Posts Tagged ‘Boeing’

Tax Cut Passes, Millions Not Dead

Thursday, December 21st, 2017

So tax cut bill finally passed the House and the Senate and is headed to President Donald Trump’s desk to sign.

Not a single Democrat voted for the bill, House or Senate.

It’s not a perfect bill, but there are a lot of good features:

  • “Lower Individual Tax Rates. The framework lowers rates for almost every tax bracket. The current seven brackets remain, but with new, generally higher income thresholds and lower rates.” Here’s a table from Business Insider:

  • Larger Standard Deduction. The standard deduction is almost doubled, consolidating the additional standard deduction and personal exemptions into one larger deduction. For married joint filers, the deduction will be $24,000; for single filers, it will be $12,000. The expanded deduction simplifies tax filing by cutting the percentage of tax filers who will need to itemize their deductions in half. Approximately nine of 10 taxpayers will simply claim the new standard deduction.”
  • Lowered corporate tax rate to 21% down from a highest-in-the-world 35%.
  • Short-term business expensing incentives:

    Temporary Expensing. The bill expands the current-law 50 percent bonus depreciation for new short-lived capital investments to 100 percent or “full expensing” for five years and then phases out over the subsequent five years. Expensing allows companies to deduct the cost of investments immediately and removes a current tax bias against investment.

    The bill also expands expensing for small businesses under Section 179 by raising the cap on eligible investment from $500,000 to $1 million. The phaseout increases from a $2 million cap to a $2.5 million cap on total equipment purchases. In 2022, businesses will no longer be able expense their research and development costs; this is a step in the wrong direction toward longer write-off schedules rather than toward expensing.

  • “For a vast majority of Americans, the Tax Cuts and Jobs Act will lower their federal tax bill in 2018. This is accomplished through lower tax rates, a larger standard deduction, and an expanded child tax credit. Most of the individual tax changes revert to current law before 2025 to meet political constraints and Senate budget rules. Although temporary tax policy is never ideal, the expirations give Congress an incentive to revisit the tax code in the coming years to provide more far-reaching and permanent reform.”
  • The hated ObamaCare mandate has been eliminated.
  • The not-great part:

    Many Special-Interest Subsidies Remain. A large subsidy for domestic manufacturing is eliminated, but most other credits and deductions marked for repeal in the original House bill remain in the conference report. Among the surviving subsidies are tax credits for electric vehicles, wind-energy production, energy-efficient buildings, historic rehabilitation, orphan drugs, new market investments, and employer-provided child care. The conference report also adds a new tax credit for employers who provide paid family and medical leave.

    The tax foundation estimates that taxes will go down for almost every household.

    The reaction from various businesses was swift: AT&T, Comcast, Wells Fargo and Boeing all announced they’ll be handing out raises and bonuses in the wake of the bill’s passage.

    Despite predictions to the contrary, America still seems to be intact and millions have not been slain in the wake of its passage.

    Texas vs. California Update for April 20, 2017

    Thursday, April 20th, 2017

    This didn’t get done while I was doing my taxes, but here, at last, is another giant Texas vs. California update:

  • Appeals court finds San Diego’s pension reform legal. “California’s Fourth District Court of Appeal unanimously overturned a 2015 state labor board ruling that said the cutbacks were illegal because of then-Mayor Jerry Sanders’ involvement in the successful citizens’ initiative that made the changes.” San Diego transitioned to a 401K style program. Naturally public employee unions screamed bloody murder and sought to have the reforms overturned. (Hat tip: Pension Tsunami.)
  • Unions attempts to role back San Diego’s pension reforms amounted to an attempt to retroactively apply collective bargaining to older laws.
  • More: It’s “shocking the agency’s officials would have even argued that a union’s right to negotiate pay and benefits trumps the public’s right to hold an election.” (Hat tip: Pension Tsunami.)
  • “The number of people enrolled in Medicaid and the Children’s Health Insurance Program (CHIP) in California alone exceeds the total populations of 44 of the other states of the union, according to data published by the Centers for Medicare and Medicaid Services (CMS) and the Census Bureau.” (Hat tip: Director Blue.)
  • California exports its working poor to Texas.

