of money to pay all of its bills on time. The new timeline could force a flurry of negotiations between the House, Senate and Mr. Biden over government spending — or a high-stakes standoff between the president and the House Republicans who have refused to raise the limit without deep spending cuts attached. Economists have warned that failure to raise the debt limit, which caps the total amount of money the United States can borrow, threatens to rock financial markets and throw the global economy into a financial crisis. Because the United States runs a budget deficit — meaning it spends more money than it takes in — it must borrow huge sums of money to pay its bills. In addition to paying Social Security benefits, along with salaries for the military and government workers, the United States is also required to make interest and other payments to the bondholders who own its debt. White House officials had not expected the date of possible default to arrive so soon, and the accelerated timetable could scramble the president’s approach to the potential crisis. The newly compressed calendar leaves little time for the president and congressional leaders to find agreement on raising the limit. Mr. McCarthy is traveling in the Middle East this week. Later this month, Mr. Biden is scheduled to attend the Group of 7 nations leaders’ summit in Japan, then travel on to Australia for a summit with the leaders of Japan, India and Australia. House Republicans passed legislation in April that would raise the debt limit in exchange for deep spending cuts and roll back recent climate legislation that Democrats passed along party lines. Mr. Biden has blasted that bill, saying it would hurt working families while benefiting the oil and gas industry, and he has accused Republicans of putting America’s economy on the line. On Monday, the president called on Republicans “to make sure the threat by the Speaker of the House to default on the national debt is off the table.” Mr. Biden has said he will meet with Mr. McCarthy to discuss government spending and the budget. But he has insisted that raising the debt limit is not negotiable and has urged Republicans to lift the borrowing cap without strings attached. https://www.usnews.com/news/health-news/articles/2023-05-01/biden-administration-to-end-many-covid-19-vaccine-mandates-next-week#:~:text=The%20Biden%20administration%20will%20also%20end%20the%20controversial%20Title%2019%20travel%20restrictions.&text=May%201%2C%202023%2C%20at%205%3A43%20p.m.&text=The%20Biden%20administration%20on%20Monday,international%20air%20travelers%20next%20week. Biden Administration to End Many COVID-19 Vaccine Requirements Next Week The Biden administration on Monday announced that it will end its COVID-19 vaccine requirements for federal workers, federal contractors and international air travelers next week. “While vaccination remains one of the most important tools in advancing the health and safety of employees and promoting the efficiency of workplaces, we are now in a different phase of our response when these measures are no longer necessary,” the White House said in a statement. The mandates will end May 11, the same day the COVID-19 public health emergency declaration is set to expire. The Biden administration will also begin the process to end coronavirus vaccine requirements for “Head Start educators, CMS-certified healthcare facilities, and certain noncitizens at the land border.” Additional details on the process will be available in the coming days, according to the White House. Additionally, the Department of Homeland Security on Monday said it would end its Title 19 travel restrictions on May 12. The agency will “no longer require non-U.S. travelers entering the United States via land ports of entry and ferry terminals to be fully vaccinated against COVID-19 and provide related proof of vaccination upon request.” Coronavirus vaccine requirements were among the most controversial decisions from the Biden administration during the pandemic. As coronavirus cases, deaths and hospitalizations have declined, the administration rolled back nearly all of its COVID-19 mitigation measures. The Pentagon in January dropped its COVID-19 vaccine mandate for troops after President Joe Biden signed into law a massive defense spending bill that required the measure’s termination, bringing a close to the contentious issue that drew considerable ire from Republicans. https://www.theepochtimes.com/bernie-sanders-calls-for-confiscation-of-wealth-above-999-million_5232590.html?utm_source=partner&utm_campaign=BonginoReport Bernie Sanders Calls for Confiscation of Wealth Above $999 Million Senator Bernie Sanders (I-Vt.) called for the U.S. government to confiscate assets over $999 million, and also announced his support for President Joe Biden. The senator spoke with CNN anchor Chris Wallace last week for an interview when he declared that billionaires should not exist. Sanders said he believes that the government should seize personal assets over his suggested limit before any American could become a billionaire. He appeared on Wallace’s show to talk about his new book, “It’s OK to Be Angry About Capitalism.” A former Democratic party presidential candidate, in 2016 and 2020, the senator amassed huge support in the primaries and raised large amounts of money, but failed to secure the nomination each time. The CNN host questioned Sanders about a statement in his book that called for the government to prevent the creation of new billionaires. “So are you basically saying that once you get to $999 million, that the government should confiscate all the rest?” Wallace asked. “Yeah, I think people can make it on $999 million,” Bernie responded. “Which would mean that all these billion dollars, basically, it all goes to the government,” said Wallace. Sanders recently got into an exchange during a contentious Senate hearing over Starbuck’s labor practices, with a not too subtle remark on the billionaire status of the company’s former CEO, Howard Schultz. Bernie, who is himself worth $3 million, according to GoBankingRates, previously criticized both millionaires and billionaires, but now only opposes those worth over a billion dollars. The Vermont senator said that a return to the 90 percent top marginal tax rate of the Eisenhower administration was a way to accomplish that. The proposed legislation calls for wealthy heirs to pay more on their inheritances by expanding the estate tax to 45 percent on estates worth at least $3.5 million. It will also impose a 65 percent tax—a so-called “billionaire’s tax”—on estates worth over $1 billion. The amount of inheritances exempt from the estate tax has gradually increased over the last two decades, according to the Tax Policy Center. As of 2023, the estate tax exemption stands at just under $13 million, a rise from around $12 million the previous year. The bill also targets loopholes that the very wealthy can exploit to shield their assets from taxation such as trusts that do not incur estate or gift taxes when money is doled out from an inherited trust. However, any legislation to hike tax rates would be dead on arrival due to the Republican-controlled House. https://www.foxnews.com/us/new-mexico-mom-sentenced-18-years-tossing-baby-trash-bin New Mexico mom sentenced to 18 years for tossing baby in trash bin A New Mexico teenage mother was sentenced Monday to a mandatory 18 years in prison for tossing her newborn son into a trash bin behind a shopping center, but a state district judge cited mental health concerns and the defendant's age in suspending two years of the punishment. Jurors convicted Alexis Avila, 19, of child abuse involving great bodily harm following a days-long trial last month in which her public defender argued her actions were not premeditated and that a previously undiagnosed mental health disorder played a role. Judge William Shoobridge told Avila that had it not been for luck and the grace of God he would have been deliberating a sentence in a murder case as there was a high probability the child would have died had it not been found by three people looking through the dumpster that winter day in Hobbs, near the Texas border. He ordered that Avila continue with treatment, medication and her higher education while serving her sentence. Avila told the judge she wants to learn how to deal with stress and anxiety so she can handle her emotions in a healthier way. She also said she regrets missing out on her son's first milestones and that she denied him motherly love. Police said a group of people were looking through the dumpster when they heard what they thought was a dog or kitten. They moved a trash bag and found a baby inside, wrapped in a towel with its umbilical cord still attached. They tried to keep the boy warm until police and paramedics arrived. Prosecutors argued during trial that Avila made a choice to ignore her pregnancy and place her newborn son into two trash bags, secure them with a hair tie and toss the boy into the bin. They told jurors the boy had been in the cold for over six hours. The judge told Avila that she had the opportunity to correct her actions within in that time but did not. Her Public defender disputed that Avila made a premeditated attempt to kill her baby. He said while Avila's actions were wrong, they were the result of her bipolar disorder and that she was disassociated and detached from her feelings. Her defender told the judge Avila did not pose a threat to the public, has made progress with her therapy and does not take lightly what she did to her child. https://www.latimes.com/entertainment-arts/business/story/2023-04-26/fox-news-ratings-plummet-without-tucker-carlson Fox News prime-time ratings plummet after Tucker Carlson firing as Newsmax sees boost Fox News is feeling the effects of life without Tucker Carlson. “Fox News Tonight” — the program temporarily filling the slot long occupied by Carlson — pulled in 1.7 million viewers with “Fox & Friends” host Brian Kilmeade, according to Nielsen data. The number is 47% below what “Tucker Carlson Tonight” delivered in the 8 p.m. Eastern hour a week earlier on April 16. Carlson averaged 3.2 million viewers in the first quarter of 2023. Fox News now is faced with replacing a top-rated prime-time star, a situation it has dealt with successfully in the past. But in the short term, the network may be in for a rocky ride from a ratings standpoint. CNN’s Anderson Cooper won the hour in the demo with 163,000 viewers, with MSNBC’s “All in With Chris Hayes” close behind at 162,000. Kilmeade scored 149,000 in the category. The ratings indicate Kilmeade won’t be giving up the morning shift anytime soon. Without the tentpole that Carlson’s program provided, the ratings for other Fox News shows were down as well. “Hannity” averaged 2 million viewers, a decline of 20% from the previous week. “The Ingraham Angle” scored 1.56 million, down 12%. Fox News will be tested again, as the sharp decline in Tuesday’s ratings is a clear sign that the audience is upset. One possible fix is moving Fox News fan favorite Jesse Watters into Carlson’s time slot while auditioning hosts an hour earlier.
