Tag Archives: Tax Cuts

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Trump makes his case to black voters in opinion-editorial that appeared EVERYWHERE

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Trump had 4 years to build a record of achievements for blacks
Trump had 4 years to build a record of achievements for blacks

In this post, I want to hit the high points of the case for Trump as president for black voters. Black voters are incredibly important in this election, because we’ve lost a lot of white voters who are focused on abortion, gay marriage, illegal immigration, etc. Things that Trump can’t compete on. So let’s see some of the reasons why a black voter might pull the lever for Donald Trump.

I found Trump’s final address to black voters posted on the Dallas Weekly web site. I thought some of his points were interesting. Clearly, he thinks that he has done some things that out to get thoughtful blacks to give him another look.

As your President, I’ve done more for the Black community than Democrats like Joe Biden have done in 47 years, and we are going to do so much more. As part of our efforts, we’ve unveiled my second term agenda called the “Platinum Plan” for Black Economic Empowerment, to ensure even more Black Americans have the opportunity to succeed over the next four years.

The plan is built around the pillars of opportunity, security, prosperity and fairness. I’ve committed to adding 3 million new jobs for the Black community, creating 500,000 new Black-owned businesses and increasing access to capital in Black communities by almost $500 Billion to create an era of new prosperity and to finally close the wealth gap.

We are increasing access to capital and economic empowerment for the Black community as a way to build Black generational wealth.

[…]The unemployment and poverty rates for Black Americans hit record lows just before we were attacked by the China Virus. Wages are now growing faster than they have in over a decade, especially for blue-collar workers.

My Administration is fighting to stop illegal immigration, which hurts Black communities, protect school choice, giving parents more options to access better schools for their children, create new and high-paying jobs, and increase investment in low-income areas — these initiatives create unprecedented opportunities for long-forgotten communities across the country.

I was also honored to work with U.S. Senator Tim Scott to create the Opportunity Zones program established through the Tax Cuts and Jobs Act, which has already attracted $75 billion in new private investments and created 500,000 new jobs in struggling, underserved communities.

When it comes to Historically Black Colleges and Universities (HBCUs), it was my honor to be the first sitting President to invite all HBCU leaders to the White House, address the HBCU Week Conference and permanently fund these important schools through the FUTURE Act.

I am proud that we also passed landmark criminal justice reform to undo the damage of mass incarceration. This is helping people, who in many cases have served harsh sentences for non-violent crimes, to have a second chance at their American Dream. This is widely viewed as one of the greatest bipartisan victories in a long time, and a testament to what we can achieve together.

When there was increased violence and deaths in Democrat-controlled cities, we started Operation Legend, after young LeGend Taliferro and we are seeing results. When lawless criminals kept looting, burning and destroying Black businesses and communities, I said we needed peace, law and order in these same cities to keep communities, and families safe.

In Black communities across the nation, there’s been a reckoning to the reality that the Democrats have failed them for generations. D.C. Democrats are happy to leave urban communities mired with failing schools, no jobs and lost hope while wasting time and taxpayer money on baseless and partisan politics.

The truth is this: Democrats despise my America First agenda because it broke up their taxpayer-funded gravy train that enriched their friends and families, shipped jobs overseas, supported illegal immigrants and continued endless wars while leaving Black American families high and dry.

I will continue to work with any and all Americans who want to Make America Great Again by bringing back American jobs, improving our schools, building safer and more prosperous communities and reuniting families through meaningful justice reforms.

When I promised to stand for the forgotten men and women of this country—whether they live in Chicago or Charlotte, Detroit or Dubuque, or if they are black or white—I meant it. And that’s exactly what I’ve done.

In 2016, Trump got 8% of the black vote and 28% of the Hispanic vote. He needs to double those numbers in 2020, in order to guarantee a win over Biden.

The far-left The Hill reported on the polls:

Rasmussen’s most recent “National Daily Black Likely Voter” poll, which closed on Oct. 29, showed 31 percent of likely Black voters opting for Trump/Pence.

[…]And it’s not just Black men, NPR reports, “Many Latino men are supporting President Trump this election.” The story cites a recent New York Times/Siena College poll that shows that while Biden has a big lead among Hispanic women, he leads Trump by only eight points among Hispanic men.

I think this is interesting, because many white conservatives, including my neighbors and co-workers, look at my skin and think that they know how I will vote. They also think that I’m liberal about abortion, gay rights, gay marriage, religious liberty, divorce, etc. I don’t want them to think they know me because of my skin color.

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Wages of low-income workers have risen faster than middle and high income workers

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In Trump's America, low-wage workers see the highest wage increases
In Trump’s America, low-wage workers see the highest wage increases

By now, everyone has heard about how the unemployment rate is at a record low. Not only that, but the unemployment rates for women, blacks and hispanics are also at record lows. But did you know that wages have been increasing at the highest rate for low-income workers? That’s right. It’s low-wage workers who are seeing their incomes go up the most.

Here’s an analysis done by an economist at Indeed.com, one of the largest online job boards:

The US economy added 130,000 jobs in August, and the unemployment rate was flat at 3.7%.