    Every year from 2000 through 2015, more people left California than moved in from other states. This migration was not spread evenly across all income groups, a Sacramento Bee review of U.S. Census Bureau data found. The people leaving tend to be relatively poor, and many lack college degrees. Move higher up the income spectrum, and slightly more people are coming than going.

    About 2.5 million people living close to the official poverty line left California for other states from 2005 through 2015, while 1.7 million people at that income level moved in from other states – for a net loss of 800,000. During the same period, the state experienced a net gain of about 20,000 residents earning at least five times the poverty rate – or $100,000 for a family of three.

    Snip.

    The leading destination for those leaving California is Texas, with about 293,000 economically disadvantaged residents leaving and about 137,000 coming for a net loss of 156,000 from 2005 through 2015. Next up are states surrounding California; in order, Arizona, Nevada and Oregon.

  • Hat tip for the above is this Zero Hedge piece, which notes “By some measures, California has the highest poverty rate in the nation. And as more and more residents leave, the burden to fund the state’s welfare exuberance will fall more and more on the wealthier (that actually pay taxes). Rather than secession, perhaps it’s time for the wealthy to join ‘the poor’ exodus and beat the crowd out of California…”
  • A look at a California tent city of 1,000 people.
  • Kevin Williamson on why Houston’s diversity is different than the liberal ideal of same:

    Living in a place where it is less of a struggle to pay the rent or make the mortgage payment does indeed chill most everybody out a little bit. But it is not at all obvious that what Houston — or Texas at large — enjoys is in fact a culture that is generally welcoming to immigrants in a way that is different from Scottsdale or Trenton or Missoula. What Texas does have is something close to the opposite of that: a large and very well-integrated Mexican-American community. Anglos in Texas aren’t welcoming to Latinos because we are in some way uniquely open to the unfamiliar, but because they are not unfamiliar.

    This matters in ways that are not obvious if you didn’t grow up with it. My native West Texas, along with the whole of the border and much of the rest of the state, has a longstanding, stable Anglo–Latin hybrid culture. Houston does, too, but Houston, being a very large city, is a little more complicated; I had lunch yesterday with a conservative leader who chatted amiably with the staff in Spanish at . . . an Indian restaurant.

    That robust hybrid culture ensures that the people Anglos hear speaking Spanish are not always poor, not mowing the lawn or cleaning a hotel room, that they are not usually immigrants, not people who cannot speak or read English — not alien. They are neighbors who, if you are lucky, make Christmas tamales. And they might be your employer or your employee, the guy who sells you a car or approves your car loan, a pastor at your church, a professor, a member of your Ultimate Frisbee team . . . or an illegal immigrant, or a criminal, or someone who is in some way unassimilated, alien, or threatening. When one out of three people in your county is “Hispanic” — a word that in Texas overwhelmingly means “Mexican-American” — then you tend to know Hispanic people of all descriptions: the good, the bad, and the ordinary.

    That is not the case in, say, Arlington, Va., which does not have a large and well-assimilated Mexican-American population but does have a large and poorly assimilated population of Spanish-speaking immigrants. The two things are not the same — more like opposites. Add to that the fact, sometimes lost on Anglos, that there is no such thing as a “Hispanic” culture or population, that people with roots in Mexico do not think of themselves as being part of a single cultural group that includes people from Central America and South America. A while back, I heard an older fellow of Mexican background complaining about the Guatemalans moving into his area — and he was an illegal immigrant. That’s a funny reality: In Texas, even some of the illegals don’t think that we can let just anybody cross the border. But ethnic politics is a strange business: In West Texas, young whites without much money (college students and the like) who would never for a moment seriously consider moving into a low-income black neighborhood will not give a second thought to moving into a largely Hispanic neighborhood.