This is Garrison Hardie with your CrossPolitic Daily News Brief for Tuesday, May 2nd, 2023. Fight Laugh Feast Conference - Ark Encounter This year, our Fight Laugh Feast Conference is at the Ark Encounter in Kentucky on The Politics of Six Day Creation. The politics of six day creation is the difference between a fixed standard of justice and a careening standard of justice, the difference between the corrosive relativism that creates mobs and anarchy and the freedom of objectivity, truth, and due process. The politics of six day creation establishes the authority and sufficiency of God’s Word for all of life: from what is a man or a woman, when does human life begin, and how is human society best organized? Come hear Ken Ham, Pastor Doug Wilson, Dr. Ben Merkle, Dr. Gordon Wilson, me and more, and of course a live CrossPolitic show! Mark your calendars for October 11th-14th, as we fight, laugh, and feast, with beer & psalms, our amazing lineup of speakers, our Rowdy Christian Merch, and a Sabbath Feast to wrap up the occasion. Maybe an infant baptism while we’re at it! Visit fightlaughfeast.com for more information! https://www.financialexpress.com/world-news/us-says-chinese-coast-guard-harassing-philippine-vessels/3069316/ US says Chinese coast guard harassing Philippine vessels The United States urged China on Saturday to stop harassing Philippine vessels in the South China Sea, pledging to stand with the Philippines after another maritime confrontation between the two Asian countries. “We call upon Beijing to desist from its provocative and unsafe conduct,” the U.S. State Department said in a statement. The Philippines on Friday accused China’s coast guard of “aggressive tactics” following an incident during a Philippine coast guard patrol close to the Philippines-held Second Thomas Shoal, a flashpoint for previous altercations located 105 nautical miles (195 km) off its coast. China on Sunday said it was willing to handle maritime differences with countries of concern in the South China Sea through friendly consultations and warned the United States against interference. “The U.S., as a country outside of the region, must not interfere with the South China Sea matter or use the South China Sea matter to sow discord among regional countries,” a Chinese foreign ministry spokesperson said in a written statement. The Second Thomas Shoal is home to a small military contingent aboard a rusty World War Two-era U.S. ship that was intentionally grounded in 1999 to reinforce the Philippines’ territorial claims. In February, the Philippines said a Chinese ship had directed a “military-grade laser” at one of its resupply vessels. China claims sovereignty over almost the entire South China Sea, with a “nine-dash line” on maps that stretches more than 1,500 km off its mainland and cuts into the exclusive economic zones of Vietnam, the Philippines, Malaysia, Brunei and Indonesia. An international arbitral ruling in 2016 dismissed that line as having no legal basis. China’s foreign ministry on Friday said the Philippine vessels had intruded into Chinese waters and made deliberate provocative moves. The State Department said Washington “stands with our Philippine allies in upholding the rules-based international maritime order.” https://www.nytimes.com/2023/05/01/us/politics/debt-limit-date-janet-yellen.html#:~:text=WASHINGTON%20%E2%80%94%20Treasury%20Secretary%20Janet%20L,defaulting%20on%20the%20nation's%20debt.’ U.S. Could Run Out of Cash by June 1, Yellen Warns Treasury Secretary Janet L. Yellen said on Monday that the United States could run out of money to pay its bills by June 1 if Congress does not raise or suspend the debt limit, putting pressure on President Biden and lawmakers to reach a swift agreement to avoid defaulting on the nation’s debt. The more precise warning over when the United States could hit the so-called X-date dramatically reduces the projected amount of time lawmakers have to reach a deal before the government runs out of money to pay all of its bills on time. The new timeline could force a flurry of negotiations between the House, Senate and Mr. Biden over government spending — or a high-stakes standoff between the president and the House Republicans who have refused to raise the limit without deep spending cuts attached. Economists have warned that failure to raise the debt limit, which caps the total amount of money the United States can borrow, threatens to rock financial markets and throw the global economy into a financial crisis. Because the United States runs a budget deficit — meaning it spends more money than it takes in — it must borrow huge sums of money to pay its bills. In addition to paying Social Security benefits, along with salaries for the military and government workers, the United States is also required to make interest and other payments to the bondholders who own its debt. White House officials had not expected the date of possible default to arrive so soon, and the accelerated timetable could scramble the president’s approach to the potential crisis. The newly compressed calendar leaves little time for the president and congressional leaders to find agreement on raising the limit. Mr. McCarthy is traveling in the Middle East this week. Later this month, Mr. Biden is scheduled to attend the Group of 7 nations leaders’ summit in Japan, then travel on to Australia for a summit with the leaders of Japan, India and Australia. House Republicans passed legislation in April that would raise the debt limit in exchange for deep spending cuts and roll back recent climate legislation that Democrats passed along party lines. Mr. Biden has blasted that bill, saying it would hurt working families while benefiting the oil and gas industry, and he has accused Republicans of putting America’s economy on the line. On Monday, the president called on Republicans “to make sure the threat by the Speaker of the House to default on the national debt is off the table.” Mr. Biden has said he will meet with Mr. McCarthy to discuss government spending and the budget. But he has insisted that raising the debt limit is not negotiable and has urged Republicans to lift the borrowing cap without strings attached. https://www.usnews.com/news/health-news/articles/2023-05-01/biden-administration-to-end-many-covid-19-vaccine-mandates-next-week#:~:text=The%20Biden%20administration%20will%20also%20end%20the%20controversial%20Title%2019%20travel%20restrictions.&text=May%201%2C%202023%2C%20at%205%3A43%20p.m.&text=The%20Biden%20administration%20on%20Monday,international%20air%20travelers%20next%20week. Biden Administration to End Many COVID-19 Vaccine Requirements Next Week The Biden administration on Monday announced that it will end its COVID-19 vaccine requirements for federal workers, federal contractors and international air travelers next week. “While vaccination remains one of the most important tools in advancing the health and safety of employees and promoting the efficiency of workplaces, we are now in a different phase of our response when these measures are no longer necessary,” the White House said in a statement. The mandates will end May 11, the same day the COVID-19 public health emergency declaration is set to expire. The Biden administration will also begin the process to end coronavirus vaccine requirements for “Head Start educators, CMS-certified healthcare facilities, and certain noncitizens at the land border.” Additional details on the process will be available in the coming days, according to the White House. Additionally, the Department of Homeland Security on Monday said it would end its Title 19 travel restrictions on May 12. The agency will “no longer require non-U.S. travelers entering the United States via land ports of entry and ferry terminals to be fully vaccinated against COVID-19 and provide related proof of vaccination upon request.” Coronavirus vaccine requirements were among the most controversial decisions from the Biden administration during the pandemic. As coronavirus cases, deaths and hospitalizations have declined, the administration rolled back nearly all of its COVID-19 mitigation measures. The Pentagon in January dropped its COVID-19 vaccine mandate for troops after President Joe Biden signed into law a massive defense spending bill that required the measure’s termination, bringing a close to the contentious issue that drew considerable ire from Republicans. https://www.theepochtimes.com/bernie-sanders-calls-for-confiscation-of-wealth-above-999-million_5232590.html?utm_source=partner&utm_campaign=BonginoReport Bernie Sanders Calls for Confiscation of Wealth Above $999 Million Senator Bernie Sanders (I-Vt.) called for the U.S. government to confiscate assets over $999 million, and also announced his support for President Joe Biden. The senator spoke with CNN anchor Chris Wallace last week for an interview when he declared that billionaires should not exist. Sanders said he believes that the government should seize personal assets over his suggested limit before any American could become a billionaire. He appeared on Wallace’s show to talk about his new book, “It’s OK to Be Angry About Capitalism.” A former Democratic party presidential candidate, in 2016 and 2020, the senator amassed huge support in the primaries and raised large amounts of money, but failed to secure the nomination each time. The CNN host questioned Sanders about a statement in his book that called for the government to prevent the creation of new billionaires. “So are you basically saying that once you get to $999 million, that the government should confiscate all the rest?” Wallace asked. “Yeah, I think people can make it on $999 million,” Bernie responded. “Which would mean that all these billion dollars, basically, it all goes to the government,” said Wallace. Sanders recently got into an exchange during a contentious Senate hearing over Starbuck’s labor practices, with a not too subtle remark on the billionaire status of the company’s former CEO, Howard Schultz. Bernie, who is himself worth $3 million, according to GoBankingRates, previously criticized both millionaires and billionaires, but now only opposes those worth over a billion dollars. The Vermont senator said that a return to the 90 percent top marginal tax rate of the Eisenhower administration was a way to accomplish that. The proposed legislation calls for wealthy heirs to pay more on their inheritances by expanding the estate tax to 45 percent on estates worth at least $3.5 million. It will also impose a 65 percent tax—a so-called “billionaire’s tax”—on estates worth over $1 billion. The amount of inheritances exempt from the estate tax has gradually increased over the last two decades, according to the Tax Policy Center. As of 2023, the estate tax exemption stands at just under $13 million, a rise from around $12 million the previous year. The bill also targets loopholes that the very wealthy can exploit to shield their assets from taxation such as trusts that do not incur estate or gift taxes when money is doled out from an inherited trust. However, any legislation to hike tax rates would be dead on arrival due to the Republican-controlled House. https://www.foxnews.com/us/new-mexico-mom-sentenced-18-years-tossing-baby-trash-bin New Mexico mom sentenced to 18 years for tossing baby in trash bin A New Mexico teenage mother was sentenced Monday to a mandatory 18 years in prison for tossing her newborn son into a trash bin behind a shopping center, but a state district judge cited mental health concerns and the defendant's age in suspending two years of the punishment. Jurors convicted Alexis Avila, 19, of child abuse involving great bodily harm following a days-long trial last month in which her public defender argued her actions were not premeditated and that a previously undiagnosed mental health disorder played a role. Judge William Shoobridge told Avila that had it not been for luck and the grace of God he would have been deliberating a sentence in a murder case as there was a high probability the child would have died had it not been found by three people looking through the dumpster that winter day in Hobbs, near the Texas border. He ordered that Avila continue with treatment, medication and her higher education while serving her sentence. Avila told the judge she wants to learn how to deal with stress and anxiety so she can handle her emotions in a healthier way. She also said she regrets missing out on her son's first milestones and that she denied him motherly love. Police said a group of people were looking through the dumpster when they heard what they thought was a dog or kitten. They moved a trash bag and found a baby inside, wrapped in a towel with its umbilical cord still attached. They tried to keep the boy warm until police and paramedics arrived. Prosecutors argued during trial that Avila made a choice to ignore her pregnancy and place her newborn son into two trash bags, secure them with a hair tie and toss the boy into the bin. They told jurors the boy had been in the cold for over six hours. The judge told Avila that she had the opportunity to correct her actions within in that time but did not. Her Public defender disputed that Avila made a premeditated attempt to kill her baby. He said while Avila's actions were wrong, they were the result of her bipolar disorder and that she was disassociated and detached from her feelings. Her defender told the judge Avila did not pose a threat to the public, has made progress with her therapy and does not take lightly what she did to her child. https://www.latimes.com/entertainment-arts/business/story/2023-04-26/fox-news-ratings-plummet-without-tucker-carlson Fox News prime-time ratings plummet after Tucker Carlson firing as Newsmax sees boost Fox News is feeling the effects of life without Tucker Carlson. “Fox News Tonight” — the program temporarily filling the slot long occupied by Carlson — pulled in 1.7 million viewers with “Fox & Friends” host Brian Kilmeade, according to Nielsen data. The number is 47% below what “Tucker Carlson Tonight” delivered in the 8 p.m. Eastern hour a week earlier on April 16. Carlson averaged 3.2 million viewers in the first quarter of 2023. Fox News now is faced with replacing a top-rated prime-time star, a situation it has dealt with successfully in the past. But in the short term, the network may be in for a rocky ride from a ratings standpoint. CNN’s Anderson Cooper won the hour in the demo with 163,000 viewers, with MSNBC’s “All in With Chris Hayes” close behind at 162,000. Kilmeade scored 149,000 in the category. The ratings indicate Kilmeade won’t be giving up the morning shift anytime soon. Without the tentpole that Carlson’s program provided, the ratings for other Fox News shows were down as well. “Hannity” averaged 2 million viewers, a decline of 20% from the previous week. “The Ingraham Angle” scored 1.56 million, down 12%. Fox News will be tested again, as the sharp decline in Tuesday’s ratings is a clear sign that the audience is upset. One possible fix is moving Fox News fan favorite Jesse Watters into Carlson’s time slot while auditioning hosts an hour earlier.
