Posts Tagged ‘Tax Reform’

LinkSwarm for January 5, 2018

Friday, January 5th, 2018

Happy New Year!

  • How Donald Trump is restoring the S-curve.
  • What it’s like to be a New York Times reporter during the war on terror:

    Success as a reporter on the CIA beat inevitably meant finding out government secrets, and that meant plunging headlong into the classified side of Washington, which had its own strange dynamics.

    I discovered that there was, in effect, a marketplace of secrets in Washington, in which White House officials and other current and former bureaucrats, contractors, members of Congress, their staffers, and journalists all traded information. This informal black market helped keep the national security apparatus running smoothly, limiting nasty surprises for all involved. The revelation that this secretive subculture existed, and that it allowed a reporter to glimpse the government’s dark side, was jarring. It felt a bit like being in the Matrix.

    It’s a long and informative piece, even if you don’t accept all of reporter James Risen’s analysis. And it really does show how badly our national security agencies leak…

  • The recently discovered vulnerability in Intel chips is really, really bad. And fixing it requires about a 5-30% performance hit on every OS that runs atop Intel processors. (Here’s a nice layman description).
  • More on the same topic from Borepatch.
  • “Crazy” like a fox: “The tougher the sanctions and rhetoric from the United States, the more flexible North Korea is becoming.”
  • 40 companies offer Trump Tax Cut bonuses. (Hat tip: Director Blue.)
  • Germany outsources censorship. Evidently you’re not allowed to say anything critical of Muslims or “Muslim refugees,” ever. “How the Germans can’t see that such a law, in the hands of the wrong party, could be devastating is a mystery. I can only conclude such occurrences have no precedent in their country from which they could draw obvious lessons.” (Hat tip: Stephen Green at Instapundit.)
  • Scott Adams enumerates all the things President Donald Trump broke that needed breaking.
  • DACA isn’t what Democrats say it is.
  • Attorney General Jeff Sessions rescinds Obama-era memorandums on state-level legalized marijuana. Popehat thinks this is, at present, mostly cosmetic due to the Rohrabacher-Farr Amendment. I oppose federal marijuana prohibition on constitutional grounds: Regulating marijuana is not an enumerated power of the federal government, regulation is neither necessary nor proper (thus no 9th Amendment justification), and thus a matter entirely for the states absent any interstate commerce under the 10th Amendment.
  • “Mayor Sylvester Turner’s press secretary was suspended for two weeks without pay after she failed to turn over thousands of documents required to be released under Texas law. Darian Ward was asked to turn over emails relating to her work on non-city related projects, including a private side business called ‘Joy in Motion Productions.'” She must have gone to the Hillary Clinton School of Email FOIA compliance…
  • Dave Chappelle has a point. As gross, disgusting and socially unacceptable as having Louis C.K. masturbate on the phone with you is, if you let that dissuade you from pursuing a career in a field as hotly competitive as standup comedy, that’s on you. (Hat tip: Ann Althouse.)
  • “Genetic Study Supports Carbohydrate-Insulin Model of Obesity.”
  • Perfect season.
  • Dibs.
  • 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.

    LinkSwarm for April 28, 2017

    Friday, April 28th, 2017

    It’s been a week, so enjoy an extra-late Friday LinkSwarm

  • There’s lots of meat in President Trump’s tax reform proposal:

    Individual Reform

    Tax relief for American families, especially middle-income families:

  • Reducing the 7 tax brackets to 3 tax brackets of to%, 25% and 35%
  • Doubling the standard deduction
  • Providing tax relief for families with child and dependent care expenses
  • Simplification:

  • Eliminate targeted tax breaks that mainly benefit the wealthiest taxpayers
  • Protect the home ownership and charitable gift tax deductions
  • Repeal the Alternative Minimum Tax
  • Repeal the death tax
  • Repeal the 3.8% Obamacare tax that hits small businesses and investment income
  • Business Reform

  • 15% business tax rate
  • Territorial tax system to level the playing field for American companies
  • One-time tax on trillions of dollars held overseas
  • Eliminate tax breaks for special interests
  • Texas House passes anti-Santuary City bill that fines officials for violating federal immigration laws.
  • North Korean ballistic missile test fails. Cue the sad trombone.

  • Obama’s Iran deal was even worse than we thought. “By dropping charges against major arms targets, the administration infuriated Justice Department officials — and undermined its own counterproliferation task forces.”
  • If Democrats keep moving left, they could experience another election like 1972:

    The highest-profile Democratic-party supporters are increasingly smug Hollywood actors, rich Wall Street and Silicon Valley elitists, and embittered members of the media, along with careerist identity groups and assorted protest movements — a fossilized 1972 echo chamber.

    Democrats’ politically correct messaging derides opponents as deplorable racists, sexists, bigots, xenophobes, homophobes, Islamophobes, and nativists. That shrill invective only further turns off Middle America. Being merely anti-Trump is no more a successful Democratic agenda than being anti-Nixon was in 1972.

  • If the election were held today, Trump would still beat Clinton.
  • Former Mayor of Hubbard, Ohio pleads guilty to raping a four year old. Go ahead, guess which party he’s a member of.
  • The Other McCain does his part for sexual assault awareness month.
  • The media does indeed live in a bubble, both geographic and ideological, of its own making.
  • Hundreds of illegal voters in North Carolina. (Hat tip: Ace of Spades HQ.)
  • Nancy Pelosi: tried, drunk or stroke? (Hat tip: Director Blue.)
  • 107 Cancer Papers Retracted Due To Peer Review Fraud. But don’t worry: All climate science is completely on the level…
  • When Democratic Senate candidate Beto O’Rourke swore up and down he never hire any campaign consultants, what he meant was he’d hire some.
  • “Facebook and Google confirmed as victims of $100M phishing scam.” (Hat tip: Stephen Green at Instapundit.)
  • President Trump as a systems thinking President.
  • NYPD corruption scandal. Bribes? Check. Guns? Check. Prostitutes? Check. (Hat tip: Dwight.)
  • Marine Le Pen heads to a runoff with Emmanuel Macron on May 7. Is there a better figurehead for modern Globalism than a Socialist investment banker?
  • Dishonest medical equipment startup Theranos used a shell company to secretly buy outside lab equipment to actually run the lab tests they were faking as coming from their own equipment. And check out that picture caption: “[CEO] Elizabeth Holmes speaks at the Clinton Global Initiative Annual Meeting.” Because of course she did.
  • Liberals love denouncing the imaginary Christian theocracy of The Handmaid’s Tale (now a miniseries) because it keeps them from having to think about the real Islamic ones oppressing women all over the world right at this very moment.
  • Related: “Lesbian Couple Discover Islamic Culture During Exciting International Trip.”
  • “When God sends a Plague of Wild Boars against you, he’s done sending messages, and is now sending armored bacon.”
  • Less than half of Democrats know a gun owner.
  • Richard Gere blacklisted in Hollywood on China’s orders.
  • Sonny Bunch has some “helpful” advice for Democrats. (Hat tip: Stephen Green at Instapundit.)
  • Nordstrom selling $425 fake muddy jeans. (Hat tip: Director Blue.)
  • You too can own a baseball inscribed to Justice Antonin Scalia by Joe DiMaggio.
  • “My Boyfriend Ate Nothing But Pineapple For A Week And Now His Dick Is Covered In Bees.”