    All of which is not to say that Texas does not have a fair number of poorly assimilated Spanish-speaking immigrants: It surely does, especially in the big cities. (People forget how urban Texas is: Six of the 20 largest U.S. cities are in Texas.) But it is easier to accommodate — and, one hopes, to assimilate — those newcomers when you have a culture of mutual familiarity and trust, which is based not on newcomers but on oldcomers. Texas’s ancient Mexican-American community — whose members famously boast, “We didn’t cross the border, the border crossed us!” — is a kind of buffer that makes absorbing newcomers less stressful.

  • Leaving coastal California is a ‘no-brainer‘ for some as housing costs rise.”

    Huntington Beach residents Chris Birtwistle and Allison Naitmazi were about to get married and decided it was time to buy a home.

    They wanted to stay in the area but couldn’t find a house they both liked and could reasonably afford — despite a dual income of around $150,000.

    So they decided to go inland — all the way to Arizona, where they recently opened escrow on a $240,000, four-bedroom house with a pool just outside Phoenix. Their monthly mortgage payment will be about $500 less than what they paid for a two-bedroom apartment in the Orange County beach community.

  • “California again leads list with 6 of the top 10 most polluted U.S. cities.” Versus zero for Texas. So they have the nation’s most stringent pollution laws…and the nation’s worst air pollution. (Golf clap) (Hat tip: Chuck DeVore’s Twitter feed.)
  • 16 Reasons Not To Live In California. Samples (snippage implied):

    #2 Out of all 50 states, the state of California has been ranked as the worst state for business for 12 years in a row…
    #3 California has the highest state income tax rates in the entire nation. For many Americans, the difference between what you would have to pay if you lived in California and what you would have to pay if you lived in Texas could literally buy a car every single year.
    #4 The state government in Sacramento seems to go a little bit more insane with each passing session.
    #5 The traffic in the major cities just keeps getting worse and worse. According to USA Today, Los Angeles now has the worst traffic in the entire world, and San Francisco is not far behind.

  • CalSTRS’ funded status falls to 64% as deficit grows $21 billion following rate reduction.” (Hat tip: Pension Tsunami.)
  • Texas is on its way to passing a conservative budget.
  • A Democrat-sponsored bill in the California legislature guarantees free healthcare for all, without specifying a way to pay for it. Maybe they’ll institute a unicorn tax… (Hat tip: Stephen Green at Instapundit.)
  • Leslie Eastman at Legal Insurrection spells out exactly what Californians would actually get under the plan:
    • With no choice, there is no competition, unless you are wealthy enough to leave the state for medical care. However, this is a golden opportunity for medical tourism companies!
    • There will be a limited supply of doctors, as those who don’t want to go through the bureaucratic hoops for procedures and payment will also leave the state.
    • Clinicians will be forced to make their treatment decisions based on the state-run rules: Why choose surgery when a pill will do?
    • Shockingly, some funds need to be directed to other budget items instead of perks for illegal aliens (refer to Oroville Dam for a handy reference).
    • Medicare, the system that is the foundation for this proposal, is rife with waste, fraud and abuse (e.g., 3 Floridians bilked the system for $1 billion).
    • Co-pays and deductibles will be transformed into monies paid for non-state government healthcare services (like the Canadians who cross into the United States to obtain MRI’s and other innovative treatments).
    • Public oversight will translate into political wheeling-and-dealing strictly for the benefit of those plugged into the rigged system. An indication that Sacramento may be headed for such a system, I offer this piece published in The Sacramento Bee for consideration: Why California must accept more corruption.
    • The cost of drugs has soared, despite Obamacare. As an example, I had a skin medication that would cost me $150 for an annual supply. The same medication now costs nearly $1000 a year, and I no longer use it.
  • In order to further bestow members of the ruling Democratic coalition with rights and privileges mere citizens don’t enjoy, California’s Senate Bill 807 proposes making teachers exempt from state income tax. Some pigs are evidently way, way more equal than others…
  • Teacher’s unions have helped create California’s teacher shortage. (Hat tip: Pension Tsunami.)
  • California hikes its gas taxes yet again, making them the highest in the nation.
  • Pension liabilities are pinching in Gilroy, California: “Gilroy’s three biggest public employers have amassed more than $183 million in unpaid pension liabilities. That’s likely more than ever, and a figure that, absent major reform, will grow and siphon budget funds from essential public services, say officials and pension experts. In Gilroy, 23 city pensions exceed $100,000 and more than 60 exceed $70,000.” (Hat tip: Pension Tsunami.)
  • Court to determine whether California’s public employee union members can simply continue to buy years of service rather than actually working them.
  • Silicon Valley slows down. “Tech companies in San Francisco and San Mateo counties lost 700 jobs from January to February and tech employment has dropped by 3,200 jobs since hitting a peak last August.”
  • What the lords of Silicon Valley actually think: “Inequality is a feature, not a bug.”
  • Hold on to your seats for this one: California’s government actually did something right, legalizing the selling of home-made food. (Hat tip: Instapundit.)
  • “Hotel construction continues apace in the United States, and dozens of new properties are expected to open this year in two major corporate and tourist destinations, New York and Los Angeles. But the three other cities with the most hotels projected to open in 2017, according to the industry research company STR, are all in Texas — Dallas, Houston and Austin.” Notice the implied condescension in the NYT piece: New York and LA are real places, whereas Dallas, Houston and Austin are “other cities.”