This is Garrison Hardie with your CrossPolitic Daily News Brief for Tuesday, May 2nd, 2023. Fight Laugh Feast Conference - Ark Encounter This year, our Fight Laugh Feast Conference is at the Ark Encounter in Kentucky on The Politics of Six Day Creation. The politics of six day creation is the difference between a fixed standard of justice and a careening standard of justice, the difference between the corrosive relativism that creates mobs and anarchy and the freedom of objectivity, truth, and due process. The politics of six day creation establishes the authority and sufficiency of God’s Word for all of life: from what is a man or a woman, when does human life begin, and how is human society best organized? Come hear Ken Ham, Pastor Doug Wilson, Dr. Ben Merkle, Dr. Gordon Wilson, me and more, and of course a live CrossPolitic show! Mark your calendars for October 11th-14th, as we fight, laugh, and feast, with beer & psalms, our amazing lineup of speakers, our Rowdy Christian Merch, and a Sabbath Feast to wrap up the occasion. Maybe an infant baptism while we’re at it! Visit fightlaughfeast.com for more information! https://www.financialexpress.com/world-news/us-says-chinese-coast-guard-harassing-philippine-vessels/3069316/ US says Chinese coast guard harassing Philippine vessels The United States urged China on Saturday to stop harassing Philippine vessels in the South China Sea, pledging to stand with the Philippines after another maritime confrontation between the two Asian countries. “We call upon Beijing to desist from its provocative and unsafe conduct,” the U.S. State Department said in a statement. The Philippines on Friday accused China’s coast guard of “aggressive tactics” following an incident during a Philippine coast guard patrol close to the Philippines-held Second Thomas Shoal, a flashpoint for previous altercations located 105 nautical miles (195 km) off its coast. China on Sunday said it was willing to handle maritime differences with countries of concern in the South China Sea through friendly consultations and warned the United States against interference. “The U.S., as a country outside of the region, must not interfere with the South China Sea matter or use the South China Sea matter to sow discord among regional countries,” a Chinese foreign ministry spokesperson said in a written statement. The Second Thomas Shoal is home to a small military contingent aboard a rusty World War Two-era U.S. ship that was intentionally grounded in 1999 to reinforce the Philippines’ territorial claims. In February, the Philippines said a Chinese ship had directed a “military-grade laser” at one of its resupply vessels. China claims sovereignty over almost the entire South China Sea, with a “nine-dash line” on maps that stretches more than 1,500 km off its mainland and cuts into the exclusive economic zones of Vietnam, the Philippines, Malaysia, Brunei and Indonesia. An international arbitral ruling in 2016 dismissed that line as having no legal basis. China’s foreign ministry on Friday said the Philippine vessels had intruded into Chinese waters and made deliberate provocative moves. The State Department said Washington “stands with our Philippine allies in upholding the rules-based international maritime order.” https://www.nytimes.com/2023/05/01/us/politics/debt-limit-date-janet-yellen.html#:~:text=WASHINGTON%20%E2%80%94%20Treasury%20Secretary%20Janet%20L,defaulting%20on%20the%20nation's%20debt.’ U.S. Could Run Out of Cash by June 1, Yellen Warns Treasury Secretary Janet L. Yellen said on Monday that the United States could run out of money to pay its bills by June 1 if Congress does not raise or suspend the debt limit, putting pressure on President Biden and lawmakers to reach a swift agreement to avoid defaulting on the nation’s debt. The more precise warning over when the United States could hit the so-called X-date dramatically reduces the projected amount of time lawmakers have to reach a deal before the government runs out of money to pay all of its bills on time. The new timeline could force a flurry of negotiations between the House, Senate and Mr. Biden over government spending — or a high-stakes standoff between the president and the House Republicans who have refused to raise the limit without deep spending cuts attached. Economists have warned that failure to raise the debt limit, which caps the total amount of money the United States can borrow, threatens to rock financial markets and throw the global economy into a financial crisis. Because the United States runs a budget deficit — meaning it spends more money than it takes in — it must borrow huge sums of money to pay its bills. In addition to paying Social Security benefits, along with salaries for the military and government workers, the United States is also required to make interest and other payments to the bondholders who own its debt. White House officials had not expected the date of possible default to arrive so soon, and the accelerated timetable could scramble the president’s approach to the potential crisis. The newly compressed calendar leaves little time for the president and congressional leaders to find agreement on raising the limit. Mr. McCarthy is traveling in the Middle East this week. Later this month, Mr. Biden is scheduled to attend the Group of 7 nations leaders’ summit in Japan, then travel on to Australia for a summit with the leaders of Japan, India and Australia. House Republicans passed legislation in April that would raise the debt limit in exchange for deep spending cuts and roll back recent climate legislation that Democrats passed along party lines. Mr. Biden has blasted that bill, saying it would hurt working families while benefiting the oil and gas industry, and he has accused Republicans of putting America’s economy on the line. On Monday, the president called on Republicans “to make sure the threat by the Speaker of the House to default on the national debt is off the table.” Mr. Biden has said he will meet with Mr. McCarthy to discuss government spending and the budget. But he has insisted that raising the debt limit is not negotiable and has urged Republicans to lift the borrowing cap without strings attached. https://www.usnews.com/news/health-news/articles/2023-05-01/biden-administration-to-end-many-covid-19-vaccine-mandates-next-week#:~:text=The%20Biden%20administration%20will%20also%20end%20the%20controversial%20Title%2019%20travel%20restrictions.&text=May%201%2C%202023%2C%20at%205%3A43%20p.m.&text=The%20Biden%20administration%20on%20Monday,international%20air%20travelers%20next%20week. Biden Administration to End Many COVID-19 Vaccine Requirements Next Week The Biden administration on Monday announced that it will end its COVID-19 vaccine requirements for federal workers, federal contractors and international air travelers next week. “While vaccination remains one of the most important tools in advancing the health and safety of employees and promoting the efficiency of workplaces, we are now in a different phase of our response when these measures are no longer necessary,” the White House said in a statement. The mandates will end May 11, the same day the COVID-19 public health emergency declaration is set to expire. The Biden administration will also begin the process to end coronavirus vaccine requirements for “Head Start educators, CMS-certified healthcare facilities, and certain noncitizens at the land border.” Additional details on the process will be available in the coming days, according to the White House. Additionally, the Department of Homeland Security on Monday said it would end its Title 19 travel restrictions on May 12. The agency will “no longer require non-U.S. travelers entering the United States via land ports of entry and ferry terminals to be fully vaccinated against COVID-19 and provide related proof of vaccination upon request.” Coronavirus vaccine requirements were among the most controversial decisions from the Biden administration during the pandemic. As coronavirus cases, deaths and hospitalizations have declined, the administration rolled back nearly all of its COVID-19 mitigation measures. The Pentagon in January dropped its COVID-19 vaccine mandate for troops after President Joe Biden signed into law a massive defense spending bill that required the measure’s termination, bringing a close to the contentious issue that drew considerable ire from Republicans. https://www.theepochtimes.com/bernie-sanders-calls-for-confiscation-of-wealth-above-999-million_5232590.html?utm_source=partner&utm_campaign=BonginoReport Bernie Sanders Calls for Confiscation of Wealth Above $999 Million Senator Bernie Sanders (I-Vt.) called for the U.S. government to confiscate assets over $999 million, and also announced his support for President Joe Biden. The senator spoke with CNN anchor Chris Wallace last week for an interview when he declared that billionaires should not exist. Sanders said he believes that the government should seize personal assets over his suggested limit before any American could become a billionaire. He appeared on Wallace’s show to talk about his new book, “It’s OK to Be Angry About Capitalism.” A former Democratic party presidential candidate, in 2016 and 2020, the senator amassed huge support in the primaries and raised large amounts of money, but failed to secure the nomination each time. The CNN host questioned Sanders about a statement in his book that called for the government to prevent the creation of new billionaires. “So are you basically saying that once you get to $999 million, that the government should confiscate all the rest?” Wallace asked. “Yeah, I think people can make it on $999 million,” Bernie responded. “Which would mean that all these billion dollars, basically, it all goes to the government,” said Wallace. Sanders recently got into an exchange during a contentious Senate hearing over Starbuck’s labor practices, with a not too subtle remark on the billionaire status of the company’s former CEO, Howard Schultz. Bernie, who is himself worth $3 million, according to GoBankingRates, previously criticized both millionaires and billionaires, but now only opposes those worth over a billion dollars. The Vermont senator said that a return to the 90 percent top marginal tax rate of the Eisenhower administration was a way to accomplish that. The proposed legislation calls for wealthy heirs to pay more on their inheritances by expanding the estate tax to 45 percent on estates worth at least $3.5 million. It will also impose a 65 percent tax—a so-called “billionaire’s tax”—on estates worth over $1 billion. The amount of inheritances exempt from the estate tax has gradually increased over the last two decades, according to the Tax Policy Center. As of 2023, the estate tax exemption stands at just under $13 million, a rise from around $12 million the previous year. The bill also targets loopholes that the very wealthy can exploit to shield their assets from taxation such as trusts that do not incur estate or gift taxes when money is doled out from an inherited trust. However, any legislation to hike tax rates would be dead on arrival due to the Republican-controlled House. https://www.foxnews.com/us/new-mexico-mom-sentenced-18-years-tossing-baby-trash-bin New Mexico mom sentenced to 18 years for tossing baby in trash bin A New Mexico teenage mother was sentenced Monday to a mandatory 18 years in prison for tossing her newborn son into a trash bin behind a shopping center, but a state district judge cited mental health concerns and the defendant's age in suspending two years of the punishment. Jurors convicted Alexis Avila, 19, of child abuse involving great bodily harm following a days-long trial last month in which her public defender argued her actions were not premeditated and that a previously undiagnosed mental health disorder played a role. Judge William Shoobridge told Avila that had it not been for luck and the grace of God he would have been deliberating a sentence in a murder case as there was a high probability the child would have died had it not been found by three people looking through the dumpster that winter day in Hobbs, near the Texas border. He ordered that Avila continue with treatment, medication and her higher education while serving her sentence. Avila told the judge she wants to learn how to deal with stress and anxiety so she can handle her emotions in a healthier way. She also said she regrets missing out on her son's first milestones and that she denied him motherly love. Police said a group of people were looking through the dumpster when they heard what they thought was a dog or kitten. They moved a trash bag and found a baby inside, wrapped in a towel with its umbilical cord still attached. They tried to keep the boy warm until police and paramedics arrived. Prosecutors argued during trial that Avila made a choice to ignore her pregnancy and place her newborn son into two trash bags, secure them with a hair tie and toss the boy into the bin. They told jurors the boy had been in the cold for over six hours. The judge told Avila that she had the opportunity to correct her actions within in that time but did not. Her Public defender disputed that Avila made a premeditated attempt to kill her baby. He said while Avila's actions were wrong, they were the result of her bipolar disorder and that she was disassociated and detached from her feelings. Her defender told the judge Avila did not pose a threat to the public, has made progress with her therapy and does not take lightly what she did to her child. https://www.latimes.com/entertainment-arts/business/story/2023-04-26/fox-news-ratings-plummet-without-tucker-carlson Fox News prime-time ratings plummet after Tucker Carlson firing as Newsmax sees boost Fox News is feeling the effects of life without Tucker Carlson. “Fox News Tonight” — the program temporarily filling the slot long occupied by Carlson — pulled in 1.7 million viewers with “Fox & Friends” host Brian Kilmeade, according to Nielsen data. The number is 47% below what “Tucker Carlson Tonight” delivered in the 8 p.m. Eastern hour a week earlier on April 16. Carlson averaged 3.2 million viewers in the first quarter of 2023. Fox News now is faced with replacing a top-rated prime-time star, a situation it has dealt with successfully in the past. But in the short term, the network may be in for a rocky ride from a ratings standpoint. CNN’s Anderson Cooper won the hour in the demo with 163,000 viewers, with MSNBC’s “All in With Chris Hayes” close behind at 162,000. Kilmeade scored 149,000 in the category. The ratings indicate Kilmeade won’t be giving up the morning shift anytime soon. Without the tentpole that Carlson’s program provided, the ratings for other Fox News shows were down as well. “Hannity” averaged 2 million viewers, a decline of 20% from the previous week. “The Ingraham Angle” scored 1.56 million, down 12%. Fox News will be tested again, as the sharp decline in Tuesday’s ratings is a clear sign that the audience is upset. One possible fix is moving Fox News fan favorite Jesse Watters into Carlson’s time slot while auditioning hosts an hour earlier.
The federal debt limit crisis was already looming when the Democrats lost their House majority in the midterm elections. Many of them called for the limit to be raised, suspended or eliminated during the lame duck period to avoid the political turmoil that’s going on now. One listener called in to ask why they didn't raise the ceiling while they had the chance. We'll get into it and answer more of your questions about a Plan B for Biden's student debt relief, the Trump tax cuts and the rise of white-collar unions. Plus, did you catch the Kai Ryssdal reference on another popular public radio program? Here’s everything we talked about today: “Q&A: Everything You Should Know About the Debt Ceiling” from the Committee for a Responsible Federal Budget “Leaders Back Away From Raising Debt Ceiling, Punting Clash to New Congress” from The New York Times “Raising debt ceiling wasn’t always a heated source of debate” from NPR “Biden’s student-loan forgiveness might not be doomed if the Supreme Court strikes it down — he could take another legal path” from Business Insider “The Booming Economy, Not The 2017 Tax Act, Is Fueling Corporate Tax Receipts” from the Tax Policy Center 2022 was tech’s biggest year yet for labor unions and workplace organizing from Axios “The unionization bug bites Congress” from Marketplace “The Professional and Technical Workforce: By the Numbers” from the AFL-CIO “This is not your grandpa’s union” from Make Me Smart “Wait Wait … Don’t Tell Me!” from NPR featuring a Kai Ryssdal name drop Got a question for our hosts? Email us at makemesmart@marketplace.org. Or leave us a voice message at 508 U-B-SMART, or 508-827-6278.
The federal debt limit crisis was already looming when the Democrats lost their House majority in the midterm elections. Many of them called for the limit to be raised, suspended or eliminated during the lame duck period to avoid the political turmoil that’s going on now. One listener called in to ask why they didn't raise the ceiling while they had the chance. We'll get into it and answer more of your questions about a Plan B for Biden's student debt relief, the Trump tax cuts and the rise of white-collar unions. Plus, did you catch the Kai Ryssdal reference on another popular public radio program? Here’s everything we talked about today: “Q&A: Everything You Should Know About the Debt Ceiling” from the Committee for a Responsible Federal Budget “Leaders Back Away From Raising Debt Ceiling, Punting Clash to New Congress” from The New York Times “Raising debt ceiling wasn’t always a heated source of debate” from NPR “Biden’s student-loan forgiveness might not be doomed if the Supreme Court strikes it down — he could take another legal path” from Business Insider “The Booming Economy, Not The 2017 Tax Act, Is Fueling Corporate Tax Receipts” from the Tax Policy Center 2022 was tech’s biggest year yet for labor unions and workplace organizing from Axios “The unionization bug bites Congress” from Marketplace “The Professional and Technical Workforce: By the Numbers” from the AFL-CIO “This is not your grandpa’s union” from Make Me Smart “Wait Wait … Don’t Tell Me!” from NPR featuring a Kai Ryssdal name drop Got a question for our hosts? Email us at makemesmart@marketplace.org. Or leave us a voice message at 508 U-B-SMART, or 508-827-6278.