After this report, we can all take a breath, but not a big one. While we are still seeing many of the disconcerting trends of the past few months, the labor market continues to grow at a healthy rate.

Before assuming that the total job growth number in August is skewed because of Census hiring, remember that these are real jobs taken by real workers. Even if you remove government hiring, which accounts for around 34,000 jobs, this is still a number that is high enough to keep up with population growth. This month’s report reflects a slowing labor market but not necessarily one heading straight for a recession.

Wage growth strongest for low-wage industries

At this point in the expansion, we’d expect wage growth to pick up, but it is continuing to stall. In fact, wage growth continues to be strongest for workers in lower-wage industries. Labor force participation grew in the month, signaling a labor market still drawing workers off the sidelines. Job seekers are still benefiting from this job market, but let’s not count on this lasting forever.

That analysis was done in August of this year, and as you may have heard, the numbers since then have been even better.

CNBC explained:

The jobs market turned in a stellar performance in November, with nonfarm payrolls surging by 266,000 and the unemployment rate falling to 3.5%, according to Labor Department numbers released Friday.

Those totals easily beat the Wall Street consensus. Economists surveyed by Dow Jones had been looking for solid job growth of 187,000 and saw the unemployment rate holding steady from October’s 3.6%.

[…]In addition to the robust November gains, revisions brought up totals from the two previous months. September’s estimate went up 13,000 to 193,000 and the initial October count increased by 28,000 to 156,000. Those changes added 41,000 to the previous tallies and brought the 2019 monthly average to 180,000, compared with 223,000 in 2018.

So my point here is simple. Democrats are mad because they lost the election, and they really aren’t interested in whether president Trump is doing a good job or a bad job. The thing is, president Trump is doing a terrific job if all you care about is numbers. I understand that Democrats love their New York infanticide, their Seattle mayor pedophilia, their Democrat FBI agent adultery, their black face Virginia governor, their Clinton-funded Steele dossier, etc. But for the rest of us who just want to have a job, keep what we earn, and spend it how we want, this has been a great presidency.

It’s not just low unemployment and increased wages. Conservatives are happy about a never-ending stream of conservative judges filling up vacancies on federal courts.

Far-left Politico is not too happy about this:

The Senate confirmation of Lawrence VanDyke and Patrick Bumatay to the 9th U.S. Circuit Court of Appeals this month brought to nine the number of appointments President Donald Trump has made to the 29-member bench that serves as the last stop for nearly all legal complaints lodged in nine Western states. Democratic-appointed judges now hold a three-seat majority, compared with 11 at the start of Trump’s presidency.

If the trend continues, it represents a major shift in the liberal wing of the judiciary, meaning lawsuits for progressive causes won’t find a friendly ear as easily as they have. The circuit has been the go-to venue for activist state attorneys eager to freeze Trump policies on health care, immigration and other social issues. It ruled against Trump’s weakening of Obamacare’s contraceptive mandate, as well as multiple versions of his travel ban.

It’s now weighing the administration’s overhaul of the federal family planning program, the “public charge” rule that denies green cards for individuals who participate in programs like Medicaid — and it could take up the “conscience rule” allowing health providers to opt out of providing care on religious or moral grounds.

[…]The 9th Circuit isn’t the only court whose makeup has changed through Trump’s conservative nominees and McConnell’s singular focus on confirming judges. The 1st Circuit in Boston and 3rd Circuit in Philadelphia now have Republican-appointed majorities.

[…]A 9th Circuit panel of four Democratic appointees and seven Republican appointees in July allowed the administration’s overhaul of the Title X federal family planning program to take effect. The policy bars clinics that provide or refer patients for abortions from receiving program funds for reproductive health services like STD screenings and contraception and prompted Planned Parenthood to quit over the change. Another 9th Circuit panel this year ruled in favor of letting Trump’s Justice Department distribute grants to cities that use the money to crack down on illegal immigration.

[…]The Trump administration will likely seek a reversal of two separate lower court injunctions against the health provider conscience rule and has been asked by DOJ to freeze a recent nationwide hold on Trump’s order to deny legal immigrants entry to the U.S. if they can’t cover their health care costs.

If you have some time, and you want to really understand why the Democrats are so angry, I really recommend this recent show featuring Andrew Klavan:

And I also wanted to reflect on what the booming Trump economy has meant to me personally. I made more money from my mutual funds this year than I earned as a senior software engineer! I understand that “orange man bad” and “impeach the m*th*rf#$%&r. But I cannot deny that I am doing well financially, and it’s very clear from economists that this is directly the result of massive tax cuts, deregulation, and smart trade policies.

Politics isn’t about how you feel, and how you look to your friends. It’s more important than that. We need to have policies that solve problems for people who are struggling to get their American dream. Donald Trump has delivered those policies, and the results are not subject to debate. We have the numbers, and the numbers are very, very good.

News

What will the Republican and Democrat plans for the economy mean for you?