    More:

    The number of new hotels in Texas is notable. In 2017, Marriott plans to open eight hotels in Austin, seven in Houston and 23 in the Dallas-Fort Worth area, according to the company. Ninety-two other Marriott hotels are in the planning stages for the three metro areas. Hilton says it is planning for 75 new hotels there. InterContinental Hotels Group has more than 100 hotel projects in the Austin, Dallas and Houston metro areas, including the Candlewood Suites, Crowne Plaza, Even Hotels, Holiday Inn Express, Holiday Inn, Hotel Indigo, InterContinental Hotels and Resorts and Staybridge Suites brands.

    Austin is home to the state capital; the University of Texas at Austin, a campus with 50,000 students; and a long list of technology companies. Its growing recreation and dining scene is attracting more leisure travelers, filling guest rooms on weekends and making the city “more of a seven-day-a-week hotel market,” according to Tim Powell, the managing director for development for Hilton’s southwest region.

  • A bankruptcy judge in the Eastern District of California plays Santa Claus with a bank’s money.
  • Just what illegal aliens cost California.
  • “L.A. To Worsen Housing Shortage With New Rent Controls.”
  • “California Dems Promise Taxpayer Dollars to Defend Illegal Immigrants.” (Hat tip: Stephen Green at Instapundit.)
  • Calpers Is Sick of Paying Too Much for Private Equity…Pension fund’s private-equity returns were 12.3% over 20 years, but they would have been 19.3% without fees and costs.” (WSJ hoops apply.) (Hat tip: Pension Tsunami.)
  • “Texas top state for number of new, expanded corporate facilities for fifth consecutive year.”
  • It’s not just Oroville Dam that needs maintenance: a section of Highway 50 collapsed in February. (Hat tip: Director Blue.)
  • “Jerry Brown wants to spend nearly $450 million on flood control following dam emergency.”
  • “A state senator is removed from the chamber for her comments about Tom Hayden and Vietnam.” Namely for noting that Hayden supported “a communist government that enslaved and/or killed millions of Vietnamese, including members of my own family.” Sen. Janet Nguyen (R-Garden Grove) came to America as a Vietnamese refugee, and Democrats were incensed she was allowed to speak truth to power when it came to hagiography for one of their own. (Hat tip: Instapundit.)
  • Crime Increasing in California After ‘Prison Reform.'”
  • Selling carbon indulgences just isn’t what it used to be under Trump:

    February’s quarterly auction of carbon dioxide emission allowances under California’s cap and trade program was another financial washout for the state.

    Results for last week’s auction were posted Wednesday morning, revealing that just 16.5 percent of the 74.8 million metric tons of emission allowances were sold at the floor price of $13.57 per ton.

    The state auctions emission allowances to polluters and speculators as part of its program to reduce greenhouse gases. The proceeds are supposed to be spent on public programs to slow climate change.

    February’s auction is being closely watched by market analysts because the last three quarterly auctions in 2016 posted sub-par results.