As Kai Ryssdal puts it, the United States is like House Lannister from “Game of Thrones”: It always pays its debt. But if Congress isn’t able to increase the debt limit, the government won’t have enough money to pay all its bills later this year. A listener called in to ask how that would affect regular Americans. We’ll get into it and answer more of your questions about the economic consequences of exclusionary zoning, how tariffs work and how households of different income levels are affected by rising inflation. Plus, is Kai an electric vehicle convert? Here’s everything we talked about today: “Secretary of the Treasury Janet L. Yellen Sends Letter to Congressional Leadership on the Debt Limit” from the U.S. Department of the Treasury “Debt Limit Brinkmanship (Again)” from Moody’s Analytics “America’s racist housing rules really can be fixed” from Vox “Understanding Exclusionary Zoning and Its Impact on Concentrated Poverty” from The Century Foundation “What Is A Tariff And Who Pays It?” from The Tax Policy Center “Congress Should Take Back Its Authority Over Tariffs” from Foreign Policy “The Truth About Tariffs” from the Council on Foreign Relations “For Black and Latino families, inflation can hit even harder” from Marketplace “Inflation Disparities by Race and Income Narrow” from Liberty Street Economics “EV Consumer Survey Report” from Plug In America If you've got a question about business, tech and the economy, give us a shout. We're at 508-U-B-SMART or email us at makemesmart@marketplace.org.
As Kai Ryssdal puts it, the United States is like House Lannister from “Game of Thrones”: It always pays its debt. But if Congress isn’t able to increase the debt limit, the government won’t have enough money to pay all its bills later this year. A listener called in to ask how that would affect regular Americans. We’ll get into it and answer more of your questions about the economic consequences of exclusionary zoning, how tariffs work and how households of different income levels are affected by rising inflation. Plus, is Kai an electric vehicle convert? Here’s everything we talked about today: “Secretary of the Treasury Janet L. Yellen Sends Letter to Congressional Leadership on the Debt Limit” from the U.S. Department of the Treasury “Debt Limit Brinkmanship (Again)” from Moody’s Analytics “America’s racist housing rules really can be fixed” from Vox “Understanding Exclusionary Zoning and Its Impact on Concentrated Poverty” from The Century Foundation “What Is A Tariff And Who Pays It?” from The Tax Policy Center “Congress Should Take Back Its Authority Over Tariffs” from Foreign Policy “The Truth About Tariffs” from the Council on Foreign Relations “For Black and Latino families, inflation can hit even harder” from Marketplace “Inflation Disparities by Race and Income Narrow” from Liberty Street Economics “EV Consumer Survey Report” from Plug In America If you've got a question about business, tech and the economy, give us a shout. We're at 508-U-B-SMART or email us at makemesmart@marketplace.org.
Here at Daughterhood, we receive numerous questions regarding governmental policy, and the myriad of ways it affects the healthcare system and each of us both as patient and as caregiver. It was my pleasure to speak with two experts in the field and friends of the podcast - Howard Gleckman Senior Fellow at The Urban Institute as well as a columnist at Forbes, editor of TaxVox Blog for the Tax Policy Center and author of Caring for our parents. And creator of Daughterhood Anne Tumlinson who is also the Founder and CEO of ATI Advisory a national research and consulting firm that shapes public policy and business strategy to reform care delivery for individuals with complex care needs and their families. We discuss many issues like the challenges of trying to change policy, the importance of lawmakers hearing and understanding the challenges caregivers face, how policy shapes the care we receive and the importance of making our voices heard. Daughterhood.org HowardGleckman.com
Here at Daughterhood, we receive numerous questions regarding governmental policy, and the myriad of ways it affects the healthcare system and each of us both as patient and as caregiver. It was my pleasure to speak with two experts in the field and friends of the podcast - Howard Gleckman Senior Fellow at The Urban Institute as well as a columnist at Forbes, editor of TaxVox Blog for the Tax Policy Center and author of Caring for our parents. And creator of Daughterhood Anne Tumlinson who is also the Founder and CEO of ATI Advisory a national research and consulting firm that shapes public policy and business strategy to reform care delivery for individuals with complex care needs and their families. We discuss many issues like the challenges of trying to change policy, the importance of lawmakers hearing and understanding the challenges caregivers face, how policy shapes the care we receive and the importance of making our voices heard. Daughterhood.org HowardGleckman.com
Yesterday, Congress passed a stopgap bill to fund the government for an extra week to avoid a shutdown, and to give them more time to agree on a full-year budget for 2023. Emily Cochrane, reporter in the Washington bureau of The New York Times, covering Congress, brings us her latest reporting about Congress's spending bills, and Eric Toder, Institute Fellow at the Tax Policy Center, explains the federal budget process, and the latest deal passed by Congress, which averts a shutdown for a week to give lawmakers more time to agree on a full-year budget.
On Thursday, Congress passed a stopgap bill to fund the government for an extra week to avoid a shutdown, and to give them more time to agree on a full-year budget for 2023 when the GOP takes control of the House. On Today's Show:Emily Cochrane, reporter in the Washington bureau of The New York Times, covering Congress, brings us her latest reporting about Congress's spending bills, and Eric Toder, Institute Fellow at the Tax Policy Center, explains the federal budget process, and the latest deal passed by Congress, which averts a shutdown for a week to give lawmakers more time to agree on a full-year budget.
When the former cryptocurrency exchange FTX went under, billions of dollars in investments seemingly vanished. A listener asked us why FTX customers didn’t move money to a wallet. We'll get into it and answer more of your questions about what happens when your company goes public and who benefits when you make a charitable donation at the grocery store checkout lane. Also, where do political campaign signs end up when the election's over? Here’s everything we talked about today: “What Are The Risks Of Crypto Savings Accounts?” from Forbes “Tom Brady, Stephen Curry, Larry David and Other Celebrities Are Being Sued for Pushing FTX” from Observer “The Ups and Downs of Initial Public Offerings” from Investopedia “So Your Company Is Going Public? 5 Things Every Employee Should Know” from Nasdaq “How to recycle political campaign signs” from Today “Who Gets the Tax Benefit For Those Checkout Donations?” from the Tax Policy Center “Where do your donations at the checkout register go?” from Marketplace “Meet America's Charity Checkout Champions 2021” from Engage for Good “‘Checkout charity’ can increase a shopper’s anxiety, especially when asks are automated” from The Conversation If you've got a question about the economy, business or technology, let us know. We're at makemesmart@marketplace.org, or leave us a message at 508-U-B-SMART.
When the former cryptocurrency exchange FTX went under, billions of dollars in investments seemingly vanished. A listener asked us why FTX customers didn’t move money to a wallet. We'll get into it and answer more of your questions about what happens when your company goes public and who benefits when you make a charitable donation at the grocery store checkout lane. Also, where do political campaign signs end up when the election's over? Here’s everything we talked about today: “What Are The Risks Of Crypto Savings Accounts?” from Forbes “Tom Brady, Stephen Curry, Larry David and Other Celebrities Are Being Sued for Pushing FTX” from Observer “The Ups and Downs of Initial Public Offerings” from Investopedia “So Your Company Is Going Public? 5 Things Every Employee Should Know” from Nasdaq “How to recycle political campaign signs” from Today “Who Gets the Tax Benefit For Those Checkout Donations?” from the Tax Policy Center “Where do your donations at the checkout register go?” from Marketplace “Meet America's Charity Checkout Champions 2021” from Engage for Good “‘Checkout charity’ can increase a shopper’s anxiety, especially when asks are automated” from The Conversation If you've got a question about the economy, business or technology, let us know. We're at makemesmart@marketplace.org, or leave us a message at 508-U-B-SMART.
9:05 - 9:20 - Uncontested races With just under a week to go until Election Day, KSL can already call the results in 166 county races statewide. That's because they're uncontested. We are joined by KSL NewsRadio's Becky Bruce, who shares her calculations, and Maura Carabello, Founder and President of Exoro Group and Host of KSL at Night, who speaks on the democracy aspect of it and if some don't see the worth of running which is why we may be seeing so many uncontested races. 9:35 - 40% of households will pay no federal income tax this year. According to MarketWatch and the Tax Policy Center, 40% of households will pay no federal income tax this year. The percentage declined from 60% during the pre-pandemic times two years ago. Is this good news? Susan Spiers, a Utah Association Certified Public Accountant, joins the show to explain how this works, what changed, and why. 9:50 - Daylight Savings Time ends Sunday Daylight Savings Time ends at 2AM on Sunday November 6th, but will it be our last go at the twice annual changing of the clocks? The Sunshine Protection Act passed by the U.S. Senate in March has yet to be voted on in the House. If passed, it would keep Daylight Savings permanent starting in 2023. Dave and Debbie go over where the sunshine protection act is and the pros and cons of keeping daylight savings. 10:05 - What reach do schools have off campus for disciplinary action St. George News reported first thing this morning that the kids from the Cedar City Walmart video weren't enrolled in the Iron County School District. However, the school district got involved in the investigation after the kids were confronted wearing blackface and prison uniforms. What reach do schools have off campus to punish kids? KSL Legal Analyst Greg Skordas joins the show to explain the case more in depth. 10:20 - Granite School District plans to close three schools. The total district enrollment for the Granite School District is the lowest it has ever been and has dropped by nearly 11,000 students since 2001. The district plans to shutter three elementary schools because of record-low enrollment numbers, and Millcreek Elementary is included in that list. Millcreek Mayor Jeff Silvestrini joins the show to share his stance on the school closure plan. 11:20 - 11:35 - Evan McMullin campaign Dave and Debbie spoke with Evan McMullin, the independent candidate for Utah Senate and Senator Mike Lee's challenger. McMullin addressed the lies that were made against him, his sharp criticism of Senator Mike Lee, and his top policy priorities if he gets to Washington D.C. 11:50 - Introducing a $25,000 solar-powered electric SUV A solar-powered car may be hitting the roads soon. Germany's Sono Motors introduced a $25,000 electric SUV called the Sion, and it runs on solar energy captured by solar panels. What's the catch? There's a limit to the amount of solar energy that can be received, and it needs to be addressed before the car can take off. Dave and Debbie discuss.See omnystudio.com/listener for privacy information.
According to MarketWatch and the Tax Policy Center, 40% of households will pay no federal income tax this year. The percentage declined from 60% during the pre-pandemic times two years ago. Is this good news? Susan Spiers, a Utah Association Certified Public Accountant, joins the show to explain how this works, what changed, and why.See omnystudio.com/listener for privacy information.
The United States federal state and local tax (SALT) deduction is an itemized deduction that allows taxpayers to deduct certain taxes paid to state and local governments from their adjusted gross income. The Tax Cuts and Jobs Act of 2017 put a $10,000 cap on the SALT deduction for the years 2018–2025. The SALT deduction reduces the cost of state and local taxes to taxpayers. It disproportionately benefits wealthy and high-earning taxpayers in areas with high state and local taxes. The Tax Policy Center estimated in 2016 that fully eliminating the SALT deduction would increase federal revenue by nearly $1.3 trillion over 10 years. Definition. For United States Federal Income Tax purposes, state and local taxes are defined in section 170(a) of the Internal Revenue Code as taxes paid to states and localities in the forms of: (1) real property taxes; (2) personal property taxes; (3) income, war profits, and excess profits taxes; and (4) general sales taxes. The Tax Cuts and Jobs Act of 2017 capped the use of this itemized deduction at $10,000 ($5,000 for married persons who file separately). Effects. Tax savings from the SALT deduction flow disproportionately to those with high incomes. According to the Joint Committee on Taxation, in 2014 88% of the benefit of the SALT deduction accrued to those with incomes above $100,000 and only 1% accrued to those making less than $50,000. The SALT deduction primarily benefits those in high-tax states, which tend to be those with consistent Democratic legislative majorities. In 2016, the ten counties with the largest SALT deductions per filer (on average) were in New York, California, Connecticut and New Jersey. These ten counties are in the New York metropolitan area and San Francisco Bay Area, which have high concentrations of wealth and expensive real estate. Since the deduction was capped at $10,000 in 2017, many homeowners have been unable to deduct thousands of dollars that they previously could, beyond what they pay in property taxes, to state, county and local governments in these places. In 2017, only taxpayers in New York, Massachusetts, Connecticut, and New Jersey (the states with the first, second, third, and ninth highest GDP per capita) on average sent more than $1,000 each to the federal government above what the state received per capita. Capping the SALT deduction tends to increase this balance of payments deficit. Economic modeling by the economists Gilbert E. Metcalf and Martin Feldstein suggests that eliminating the SALT deduction would have "little if any impact on state and local spending". The economist Edward Gramlich has likewise concluded that eliminating the deduction would have little effect on state and local spending; he also finds that eliminating the deduction would likely not induce many high-income taxpayers to leave low-income communities. A use tax is a type of tax levied in the United States by numerous state governments. It is essentially the same as a sales tax but is applied not where a product or service was sold but where a merchant bought a product or service and then converted it for its own use, without having paid tax when it was initially purchased. Use taxes are functionally equivalent to sales taxes. They are typically levied upon the use, storage, enjoyment, or other consumption in the state of tangible personal property that has not been subjected to a sales tax. --- Send in a voice message: https://anchor.fm/law-school/message Support this podcast: https://anchor.fm/law-school/support
An aging population colliding with a severe workforce shortage is creating a crisis for the home care industry. In this Newsmakers Podcast, Howard Gleckman, senior fellow at the Brookings-Urban Tax Policy Center, talks to McKnight's Home Care Daily Pulse about what the industry and policymakers need to do to address the crisis.
