Tag Archives: senate

New Tax Bracket under Trump’s Plan

5f29a20017240de2ec03a5422cf79812

 

  • There could be new tax brackets in 2018 if tax legislation is enacted under President Donald Trump.
  • The House Republicans’ tax bill proposes reducing the current seven tax brackets to four.
  • The Senate Republicans’ tax bill proposes keeping seven brackets but changing the income ranges.
  • Both plans propose eliminating the personal exemption and increasing the standard deduction.

House and Senate Republicans have taken two different approaches in their attempt to overhaul the US tax code by releasing separate proposals with sweeping changes.

House GOP leaders unveiled the Tax Cuts and Jobs Act last week and added last minute-adjustments this week. Senate Republicans, meanwhile, on Thursday debuted their tax legislation that contained some substantial departures from the House’s version.

Business Insider put together two charts showing how both the House’s tax plan and the Senate’s tax plan could change federal income-tax brackets in 2018 compared with those in 2017.

Under the House’s plan, there would be four federal income-tax brackets rather than the seven we have today. The brackets proposed are 12%, 25%, 35%, and 39.6%.

The Senate’s version would keep seven brackets but at slightly lower rates and adjusted income ranges. The brackets proposed are 10%, 12%, 22.5%, 25%, 32.5%, 35%, and 38.5%.

About 70% of Americans claim the standard deduction when filing their taxes, and their paychecks will almost certainly increase if either tax bill passes.

In 2017, the standard deduction for a single taxpayer is $6,350, plus one personal exemption of $4,050.

The House plan would combine those into one larger standard deduction for 2018: $12,200 for single filers and $24,400 for joint filers.

Under the Senate proposal, these would be slightly lower, at $12,000 for single filers and $24,000 for joint filers.

source: business insider

Government Shutdown

20130930-213554.jpg

A shutdown isn’t just bad politically, it can also be damaging to the United States’ economy, taking the paychecks of federal employees out of the mix, and disrupting tourism across the country.

MDC says, it’s about time the evil empire collapses for good. Remember it was almost 18 years ago since the last shutdown which lasted almost 3 weeks. The politicians are a disgrace for swearing on the constitution.

Here’s a look at some of the latest numbers on how a shutdown might affect our economy:

A shutdown that lasted between three and four week could cost the economy about $55 billion, by the estimate of Moody’s Analytics economist Brian Kessler.

Washington, DC, would lose $200 million a day on lost wages and lost spending by those who get furloughed. That estimate doesn’t include tourism, and the huge losses DC will feel from the museums and national mall being closed.

The shutdown would “reduce federal spending” by about $8 billion, which could reduce GDP growth by .8 percent annualized, according to a report released Monday by Goldman Sachs.

Moody’s Analytics’ Mark Zandi pegs the amount lost in economic growth in the fourth quarter at as much as 1.4 percent.

One billion dollars a week from the pay of the roughly 800,000 federal employees will be lost from the U.S. economy.

These numbers, of course, don’t count a lot of things: The loans that the Small Business Administration will stop making, the permits that the Environmental Protection Agency won’t issue, the contracts that will be put on hold, and the nutrition assistance for infants and mothers that won’t go out. Or, of course, a tanking stock market that could ruin consumer confidence.

Dirty Airline Merger

20130313-100112.jpg

In the days surrounding the announcement of a proposed merger with American Airlines last month, US Airways hired two additional lobbying firms in Washington to advocate on issues related to the merger. US Airways tapped Chesapeake Enterprises on Feb. 13 — the day before announcing the $11 billion merger that would create the world’s largest airline — to lobby on House and Senate hearings and merger activities.

Two days later, the airline retained the Gibson Group on issues relating to the proposed merger. Handling the accounts are lobbyist Scott Reed, chairman of Chesapeake Enterprises and a former campaign manager for Bob Dole’s 1996 presidential run, and Joseph Gibson, formerly counsel for legislative affairs in the antitrust division of the Justice Department and chief antitrust counsel for
the House Judiciary Committee. The merger will ultimately need approval from antitrust regulators and the bankruptcy judge overseeing Chapter 11 proceedings for American Airlines’ parent company AMR Corp. While Congress has no formal role in the Justice Department’s merger review process, the hearings are a public forum for lawmakers to air potential concerns over the merger’s impacts on consumers. The additional lobbying manpower adds to US Airways’ existing efforts to influence lawmakers in Washington.

In 2012, the airline spent $2.8 million on federal lobbying and paid five outside firms: Podesta Group, Vandor Strategies, Cormac Group, Mercury Strategies and Ogilvy Government Relations. US Airways declined to comment.

MDC says, an acquaintance of ours is a lobbyist. He says, “my old career wasn’t a very nice thing. It was about making people with huge advantages in the market have more advantages or keep the ones that they had.”

Source : Washingtonpost

ANTI ANONYMITY BILL

 

MDC informs on anonymity because it is a double-edged sword. The New York Senate bill seeks to end anonymous internet posting.

On the other hand, 12-year-olds who post anonymously on the internet can be rather unpleasant and cause real problems by cyberbullying. Whether you think the good outweighs the bad, this news is troubling indeed: A far-reaching bill introduced in the New York State Senate could end the practice of posting online once and for all.

Introduced by New York State Sen. Thomas F. O’Mara (R—Big Flats), S6779 would require that any anonymous post online is subject to removal if the poster refuses to post — and verify — their legal name, their IP address, and their home address.

In effect, the bill is an online stalker’s dream. Of course, the most likely result of the bill’s passage would just be the full-scale elimination of all comment systems everywhere, because the system is an unworkable burden on both the poster and the “web site administrators” who would need to respond to ludicrous take down requests at all times of the day.

MDC says, remember if the bill passes, get ready to hand over your full name and home address.