    Almost all of February’s proceeds went either to California’s utilities, who sell allowances they receive free from the Air Resources Board, or the Canadian province of Quebec, which offers emission allowances through California. Both are first in line when auction proceeds are apportioned.

    The ARB was offering 43.7 million tons of state-owned emission allowances, but sold just 602,340 tons of advance 2020 allowances, which means the state will see only $8.2 million, rather than the nearly $600 million it could have received from a sellout.

    (Hat tip: Chuck DeVore on Twitter.)

  • California’s high speed train-to-nowhere is still doomed.
  • “Six former LA safety officers collected pension payouts of over $1,000,000 apiece last year.” (Hat tip: Pension Tsunami.)
  • “Oakland Fire Chief Announces Retirement Days After Pension Vested, Warehouse Fire Probe Continues.”
  • San Rafael has the the highest pension costs in California by percentage of their total budget (18%). “Money that goes to one thing can’t go to another thing, so if you’re spending almost $1 out of $5 on pension payments, that is a lot less money available for tangible public services such as filling potholes, keeping the library open and making sure there is sufficient police protection.”
  • Remember Anthony Silva, mayor of formerly bankrupt Stockton? He’s been arrested again, this time for embezzling “at least $74,000 from the Stockton Kids Club over the past five years.” That would be the same Anthony Silva who is a member of Mayors Against Illegal Guns, whose own guns were stolen and used in crimes, and who was also arrested for “for playing strip poker with minor and giving them alcohol while at a youth camp.” Given such august leadership, I can’t imagine how Stockton went bankrupt… (Hat tip: Dwight.)
  • New survey of the Permian Basin in Texas shows that there’s another 20 billion barrels of recoverable oil than previously thought.
  • More on the fracking boom:

  • Minimum wage hike watch: Wendy’s to try out more than 1000 self-serve kiosks.
  • San Francisco’s wage hike is already closing restaurants. Especially those that serve affordable food. (Hat tip: Instapundit.)
  • California’s “hide actor’s age” law struck down.
  • “Former L.A. County Sheriff Lee Baca found guilty on obstruction of justice and other charges.” (Hat tip: Dwight.)
  • I would like to celebrate Austin Austin having the shortest commute time in this study of major cities except, since I now experience that commute time every weekday, I can tell you that 16 minute estimate is utter crap. Maybe Austin is the best if the commute time for other cities is similarly underestimated. By contrast, the Austin rental rate of $476 a week seems slightly high, while the London rate of $489 a week seems way too low…
  • Kubota Tractor Corp. finished its’ U.S. headquarters from Torrance, California, to Grapevine, Texas. (Previously.)
  • “West Plano’s $3 billion Legacy West development has landed another big name business. Boeing will locate the headquarters for its newly formed global services division in the 250-acre mixed-use project at the Dallas North Tollway and State Highway 121.”
  • Los Angeles-based fashion company Nasty Gal declares bankruptcy. Also, nice proofreading on this subhead, LA Times: “Why couldn’t they the company hold on to shoppers?” Note: That’s still up for a story published February 24th…
  • Los Angeles clothing brand BCBG Max Azria Group, owner of Hervé Leger, also filed for bankruptcy.
  • The City of St. Louis sues the NFL, and all 32 NFL teams, over the Rams relocation to Los Angeles.
  • “L.A. County Sheriff’s Department switches from silver to gold belt buckles at a cost of $300,000.” That’s some might fine resource allocation there, Lou… (Hat tip: Stephen Green at Instapundit.)
  • LinkSwarm for April 22, 2016

    Friday, April 22nd, 2016

    As today is a made-up celebration called “Earth Day,” be sure to have beef for dinner…