Howard Gleckman is a senior fellow at the Urban Institute, where he is affiliated with the Tax Policy Center and the retirement Policy Program. In 2016, Next Avenue named Howard, one of the nation's top 50 influencers in aging. Howard and I spoke about the policies surrounding the caregiving crisis, how we got here, and his hope for going forward.
Adrian and Devin speak with Dr. William Gale, Co-Director of the Tax Policy Center about how tax policy creates inequality. Sit back and listen well.1st Segment: How Tax Policy Leads to Inefficiency and Inequality (2:07)How do tax policies promote inequalityThe handling of local property taxesTrickle-Down EconomicsBreak: Tea Time2nd Segment: Current Tax Policy (14:19)Getting rid of loopholesRise in income inequality due to taxationHow should we tax the super wealthyBreak: Supreme3rd Segment: Reforming the System (30:50)Would a consumption tax helpShould governments use taxes to redistribute resourcesMaking the system for everyoneBreak: Chocolate Cookie JamFinal Message (47:03)Break: CruiserEnding (54:56)"Weekly Round-Up #23" (Nov 20, 2021)"The Black Diet" featuring Christyna Johnson (Nov 23, 2021)DonateCharity of the Month: American Diabetes AssociationLike, Follow, Share, SubscribeThanks and Farewell Hosted on Acast. See acast.com/privacy for more information.
$3.5 Trillion Stupid Tax Nancy Pelosi said that the $3.5 Trillion spending bill is actually $0 because it is paid for…. It's not paid for yet and history shows it will never be paid for, only more and more debt will be taken out in the future to delay any payment. It will not be paid for because the Government does not know how to calculate where they will get the money from. If I am loaning money to someone, I would want to know exactly where the payments are coming from to ensure credibility. However if I was able to borrow from myself with no questions asked then I would not have the need to do its. The Dems know that their legislation will be pushed onto the next administration. If it is democrat then they can keep going down the same path as they are now and delay their stupid expenses or increase taxes or whatever, If it is Republican then they will be able to put blame on the administration and use them as a scape goat. When the government says “We are going to give you…..” They aren't giving you anything, they are merely returning the money that you gave them. - Even the most favorable analyses, such as one from the Tax Policy Center, a project by the left-leaning Urban Institute and Brookings Institution, find that “the bottom 80% of households pay more than one-quarter of corporate taxes.” This means that whatever they pay to the IRS, millions of Americans earning far less than $400,000 will still suffer a de facto tax increase under the Democrats' proposed schemes. https://www.nationalreview.com/2021/09/the-democrats-tax-hike-proposal-would-shatter-bidens-400k-no-new-taxes-pledge/?fbclid=IwAR0bVrmS_nQwtLxNWvQvd7zGUjG72R2cYHUJG7DwgYnEeSsptfWLGJg9MQc - https://www.marketwatch.com/story/this-is-how-much-american-workers-saved-during-the-first-year-after-trumps-tax-reform-2020-03-03) Lt. Colonel Stuart Scheller has been locked up for violating a gag order however General Milley roams free after committing treasonous acts in line with those of Benedict Arnold. --- Support this podcast: https://anchor.fm/michael-kee/support
Congress is debating a sharp rise in the corporate tax rate, and the Biden Administration claims that these exactions won't affect you, that only big corporations will have to fork over more cash. Don't believe it! Steve Forbes on how Biden's corporate tax hike will hit consumers and, especially, how it will hurt the middle class!Steve Forbes shares his What's Ahead Spotlights each Tuesday, Thursday and Friday.
Howard Gleckman is a senior fellow at the Urban Institute, where he is affiliated with the Tax Policy Center and the retirement Policy Program. In 2016, Next Avenue named Howard, one of the nation's top 50 influencers in aging. Howard and I spoke about the policies surrounding the caregiving crisis, how we got here, and his hope for going forward.
TOPICS AND TIMESTAMPS: Taper Tantrums 0:00 FED MADNESS 0:28 WILD STOCKS 7:26 INFLATION 9:32 $GPS INSIGHTS #1 THE FED IS NOW OFFICIALLY TALKING TAPER IN 2021 #2 MARKET WILL REACT NEGATIVELY #3 RISKIER ASSETS COULD SEE SELL OFF, VALUE COULD COMEBACK Repo and Reverse Repo Operations - Federal Reserve Bank of New York https://apps.newyorkfed.org/markets/autorates/temp rev repo 8.18.jpg (1269×656) https://cms.zerohedge.com/s3/files/inline-images/rev%20repo%208.18.jpg?itok=GN7bUT-D Dow, S&P 500 book worst declines in a month after Fed minutes show taper plans later this year - MarketWatch https://www.marketwatch.com/story/u-s-stock-futures-point-to-consolidation-ahead-of-fed-minutes-11629285529 Fed minutes July 2021: Preparing for a taper this year https://www.cnbc.com/2021/08/18/fed-minutes-july.html bfmE246_0.jpg (1009×579) https://cms.zerohedge.com/s3/files/inline-images/bfmE246_0.jpg?itok=Y-DOZQzX Minutes highlight a Fed split over labor market, bond-buying taper | Reuters https://www.reuters.com/article/us-usa-fed-minutes/minutes-highlight-a-fed-split-over-labor-market-bond-buying-taper-idUSKBN2FJ0WZ U.S. Wealth Inequality: Gap Soars With Jackson Hole Coming at the Top - Bloomberg https://www.bloomberg.com/news/articles/2021-08-18/u-s-wealth-gap-rises-with-jackson-hole-coming-at-the-top Palantir Buys Gold Bars as Hedge Against ‘Black Swan Event' - Bloomberg https://www.bloomberg.com/news/articles/2021-08-17/palantir-buys-51-million-in-gold-bars-accepts-payment-in-gold United States Housing Starts | 1959-2021 Data | 2022-2023 Forecast | Calendar https://tradingeconomics.com/united-states/housing-starts Canadian Inflation Jumps to 3.7%, Creating Election Trouble for Justin Trudeau - Bloomberg https://www.bloomberg.com/news/articles/2021-08-18/canadian-inflation-jumps-to-match-highest-level-since-2003 Wall Street Is the Most Bullish on Stocks in Almost Two Decades - Bloomberg https://www.bloomberg.com/news/articles/2021-08-14/wall-street-is-the-most-bullish-on-stocks-in-almost-two-decades Goldman latest GDP forecast_1.jpg (681×456) https://cms.zerohedge.com/s3/files/inline-images/Goldman%20latest%20GDP%20forecast_1.jpg?itok=_0_Y9xNR GS GDP forecast aug 2021.jpg (826×487) https://cms.zerohedge.com/s3/files/inline-images/GS%20GDP%20forecast%20aug%202021.jpg?itok=19a2OOU5 Soaring Cost of Food Is Forcing Families to Scrimp at the Dinner Table - Bloomberg https://www.bloomberg.com/news/features/2021-08-18/soaring-cost-of-food-is-forcing-families-to-scrimp-at-the-dinner-table One-third of Americans couldn't cover $2,000 before the pandemic https://www.cnbc.com/2021/08/18/one-third-of-americans-couldnt-cover-2000-before-the-pandemic.html 61% of Americans paid no federal income taxes in 2020, Tax Policy Center says https://www.cnbc.com/2021/08/18/61percent-of-americans-paid-no-federal-income-taxes-in-2020-tax-policy-center-says.html
Rod Arquette Show Daily Rundown – Monday, June 21, 20214:20 pm: William Jacobson, a Professor at Cornell Law School and founder of the blog Legal Insurrection joins the show to discuss how the media is panicking at mounting opposition to Critical Race Theory4:38 pm: Representative Rex Shipp joins Rod to discuss his plans to once again run legislation in 2022 that restricts gender affirming healthcare for transgender youth in the state5:05 pm: Local attorney and Deseret News contributor Michael Erickson joins the program to discuss his recent piece about how the new Juneteenth holiday is mean for everyone, not just Black Americans6:05 pm: Representative Joel Ferry joins the program to discuss just how dire the drought conditions are becoming in Utah6:20 pm: Adam Andrzejewski, CEO and Founder of OpenTheBooks.com joins Rod to discuss how the new Juneteenth federal holiday means yet another paid day off for federal employees6:35 pm: Howard Gleckman, Senior Fellow at the Tax Policy Center at the Brookings Institution joins the program to discuss how 60% of American tax payers face a tax increase under Joe Biden's proposals
President Biden has proposed a huge increase in an important tax rate for the highest income Americans. As part of what he calls the American Families Plan, he proposes to almost double the federal capital gains tax rate on those who earn more than $1 million a year. What tax rates are being proposed and when might higher rates take effect? Will these changes have a predictable and negative effect on the performance of the stock market? We will consider these and related questions.Show Notes:1 Rosenthal, Steven M. & Burke, Theo; “Who Owns US Stock? Foreigners and Rich Americans.”;Tax Policy Center; October 20, 2020; https://www.taxpolicycenter.org/taxvox/who-owns-us-stock-foreigners-and-rich-americansImportant Disclosures: https://www.bosinvest.com/disclosures.
Aangezien de meeste presidenten in de mid-term elections, die volgend jaar zijn, wat stemmen verliezen, moet hij nu doorpakken als hij zijn plannen wil realiseren. Nu heeft hij nog een meerderheid in het Huis en de Senaat, straks wellicht niet meer. Al zijn overheidsbestedingen niet altijd even efficiënt, ze zijn wel goed voor de economie. En dat is weer goed voor bedrijven en hun winsten. Het is dan ook een van de positieve factoren in deze aandelenmarkt. Lees ook | Corné van Zeijl | Verlies Deliveroo is duurzame winst Maar dit fiscale plan heeft ook een keerzijde. Het uitgeven van geld is het leuke deel. De financiering niet, maar het geld moet ergens vandaan komen. Daarom wil Biden de bedrijfsbelastingen van 21 procent naar 28 procent verhogen. Dan is de helft van Trumps belastingverlaging weer ongedaan gemaakt. Dat had toen nauwelijks impact op de economie, maar op de bedrijfswinsten des te meer. Uitstekend idee Destijds zorgde het voor een extra winststijging van ongeveer 14 procent. Met een natte duim kun je uitrekenen dat Bidens belastingplan een negatief effect van 7 procent op de winsten heeft. Een onderbelicht aspect van zijn plan is het minimumtarief van 15 procent. Dat lijkt mij een uitstekend idee. Daarmee voorkom je veel belastingontwijking, zeker als je bedenkt dat het effectieve percentage dat bedrijven nu betalen slechts 14,9 procent is. Luister terug | Corné van Zeijl | Financiële Domino-D-Day Dat is tegelijkertijd ook het moeilijkste deel van het plan. Je kunt bijvoorbeeld een extra belastingaftrek invoeren om groene energie te stimuleren, maar vervolgens moeten die bedrijven toch weer extra belastingen gaan betalen om aan die minimum van 15 procent te voldoen. Zoals altijd is een belastingplan verzinnen erg makkelijk. Een belastingplan uitvoeren is heel wat moeilijker. De Amerikaanse overheid komt overigens nog wel wat tekort. De belastingverhoging levert volgens Tax Policy Center ongeveer 1 biljoen dollar op in de komende tien jaar. Dit plan kost 2,2 biljoen dollar. De rijkere Amerikanen zijn een volgend doelwit. En terecht: deze groep heeft in de afgelopen decennia een bovenmatig deel van de economische koek gekregen. Schrikmomentje Bidens plan is goed voor de economie en daar zijn beleggers blij mee. Maar deze beleggers houden er nog geen rekening mee dat zij ook een flink deel van de rekening zullen moeten betalen. Misschien komt dat nog. Voor de meeste mensen is zon blauwe envelop toch altijd een schrikmomentje. Over de column van Corné van Zeijl Corné van Zeijl is analist en strateeg bij vermogensbeheerder Actiam en belegt ook privé. Reageer via corne.vanzeijl@actiam.nl. Deze column kun je ook iedere donderdag lezen in het FD. See omnystudio.com/listener for privacy information.