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Pretty soon, our mandatory expenses will consume all of our tax revenues
Pretty soon, our mandatory expenses will consume all of our tax revenues

I found two very good articles about the Republican and Democrat plans for taxing and spending. On the one hand, there’s an article about the effects of the Trump tax cuts, posted at the Washington Times. On the other hand, there’s an article posted at the radically leftist Vox, about the cost of Democrat party spending plans. I wonder which one is better for you and your family?

First, let’s look at the effects of the Trump tax cuts:

Almost immediately, numerous employers — including Boeing, AT&T, FedEx, CVS, and others — began offering bonuses to their employees. Nearly 200 companies, including Walmart, announced wage hikes due to the 2017 tax cut. Still others enjoyed higher contributions to their retirement plans.

The benefits soon went beyond that, however. The tax cut contributed to the strong economy we’ve been enjoying, leading many businesses to hire more and more workers. The United States added more than 2.6 million new jobs in the year following the passage of the tax cut — nearly a 25 percent increase from the previous year.

Unemployment is way down, with jobless claims at their lowest since 1969, thanks in large part to the tax cut.

[…]The Heritage Foundation used IRS data to produce a special report last year that shows how widespread the tax benefits truly are.

They found that in 2018 taxpayers would save an average of $1,400. Even better, married couples with two children would save more than twice that: $2,917.

So, that sounds pretty good if you’re a taxpayer. You got to keep more of the money you earned, and spend it on the things you wanted for yourself and your loved ones. If that money had gone to government, then government employees would have taken half for their own salaries and benefits, and then the rest might have been spent in a wasteful way by someone who never earned it.

By the way, you might think that taking less money from the people who earn it would cause tax revenues to go down. But that’s not the case. Whenever you allow job creators and workers to keep more of what they earn, they work harder and take more risks developing better products and services. This naturally results in more revenue to the government from increased economic activity. In Feburary of 2018, after the tax cuts were in effect a whole year, federal revenues were $1.4 billion HIGHER than the previous year.

But let’s see what the Democrats can do for the taxpayer, by looking at this article in the far-left Vox.

It says:

Sanders has proposed a Social Security expansion, including higher cost-of-living adjustments and higher minimum benefit levels, that the liberal Tax Policy Center estimates will cost $188 billion over the next decade.

The Tax Policy Center also scores the Sanders “free college” proposal at $807 billion over the next decade. (Note that free college benefits students from wealthy families and those whose tuition is currently affordable.)

Next, the center estimates that Sanders’s proposal of up to 12 weeks of paid family leave for new parents and for people with serious health conditions would cost another $270 billion.

Those costs, however, pale beside the cost of replacing private insurance, including copayments, with a Medicare-for-all plan. The liberal Urban Institute estimates that Sanders’s single-payer health plan would add $32 trillion in federal costs over the decade.

[…]Ocasio-Cortez and Senate Democrats also want to guarantee a job for anyone who wants one, at $15 per hour plus benefits. The liberal Center on Budget and Policy Priorities, commissioned a report by outside scholars Darrick Hamilton, William Darity, and Mark Paul that estimates the cost of a more modest proposal along these lines (with a lower wage, for example). It suggested the cost would be $56,000 apiece for 9.7 million enrollees, for a total of $6.8 trillion over the next decade.

[…]Finally, Senate Democrats have promised $1 trillion for new infrastructure, and House Democrats are rallying around legislation to pay off all $1.4 trillion in student loan debt — both of which the far left generally supports. I will exclude vague promises such as universal pre-K and expanded special education funding.

Total cost: $42.5 trillion in new proposals over the next decade, on top of the $12.4 trillion baseline deficit.

OK, that does sound like a lot of money, but the rich are just sitting on trillions and trillions of dollars that they aren’t even using, right? So the total cost of all this spending is only $42.5 trillion of new spending and $12.4 trillion of existing spending, for  a total of about $55 trillion dollars over the next 10 years. I’m sure that if we just raised taxes by 5% on the rich, we could easily raise 10 times that amount, right?

Not quite.

In 2011, the Tax Foundation explained that even if you taxed ALL THE INCOME from all the people who make $200,000 or more, you would only raise $1.53 trillion dollars:

So taking half of the yearly income from every person making between one and ten million dollars would only decrease the nation’s debt by 1%. Even taking every last penny from every individual making more than $10 million per year would only reduce the nation’s deficit by 12 percent and the debt by 2 percent. There’s simply not enough wealth in the community of the rich to erase this country’s problems by waving some magic tax wand.

Finally, to put everything in perspective, think about what would need to be done to erase the federal deficit this year: After everyone making more than $200,000/year has paid taxes, the IRS would need to take every single penny of disposable income they have left. Such an act would raise approximately $1.53 trillion. It may be economically ruinous, but at least this proposal would actually solve the problem.

Now, if I were a rich person making over $200,000 a year, and someone came along and told me they would take all of it, I would not continue to work. And I doubt they would either. But taking all this money from “the rich” would just barely cover the BASELINE deficit of $12.4 trillion over the next 10 years. It would not cover the new $42.5 trillion of Democrat spending plans.

Think about that. What that means is that can’t pay for their spending even if they take every penny from “the rich”. Do you know what that means? It means they’re going to have to take money from YOU, the ordinary middle class American taxpayer. Something to keep in mind.