  • Reminder: “Officials at VA’s Phoenix hospital manipulated wait-time data to make it appear they were connecting doctors and veterans seeking appointments much faster than they actually were. This was done so VA managers at the Arizona facility could keep getting generous performance bonuses. They got their bonuses but dozens of waiting veterans died.” So how did the VA address the problem? They hired someone accused of doing the exact same thing at another hospital.
  • Huge ObamaCare premium hikes are coming down the pike in 2017. (Hat tip: Ace of Spades HQ.)
  • “The largest health insurer in the U.S. has started pulling out of select Obamacare exchanges.” (Hat tip: Instapundit.)
  • Eight more ObamaCare co-ops are about to bite the dust.
  • Meanwhile, ObamaCare is helping enourage opioid addiction.
  • Thanks to Obama’s supergenius management, the Taliban are now winning in Afghanistan.
  • “The National Labor Relations Board suspended a top-ranking Philadelphia official after receiving complaints that he helped raise money from unions for his pro-union charity.” (Hat tip: Ace of Spades HQ.)
  • Following a congressional subpoena over Benghazi, Hillary’s state department staff hid requested files in another department. (Hat tip: Ace of Spades HQ.)
  • Is Rhode Island closing 66% of polling places for next week’s presidential primaries? Something smells.
  • How Ted Cruz could beat Hillary Clinton. “Clin­ton is en­ter­ing the gen­er­al elec­tion with glar­ing vul­ner­ab­il­it­ies of her own. Her im­age is tox­ic to Re­pub­lic­ans and in­de­pend­ents, and her pop­ular­ity among Demo­crats is now at an all-time low as a pres­id­en­tial can­did­ate, ac­cord­ing to Gal­lup’s polling. It won’t take a top-tier Re­pub­lic­an can­did­ate to win.” Also: “Cruz con­sist­ently runs far more com­pet­it­ively against Clin­ton than Trump does.”
  • “It’s not just Wall Street banks. Most companies and groups that paid Democratic presidential candidate Hillary Clinton to speak between 2013 and 2015 have lobbied federal agencies in recent years, and more than one-third are government contractors, an Associated Press review has found. Their interests are sprawling and would follow Clinton to the White House should she win election this fall.”
  • Donald Trump jumps on the social justice warrior tranny bathroom bandwagon.
  • Evidently accused pedophile Terry Bean is the one whose organizations are pushing tranny bathroom bills down America’s throats. (Hat tip: Director Blue.)
  • Trump convention manager Paul Manafort engages in the time-honored traditional rhetorical device know as “lying your ass off.”
  • Thomas Sowell on campaign lies and dodgy statistics.
  • “Although our panel’s original estimates had Trump finishing with 1,175 pledged delegates, my revised deterministic projections have him at 1,155, and the probabilistic version has him at 1,159.”
  • Ted Cruz has done heavy organizing in California.
  • Man indicted for selling school supplies to Detroit schools he didn’t actually deliver…with the connivance of several principles receiving kickbacks. Now, remind me: Which party has controlled Detroit for half a century?
  • Venezuela instituting four hours of blackouts a day, in addition to the previously mentioned three day weekends. That socialist paradise just keeps
  • Brazil impeaches their President.
  • Won’t someone please think of poor, penniless Boeing?
  • When low-fat dogma trumped science: hamburger study data showed exact opposite of study’s conclusions.
  • Navy chief starving Marine air corps.
  • What Women Really Want Is The Patriarchy.”
  • ‘White Privilege’ Is a Racial Slur.”
  • Walden is less a cornerstone work of environmental literature than the original cabin porn: a fantasy about rustic life divorced from the reality of living in the woods, and, especially, a fantasy about escaping the entanglements and responsibilities of living among other people.”
  • Mexico’s Popocatepetl volcano erupts. Popocatepetl is less than 50 miles from Mexico City…
  • Goldman Sachs pays $5 billion fine to “settle claims that it misled mortgage bond investors during the financial crisis.” (Hat tip: Ace of Spades HQ.)
  • Pratt & Whitney pushing a B-52 engine upgrade.
  • The woman who can’t remember her own past. (Hat tip: Bill Crider.)
  • Lileks: “Who wouldn’t want to lounge around in a set from a 1970s failed Gene Roddenberry pilot?” (Hat tip: Ed Driscoll at Instapundit.)
  • Son, that’s no way to treat steaks. (Hat tip: Ace of Spades HQ.)