In episode 99 of the American Reveille Podcast, we talk about how Biden is working hard to raise our taxes. I mean, come on man! Someone has to pay for abortions in third-world countries...the American taxpayer... thanks, Joey! Seriously though... Please check out this episodes sponsor ANCIENT LIFE OIL and use promo code JAMES for free shipping - http://ow.ly/GFWR50DPzP1SUPPORT US:Donate - http://ow.ly/9ckY50DA5c2Newsletter - http://ow.ly/3ha850DFm0oVIDEO:YouTube - http://ow.ly/enQk50DA5bnRumble - http://ow.ly/BVx550DA573Odysee - http://ow.ly/utOG50DA571AUDIO:Apple Podcasts - http://ow.ly/Nlsw50zvkUTSpotify - http://ow.ly/gOON50zPya7SOCIAL:Parler - http://ow.ly/QNma50AwfEgGab - http://ow.ly/w3kq50DA56ZInstagram - http://ow.ly/BN7h50DA56YMinds - http://ow.ly/Y6bO50DA572AR Website - http://ow.ly/eO3g50DA5bo
The pandemic has amplified the flaws of the nation’s long-term care system just as a new Administration takes power in Washington, DC. Urban Institute senior fellow Howard Gleckman will describe the key aging policy challenges facing the Biden Administration and discuss the reforms the White House may propose. Howard Gleckman is a senior fellow at the Urban Institute, where he is affiliated with the Tax Policy Center and the Program on Retirement Policy. He is the author of Caring for Our Parents (St. Martin’s Press) and writes a weekly column on aging issues for Forbes.com. In 2016, Mr. Gleckman was named one of the nation’s top 50 Influencers in Aging by Next Avenue Mr. Gleckman is president of the Jewish Council for the Aging of Greater Washington and serves on the National Capital regional governing board for Johns Hopkins Medicine. He previously served as chair of the Board of Trustees of Suburban Hospital (Bethesda, MD)
Bill Gale is the Arjay and Frances Miller Chair in Federal Economic Policy and a senior fellow in the Economic Studies Program at the Brookings Institution. His research focuses on tax policy, fiscal policy, pensions, and saving behavior. He is co-director of the Tax Policy Center, a joint venture of the Brookings Institution and the Urban Institute.Gale is the author of Fiscal Therapy: Curing America’s Debt Addiction and Investing in the Future (Oxford University Press, 2019). He has served as president of the National Tax Association and vice president of Brookings and director of the Economic Studies Program. He has also been an assistant professor in the Department of Economics at the University of California, Los Angeles and a senior economist for the Council of Economic Advisers under President George H.W. Bush.Our student quote is read by Emily Eskin, from Teaneck, NJ.Resources:Bill Gale’s bio.Bill Gale’s tweets.Fiscal Therapy: Curing America's Debt Addiction and Investing in the Future.The pencil question is about I.R.C. § 6033 (returns by exempt organizations).The student quote is from: Bridget J. Crawford & Emily Gold Waldman, The Unconstitutional Tampon Tax, 53 U. Rich. L. Rev. 439 (2019).
As we approach the end of the year, people start thinking more about taxes and want to find ways to lessen their tax burden. One area where you might already be lessening your tax burden and not fully realize it is through charitable donations. The holiday season brings that out even more so we want to make sure your contributions are being incorporated into your financial planning as we close out 2020. On this episode of My Smart Retirement, Sean and Nancy will tell you about the three most significant tax changes that came with the Tax Cuts and Jobs Acts (TCJA_ from a few years ago. You might already know about these adjustments, but it’s important that everyone is aware of how they effect tax planning because it can be significant. The first we want you to know about is that if you are making a cash contribution to a charity, you are allowed to deduct 60% of your adjusted gross income for that cash contribution. For example, if you have $100,000 of AGI and you make a contribution of $57,000, you can deduct that full amount. And don’t worry, an excess can be carried over into the next year. Another thing the TCJA repealed is the ability to deduct a donation that’s used in exchange for buying a seat to a game. You used to be able to deduct 80% of that donation to a college or university but that’s no longer allowed. For many of the sports fans in our area, this has been a significant shift in their planning. The third major change is that any charitable contribution in an amount greater than $200,000 has be documented in writing. Most charities will send you a letter thanking you for your donation or contribution so make sure you hang on to that. With the changes in these laws, you have to itemize all your deductions for the charitable deductions to work. This is because standard deduction increased by a significant amount. The Tax Policy Center estimates that 9 out of 10 individuals will claim that standard deduction. To help you understand when its best to use an itemized deduction, we’ll also break a few scenarios where this can be applied. Plus, we’ll share some strategies you might consider as you look to lessen that tax burden. If you have any questions about charitable donations or tax planning after listening to the show, give us a call us 480-632-8770 and let us help you hold on to more of the money you’ve earned. Use the timestamps below to hear a specific segment. 1:40 – Cash contribution deductions 2:19 – Another thing the TCJA repealed 4:18 – Third change has to do with getting record of your contribution in writing. 7:47 – The big caveat in this discussion 8:52 – What if you aren’t itemizing your deductions? 10:54 – Charitable donations as an RMD 13:10 – Another tip for itemizing deductions For additional financial resources, visit us online here: https://www.flemingfinancialservices.com/
With the 2020 presidential election we could see some major changes to U.S. tax laws depending on the outcome at the polls. Let’s take a look at some of the proposed changes to current gift and estate tax laws and how they might affect your current estate plan.Show Notes:Important Disclosures: https://www.bosinvest.com/disclosures.The following are important footnotes from this episode:1 Garrett Watson, Huaqun Li, and Taylor LaJoie, “Details and Analysis of Democratic Presidential Nominee Joe Biden’s Tax Plan”, Tax Foundation, October 22, 2020, https://taxfoundation.org/joe-biden-tax-plan-2020/2 Robert McClelland and Mark J. Mazur, “Permanently Extending the Tax Cuts and Jobs Act, President Trump would Cut Taxes by $1.1 through 2030”, Tax Policy Center, October 27, 2020, https://www.taxpolicycenter.org/taxvox/permanently-extending-tax-cuts-and-jobs-act-president-trump-would-cut-taxes-11-trillion3 Democrats.org, “Party Platform: The 2020 Democratic Platform”, October 15, 2020, https://democrats.org/where-we-stand/party-platform/4 Rocky Mengle, “Election 2020: President Trump’s Tax Plans” https://www.kiplinger.com/taxes/601307/election-2020-president-trump-tax-plans5 Stephen Liss, “Election 2020 Will Estate Planning Ever Be the Same?”,Law.com, Sptember 11, 2020, https://www.law.com/newyorklawjournal/2020/09/11/election-2020-will-estate-planning-ever-be-the-same/?slreturn=20200929173954
In this episode, Susan Ryan talks with Howard Gleckman, a senior fellow at The Urban Institute in Washington, D.C., where he is affiliated with both the Tax Policy Center and the Program on Retirement Policy. Gleckman is the author of Caring for our Parents, a book that tells the stories of the families who struggle every day with the care needs of their loved ones. Susan and Howard discuss the COVID-19 crisis and his assessment of the profound challenges and systemic flaws that have been exposed. In addition, Howard discusses the workforce issues, funding, lack of affordable and accessible options that address critical health disparities, and much more. Howard’s astute insights, experiences, and expertise are thought provoking and those that hopefully will spur you to take action. Get Howard Gleckman’s book here: https://howardgleckman.com/books/caring-for-our-parents/
In this week’s episode, we cover whether Warren Buffet’s most recent $9.7B investment in Dominion Energy means the bottom for oil & gas. (1:00)We discuss how Kanye’s presidential announcement for 2020 still matters for the stock market regardless of what paperwork he has yet to submit. (5:00)How COVID has renewed the idea of offshore talent and what that means for millennials. (17:30)Lastly, we talk about antitrust, privacy, and possible business opportunities created with the new features in iOS 14. (21:45) Listen on Apple, Spotify, or Google Podcasts.If you aren’t in the Reformed Millennials Facebook Group join us for daily updates, discussions, and deep dives into the investable trends Millennials should be paying attention to.👉 For specific investment questions or advice contact Gold Investment Management.* scroll to the end for a summary of predictions and a podcast recommendation. 💰 Berkshire Hathaway buys Dominion gas assets in a $9.7B deal. Dominion Energy has scrapped a large pipeline project and sold its natural gas transmission business to Berkshire Hathaway, marking a big shift towards cleaner energy for the US utility — and another bet on fossil fuels by Warren Buffett.The deal for Dominion’s gas assets gives Berkshire Hathaway Energy, a unit of Mr Buffett’s parent company that already runs a $100bn energy portfolio, ownership of almost 8,000 miles of natural gas transmission lines, and transport capacity of almost 21bn cubic feet a day.The transaction also includes considerable storage facilities and partial ownership of the Cove Point LNG terminal, one of only six LNG export facilities in the country, which Berkshire Hathaway Energy will operate. Link🇺🇸 How Kanye’s bid for president could matter to the stock market. A controversial opinion is that Kanye could steal votes from Biden in important swing states and give Trump a fighting chance at re-election.If that doesn’t happen and Joe Biden becomes President his planned tax reform would reverse a lot of Trump’s cuts and likely be reflected in public markets. “I’m going to get rid of the bulk of Trump’s $2 trillion tax cut,” Biden said, “and a lot of you may not like that but I’m going to close loopholes like capital gains and stepped up basis.”The Tax Policy Center calculated that almost 93% of the tax increases would be borne by the top 20% of households. The top 1% — those who make more than $837,000 — would see their tax burden jump by nearly $300,000, a roughly 17% reduction in after-tax income. Link Biden also said he would raise the corporate tax rate to 28%, which he said would raise an estimated $1.3 trillion over the next decade. The Trump tax cuts had shrunk corporate taxes to 21% from 35%. Link🚕 Uber to shift more engineering jobs to India. Needless to say, Coronavirus has disrupted a lot of businesses that are now looking to cut costs and pivot to more profitable areas including some of the biggest technology companies on earth.For example, yesterday Uber confirmed that they are buying Postmates for $2.6B in a move to expand their food delivery footprint.This makes sense if you look at their last quarterly earnings results, the Uber Eats business grew 52% and managed to somewhat offset a big decline in its ride-hailing revenues.Uber isn’t stopping there, when Dara Khosrowshahi became CEO of Uber three years ago he agreed to a compensation package largely tied to the performance of the company. While he did leave $180m in Expedia options on the table he would be awarded 1.75m Uber shares should the company hit $120B valuation. Knowing that it’s no wonder he’s already managed to move 600 jobs or 15% of their engineering team to India. Between this offshoring trend and Trump suspending H1-B visas until December, this is great news for Canada. 🍎 What you need to know about iOS 14.Apple has addressed some serious privacy concerns with its next update: You no longer have to give apps your exact location.You get to pick which photos an app has access to.You’ll know when your microphone or camera is in use.This update is also significant because they are opening up their products in five new ways.They’re adding Safari WebExtensions API on macOSYou will be able to set default email and browser on iPhone and iPadNew enhanced controller supportNearby Interaction framework for U1 chipFind My network accessory programOther Top Features: Widgets; App Library; App Clips; Pinned conversations in Messages; Translate app; Picture-in-picture video; Bike and electric vehicle routes in Maps. The developer beta is out already but you have to be a registered developer with Apple which costs $99/yr. 🔮 Predictions: Apple skirts antitrust allegations and avoids being broken up.Kanye makes a serious run for president in 2024.Advertisers will all come crawling back to Facebook. ❤️ Recommendation: If you’re headed on a road trip this summer check out the podcast series Blowback. From their website: “Blowback is a 10-part podcast investigation into the war, the decades of policies that led us to destroy Saddam Hussein's government, and the aftermath of the American invasion. Co-hosts Brendan James and Noah Kulwin examine the ways in which the American government interfered in Iraqi politics long before we ever put boots on the ground, and why America turned on Saddam Hussein, the U.S. government's former favorite strongman in the Middle East.”p.s. If you were forwarded this newsletter, click the button below to subscribe!p.p.s. This week’s riddle: I'm obsessed with attention, a hit reality show is a dream. I'll spend whatever it takes, refusing to fail, this race is a red queen. You don't know it yet but I'm raising my prices, someone has to pay for it. You know… the 180 million times Cramer will say... "He's a reasonable man Jerry, but he's insane!"Look out for this newsletter early next week for the answer.Answer from last week: 5GEnjoy the rest of your week! Get on the email list at reformedmillennials.substack.com
The $2 trillion economic relief package passed last week is larger than any other plan of its kind in modern history. Who does it help and how? In the latest in a series of podcasts on the pandemic, host Justin Milner talks to the Tax Policy Center’s Mark Mazur, and Urban’s Jack Smalligan and Wayne Vroman about what’s in the law and how it provides support payments to Americans and expands unemployment insurance. Related Links: The COVID-19 Relief Bill Improves Access to Unemployment Insurance, but Further Steps Could Fill Remaining Gaps How Will The Coronavirus Stimulus Bill’s Individual Payments Work? How Soon Can The IRS Get Coronavirus Payments Out The Door? COVID-19: Policies to Protect People and Communities
Despite a growing economy, financial instability and economic anxiety have many Americans in a financial rut. Host Justin Milner talks with Chris Hughes of the Economic Security Project and researchers Elaine Maag and Len Burman from the Tax Policy Center about expanding and redesigning the Earned Income Tax Credit to provide a basic level of economic security for all working individuals. Related resources: Economic Security Project Tax Policy Center Expanding the Earned Income Tax Credit: The Economic Security Project’s Cost-of-Living Refund A Universal EITC: Sharing the Gains from Economic Growth, Encouraging Work, and Supporting Families
Taxes are due on April 15 and Americans are finding out how the 2017 law affected them. Howard Gleckman, a senior fellow at the Tax Policy Center, a nonpartisan think tank, and Peter Cohn, CQ's tax editor, discuss how the law has played out for both individuals and corporations and find that it's given some a windfall, and rationalized the code for others, but hasn't done as much as Republicans expected to juice economic growth. Learn more about your ad choices. Visit megaphone.fm/adchoices
Can taxpayers expect bigger or smaller refunds this year? Some employers adjusted the withholding tables with the new tax rates, so it could be smaller. But it’s more complex than that. News 12’s Walt Kane interviews accountant Joe Petrucelli and Joseph Rosenberg of the Tax Policy Center.
This week, Michael blames Vanessa for his upcoming surgery, we learn why Mr. Kraft is paying more tax, and they compare The "Tax Policy Center," to Switzerland.
In the third and final episode of The Over/Under, Richard Auxier of the Tax Policy Center gives Bloomberg Tax’s Ryan Prete a 2019 outlook. Next, Ryan discusses a newly released federal sports betting framework. Ryan then takes a look at betting totals from 2018 and gets a 2019 sports betting prediction from Ted Leonsis, owner of the NBA’s Washington Wizards and Stanley Cup Champion Washington Capitals. Host: Ryan Prete. Producer: Nicholas Anzalotta-Kynoch.
In the second episode of The Over/Under, Bloomberg Tax’s Ryan Prete heads into a House Judiciary Subcommittee hearing on sports betting and discusses how lawmakers felt about regulation thereafter. Ryan also sits down with Dustin Gouker, managing editor at Legal Sports Report, a sports betting-centric online news source, to talk about a sports book error that resulted in an $80,000 payoff. Later, Ryan talks with Richard Auxier of the Tax Policy Center about what states can do to slow Congressional intervention. Host: Ryan Prete. Producer: RJ Jewell and Nicholas Anzalotta-Kynoch.
Financial Symmetry: Cluing You In To Financial Opportunities Missed By Most People
As the holidays near, visions of new tax savings dance in our heads. But knowing how to spot them is what really matters. With all the new tax law changes, Will Holt joins us again to guide you through seven tax opportunities you can take advantage of before year-end. Some of these tips can save you thousands of dollars, so listen in to see how you they may benefit your personal situation. 7 Tax Opportunities to Take Advantage Of 1. Tax Harvesting (Loss or Gain) – This hasn’t changed with the new tax law, but depending on your tax bracket, that percentage of tax you pay may have. If you’re facing a significant amount of capital gains or expect large capital gain distributions, with the rough October performance, you may want to consider tax loss harvesting. This allows you to offset some of those gains and even go a step further, by using $3,000 of net losses against your income. It may seem counterintuitive to sell at a loss, but it could be an opportunity to offset high taxes. If you are in the new 12% federal tax bracket and lower, realizing more gains could be an opportunity instead, as these could be realized at 0%. But knowing your tax rate and all expected income is required. Discuss with a professional to know for sure. 2. Max Retirement Contributions – Understanding how close you are to the max of your retirement accounts, could present extra tax-advantaged savings at the end of the year. Maxing your 401K contribution is the first place to check. If you get a big year-end bonus, this could be a good trigger. Don’t forget your HSA, as this account provides a triple threat of tax savings (tax deduction, tax deferral, tax-free withdrawals). 3. Convert a Roth IRA? – Doing a Roth conversion can help you stay in your tax bracket by moving an IRA into a Roth. With the new lower tax rates, this could be an opportunity to lower the inevitable tax you were going to pay on this savings. Additionally, you will be taking money out of a tax-deferred account and moving it into a tax-free account. This is a good option for early retirees with large taxable accounts. But you’ll need to be more precise going forward, as the opportunity to recharacterize if you overshoot is gone. 4. Bunching Charitable Contributions – The new tax law has increased the standard deduction for individuals to $12,000 and for married couples from $12,000 to $24,000. This means around 90% of people will now be taking the standard deduction according to the Tax Policy Center. If you forecast your itemized deductions could be higher than the standard amount, consider bunching your charitable contributions into 2-year bundles. One way to do that is by using a bunching tool called a donor-advised fund. The donor-advised fund allows for more flexibility in taking the deduction now, but still allowing for spreading contributions throughout the year. For more information about donor-advised funds, refer to episode 59 for more details. 5. Look at a Qualified Charitable Distribution Early in the Year – One of the opportunities, that hasn’t changed but is getting more attention, is the QCD or qualified charitable distribution. To enjoy this opportunity you are required to be age 70.5 and older as you can designate a portion of your required annual distribution directly to a charity. This takes some precision and should be targeted for earlier in the year when the RMD still needs to be taken as it must come directly out of an IRA and go directly to the charity of your choice. 6. 20% Deduction for Qualified Business Income – If you are a small business owner or entrepreneur the qualified business income deduction will be of interest. What’s come to be called the QBI deduction, or 199A deduction, is used for any business that is not a C corporation. If you have self-employed income or are an S Corporation, you can receive a deduction of 20% on your profit. However, there are income limitations. After you listen to this tip you’ll want to sit down with your tax professional and plan your taxes. We wrote a more detailed article on potential savings with QBI here. 7. Watch the Tax Torpedos – To truly understand your own tax planning, you have to watch specific income thresholds. We refer to these as tax torpedos. For example, if receiving a premium tax credit for health insurance, you could lose your entire subsidy if you surpass the income limitations by even $1. These are set according to the amount of family members (up to 4). A great example of why tax planning matters throughout the year as well. We discuss other important income thresholds dealing with the medicare premium surcharges, child tax credit cutoffs, and roth IRA limits. As you prepare for the holiday season, make sure you take a second look at your tax planning. By watching out for these financial opportunities, you could end up saving yourself thousands of dollars in taxes. It’s important to have a multi-year tax strategy and always consider the big picture, not just what is happening now. Being financially smart means considering all aspects of your financial life. This time of year, that begins with looking for ways take advantage of new tax laws for your personal situation. Outline of This Episode [2:47] Tax loss harvesting [6:51] Retirement accounts tax savings [9:00] The Roth conversion [12:09] The new tax law increased the standard deduction [15:36] Qualified charitable distribution [19:43] The qualified business income deduction [22:37] Specific thresholds to look out for Resources & People Mentioned Episode 59 Tax Solutions for Charitable Giving Episode 63 – QCD’s Qualified Business Income Flowchart Connect with Will Holt wholt@financialsymmetry.com Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/ Connect on Twitter @csmithraleigh@TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts Stitcher Google Play Podcasts Stitcher Google Play
In the first episode of The Over/Under, Bloomberg Tax’s Ryan Prete explains the history of outlawed sports betting in America and the U.S. Supreme Court’s recent reversal of the ban. Prete sits down with Richard Auxier of the Tax Policy Center to discuss early tax revenue figures from legalized sports betting, and whether sports betting could serve as an “end all” to state fiscal woes. Prete also talks with Sara Slane of the American Gaming Association about the possibility of a federal sports betting framework. Host: Ryan Prete. Producer: RJ Jewell and Nicholas Anzalotta-Kynoch.
This is Part 2 of a two part series on the IRS. In this episode, we discuss the 21st Century IRS Act, a bill that would mandate the improvement of cybersecurity in the IRS. Prepare for Mike to talk too much. Sources: HR. 5445 Historical Highlights of the IRS Tax Policy Center The Hill Article NPR Article CBS News Article Republic Policy Committee First Koskinen Clip Second Koskinen Clip Music: (in chronological order) Church of 8 Wheels -- Otis McDonald Ladybug -- Quincas Moreira Firefly -- Quincas Moreira Night Vision -- Bird Creek
Francine Lacqua sits down for a conversation with U.S. Commerce Secretary Wilbur Ross following reports of Russia linked investments. Then, Michael McKee discusses NY Fed President William Dudley's recent retirement announcement. Prior to that, Jonathan Golub, Credit Suisse Securities' chief U.S. equity strategist, says the markets are perceiving Jay Powell as a continued Janet Yellen governance. Howard Gleckman, a senior fellow at the Tax Policy Center, says the Republican tax bill's proposed 20 percent corporate tax rate won't survive. Finally, Mohammed Alyahya, a nonresident fellow at the Rafik Hariri Center for the Middle East, says the issue of a Saudi corruption 'Band-Aid' is being torn off but perhaps may lead to uncertainty. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com
Francine Lacqua sits down for a conversation with U.S. Commerce Secretary Wilbur Ross following reports of Russia linked investments. Then, Michael McKee discusses NY Fed President William Dudley's recent retirement announcement. Prior to that, Jonathan Golub, Credit Suisse Securities' chief U.S. equity strategist, says the markets are perceiving Jay Powell as a continued Janet Yellen governance. Howard Gleckman, a senior fellow at the Tax Policy Center, says the Republican tax bill's proposed 20 percent corporate tax rate won't survive. Finally, Mohammed Alyahya, a nonresident fellow at the Rafik Hariri Center for the Middle East, says the issue of a Saudi corruption 'Band-Aid' is being torn off but perhaps may lead to uncertainty.
Our spring season was crazy—but why? Homeowners are realizing the tax advantages of owning a home. Buying a home? Click here to perform a full home search Selling a home? Click here for a FREE Home Price Evaluation Call me at 215-576-8666 for a FREE home buying or selling consultation Thank you for joining me for another Hot Off the Press market report. We had an incredible spring, where 90% of the metro areas are boasting year-over-year gains. Why is this happening? Buyers are starting to realize the tax advantages of homeownership right now. I looked at the four major tax advantages of home ownership, according to the Tax Policy Center’s Briefing Book. 1. Mortgage Interest Deduction. “Homeowners who itemize deductions may reduce their taxable income by deducting any interest paid on a home mortgage.” 2. Property Tax Deduction. “Homeowners who itemize deductions may also reduce their taxable income by deducting property taxes they pay on their homes.” 3. Imputed Rent. “The return on homeownership is excluded from taxable income.” 4. Profits from home sales. “Homeowners may exclude from taxable income up to $250,000 of capital gains on the sale of their home.” Americans still think that real estate is the American Dream. 34% believe that real estate is the best long-term investment. Why are prices going up? It is generally a result of supply and demand. As a nation, we are at 3.8 months of inventory. That’s nothing! That’s what’s driving prices up, but not in every price range. Right now, we have way less than six months inventory for first-time buyer homes, so we have a seller’s market. A little more inventory for move-up homes will bring it closer to a neutral market. In the premium market, we’re in a buyer’s market because we have more than seven months of inventory and in our area, more than nine months of inventory. “INVENTORY IS HISTORICALLY LOW COMPARED TO THE LAST SIX YEARS.” June is our “Celebrate National Homeownership Month.” Homebuyers want more privacy, a place for their family to grow, some stability, control over their future, and putting their hard-earned money to work for them. Homeowners: if you have any thoughts about moving, you need to get started now. There’s not a lot of inventory on the market. In the next few weeks, we’ll talk about some great tips for homeownership. If you have any questions or you’re looking to buy or sell a home, give me a call. I’d be happy to help!
Weighing the merits of a destination-based cash flow tax by Tax Policy Center
New leadership in Washington always brings with it an element of uncertainty for Americans, as both citizens and investors. In 2017, that uncertainty has been heightened following the unprecedented election of Donald J. Trump – the first man ever elected to the nation’s highest office without political or military experience. If you’ve followed the headlines, you know that President Trump’s first 90 days in office have been a rollercoaster ride. And for investors, one of the biggest unanswered questions is what the President will do when it comes to taxes. Last week, the White House announced that the President is scrapping the tax reform plan that he touted during his campaign in favor of a new plan – one that likely won’t be ready by a previously announced August deadline. When the new plan does arrive, will it still resemble the campaign plan? Or will Trump offer an olive branch to Democrats to try to get a deal done? In this episode of The Lange Money Hour: Where Smart Money Talks, CPA/Attorney Jim Lange will welcome back to the program Roberton Williams from the independent/nonpartisan Tax Policy Center. Bob joined Jim last fall to discuss how Trump’s tax policy proposals compared to Hillary Clinton’s. Now he’ll take a fresh look at the President’s past promises – and what might lie ahead. Jim and Bob will cover topics like: • What a Trump tax reform plan might look like • Whether Trump’s recent tax talk resembles what he promised on the campaign trail • The current status of potential tax changes • If individual tax rates go down, will they likely go up in the future? • If so, would that make it a great time to do a Roth IRA conversion? KQV will rebroadcast the show this Sunday at 9:05 a.m. The audio will also be archived on our web site at www.paytaxeslater.com/radioshow.php, along with a written transcript. *All investing involves risk, including the potential for loss of principal. There is no guarantee that any investment strategy or plan will be successful. Investment advisory services offered by Lange Financial Group, LLC.
What can athletes teach us about taxes? Probably more than you think. Joe Henchman of the Tax Foundation and Richard Auxier of the Tax Policy Center join the show to discuss what happens to all that money and why it should matter to fans. Logo by Michael Moffett Theme song – Happy Rock http://bensound.com/ Music […]
Self Directed Investor Talk: Alternative Asset Investing through Self-Directed IRA's & Solo 401k's
The Trump era dawns today, amidst a storm of both honest disagreement and an overwhelming degree of infantile protest. What will Trump mean for the retirement account of the self-directed investor? I’m Bryan Ellis. I’ll break it down for you right now in Special Episode #240 of Self Directed Investor Talk ----- Happy Inauguration Day, self-directed investor nation! Welcome to the podcast of record for savvy self-directed investors like YOU, where if you give us just 7 minutes a day… we give you back MASTERY as a self-directed investor! Ahhh yes… pomp and circumstance. I really enjoy it, honestly. I’ve watched all of the inaugurations, and the day’s events leading up to them during my adult lifetime, and it’s really so fascinating to me. You can frequently tell a WHOLE LOT about how the President will behave in office solely on the basis of how they behave during inauguration. In fact, that was more true of Obama than for anyone else, but that’s old news, because there’s a new sheriff in town. His name is Donald Trump, and he’s a billionaire real estate developer… and he’s already changed the political landscape of America in a way that nobody every predicted… I mean, NOBODY AT ALL… except, for Donald Trump. That’s kind of an interesting thing, isn’t it? I’ll bet it’s safe to say that when Trump announced his candidacy on June 14 of 2016, I think there was probably one and only one person in the entire country… the entire WORLD… who believed he’d be the next president, and that was Trump. He was right. The entire rest of the world – including me, by the way – was wrong. But what will this mean for you and me as Self-Directed Investors? I’ll tell you, right now, my friends. But first, two things: Number One: More than any other day, I’d REALLY love to get your feedback about what I have to say. Just go to today’s show notes page at SDITalk.com/240 to leave your comments. Number Two: Remember – always and forever – if you need some funding for your business or real estate deal, and ZERO PERCENT sounds like the kind of interest rate you’d like to pay to borrow that capital, then stop by SDITalk.com/credit. We have a great FREE WEBINAR there that will tell you exactly how that can be done. And it’s the best kind of credit, too… totally unsecured, and not connected to your personal credit report. Doesn’t get better than that, so visit SDITalk.com/credit. What will Trump mean for Self-Directed Investors? All in all, I think that Trump could prove to be OVERWHELMINGLY GOOD for those of us who take care of our own investment decisions. I mean, stratospherically excellent. And understand… while I did vote for Trump in the general election, I did not vote for him in the primary, so it can’t be said that I’m a Trump fanboy. So here’s what I’m expecting: The most immediate impact on you as a user of retirement accounts – self-directed or otherwise – is that TRADITIONAL accounts will become a bit less valuable and ROTH accounts will become a bit more valuable. That’s under the assumption that Trump succeeds in reducing personal income tax rates, which is a great thing, but also means that the tax deduction you’d receive for contributions to a Traditional IRA or 401k would inherently result in less real dollar savings for you. So that’s the first real, tangible effect. Second, if Trump succeeds – in part or in whole – in two of his stated objectives, the economy will simply explode to the upside and the stock market would have some serious upside pressure. Those two objectives are: Number 1: Reduction of CORPORATE income tax rates to 15%. Now just understand… that is HUGE. Or maybe it’s YUGE. Currently, that rate is 35%... so Trump is proposing to slash corporate rates by well over half. What does that mean? The Tax Policy Center estimates that $473.3 BILLION dollars was collected in 2016 in corporate taxes. A very crude calculation would suggest that this change alone would leave over $200 BILLION dollars in the coffers of corporations, and that nearly always means one or more 3 things: (1) more dividends for owners; (2) more jobs; and/or (3) investment in infrastructure for future growth. All three of those things are very, very good for an economy. But yes, this is a huge TAX CUT… and some of you think that’s a bad thing. Sound off about it! Leave your comments at in the comments area below! And the second big objective that could rock the economy in a big way is Trump’s proposed tax holiday on repatriating offshore profits. This is a big deal, folks… and you folks out in Silicon Valley and up in Redmond, Washington are, I’m sure, particularly interested in this one. You see, a lot of Fortune 500 companies – most notably Apple and Microsoft – have hundreds of billions of dollars stashed offshore. The moment they bring that money back to the US, they’ve got to pay that horrendous 35% tax rate. But Trump is proposing a bit of a tax holiday on repatriating that capital… a massive holiday, actually, down to 10% for a time. According to one estimate, Apple alone would save over $48 billion in taxes and Microsoft would save about $24 billion in taxes. Now folks, I don’t care who you are… even if you’re Warren Buffett… those are MASSIVE MASSIVE numbers, and have the potential to be GAME CHANGERS… again, with likely results being one or more of: increased dividends, more hiring and/or more business growth infrastructure. All very, very good for the economy, but not so good – at least when judged in vaccum – for US tax revenues. I’m not one to cry over reduced tax revenues. Unlike the government, I don’t see my money as the government’s first, and then mine if and only if I can manage to keep it from them. What do you think? Let me know at SDITalk.com/240. I’ve got more to say about the expected Trump effect for investors like you and me, but we’re just about out of time today, so I’ll revisit this in our next episode, and in that episode, we’ll look more into the specific effect on real estate and other alternative assets, because I think we can make some reasonably well educated predictions on that. And look… I REALLY want to hear from you folks about this, and right away! The inauguration happens in about 2 hours from now, so there’s no time to lose! Jump on over to SDITalk.com/240 right now and let me know what you think! My friends… invest wisely today, and live well forever! Listen in to the NEXT EPISODE now - Click Here The PREVIOUS Episode was great, too... Listen Here! See acast.com/privacy for privacy and opt-out information.
Buried deep in this week's US election news was a fresh analysis of the candidates' tax plans from the Tax Policy Center. Cardiff Garcia is joined by the FT's Mary Childs and Alex Scaggs to discuss the inverse impacts of the two economic proposals. The three also discuss what triggered the flash crash of the pound. Visit FT.com/Alphachat for show notes and links. See acast.com/privacy for privacy and opt-out information.
Tuesday, the Tax Policy Center analyzed the tax plans of Donald Trump and Hillary Clinton — and as the director of the Center put it, the plans are practically mirror images of one another. While Trump’s plan would cut taxes for the top 1 percent by an average of $215,000, Clinton’s would increase their taxes by about $118,000; Trump would cut taxes for business, Clinton would raise them; and over 10 years, Trump’s tax cuts would total $6.2 trillion while Clinton’s would increase taxes by $1.4 trillion. This week on Money Talking, host Charlie Herman takes a closer look at each candidate's tax proposal and how it could affect Americans with Catherine Rampell of The Washington Post and Rob Cox of Reuters BreakingViews.
In this week’s podcast of The Lange Money Hour: Where Smart Money Talks, we welcome to the show Roberton Williams, Sol Price Fellow at the Urban-Brookings Tax Policy Center at the Urban Institute, where he focuses on communicating the Tax Policy Center’s broad range of work through papers, blog posts on TaxVox, extensive interaction with the media, and a broad range of features on the website. With the presidential election less than three months away, Americans are preparing to choose between two very different candidates. In this episode Jim and Roberton take a look at what might be in store for Americans in terms of Hillary Clinton and Donald Trump’s economic policies. TOPICS COVERED: 1. Introduction of Roberton “Bob” Williams of the Tax Policy Center 2. No Ax to Grind: Tax Policy Center Provides Unbiased Information to Inform the Discussion 3. The Clinton Plan: Big Hikes on the Wealthy Would Raise $1 Trillion Over a Decade 4. Would the Wealthy Change Their Behavior to Avoid Paying Higher Tax Rates? 5. The Trump Plan: More Americans Would Pay No Income Tax; Deep Cuts for Wealthy 6. Trump Plan Would Slash Corporate Taxes, Add $9.5 Trillion to Deficit Over a Decade 7. More Clarity on Tax Plans Is Needed, Expected From Both Candidates 8. Trump Has Not Outlined Spending Cuts to Offset Severe Revenue Losses 9. With Huge Tax Cuts and No Spending Cuts, Government Would Have to Borrow More 10. Would Clinton’s Increases Curb Economic Growth? It Depends on Economic Opportunity 11. The Role of Congress: No President Can Unilaterally Dictate Tax Policy 12. We’re All in Agreement: Complicated U.S. Tax System Needs Reform 13. Where to Go to Learn More About How Taxes Affect You 14. Taxes Are Just a Small Factor in the Decision to Get Married 15. U.S. Is a ‘Relatively Low-Taxed Country Compared to Others’ 16. Retirement of Baby Boomers Is Likely to Put Upward Pressure on Tax Rates 17. Alternative Ways to Raise Revenue: Federal Sales Tax and Value-Added Tax
Mike, Tommy and Kevin take another deep dive, this time into the JV/Varsity dinner. How much did Banks know & when? Did Guy have a chance to stop the whole thing before it happened but was too dumb to realize it? The Ducks' retaliation is also discussed. Show notes: If you don't remember, this is Cole: The Ducks in D3, not including Banks who was on Varsity and Portman who didn't show up until the second period of the JV/Varsity showdown: Lester/Dave Averman Charlie Conway Julie "The Cat" Gaffney Guy Germaine Greg Goldberg Luis Mendoza Connie Moreau Fulton Reed Dwayne Robertson Russ Tyler Ken Wu Here's a look at the dinner. Can you spot more than 20 people? This is Banks' look when he's called up to leave. This is the guy's look who hands Charlie the Check: According to the Tax Policy Center, the minimum wage in Minnesota in 1996 was $4.25. The Minnesota High School Equestrian Association lists 34 schools with teams, not including Eden Hall. Water polo numbers are harder to come by, but there appears there are four water polo clubs in the entire state of Minnesota.
Peter R. Orszag is Vice Chairman of Global Banking at Citigroup, Inc., and a member of the Senior Strategic Advisory Group there. He is also a Contributing Columnist at Bloomberg View and an Adjunct Senior Fellow at the Council on Foreign Relations. Prior to joining Citigroup in January 2011, he served as a Distinguished Visiting Fellow at the Council on Foreign Relations and a Contributing Columnist at The New York Times. Dr. Orszag previously served as the Director of the Office of Management and Budget in the Obama Administration from January 2009 until July 2010. In that Cabinet-level role, he oversaw the Administration's budget policy, coordinated the implementation of major policy initiatives throughout the federal government, and reviewed federal regulatory action, among other responsibilities. From January 2007 to December 2008, Dr. Orszag was the Director of the Congressional Budget Office (CBO), supervising the agency's work in providing objective, nonpartisan, and timely analyses of economic and budgetary issues. Under his leadership, the agency significantly expanded its focus on areas such as health care and climate change. Prior to CBO, Dr. Orszag was the Joseph A. Pechman Senior Fellow and Deputy Director of Economic Studies at the Brookings Institution, where he also served as Director of The Hamilton Project, Director of the Retirement Security Project, and Co-Director of the Tax Policy Center. During the Clinton Administration, he was a Special Assistant to the President for Economic Policy and, before that, a staff economist and then Senior Advisor and Senior Economist at the President's Council of Economic Advisers. Orszag has also founded and subsequently sold an economics consulting firm.