Trump III - the daily log

[JoeKitchen]

Mother Jones is an ultra-left magazine.

Ahhhh, I was thinking of Alex Jones.  Google search "crazy ultra right conspriecy theorist" and he is the first to come up. 

In all honesty, I kind of put both Jones on the same level of craziness though. 

[Alan Klein]

I don't support subsidies but do support a carbon tax (which is not a tax preference).

You supported Obama's environmental policies which included subsidies for solar and wind.  You never complained about Obama's subsidies when he instituted them.  Now suddenly you're opposed to subsidies. Would you approve subsidies on wind and solar oif congress wanted to do these?

[Alan Goldhammer]

You supported Obama's environmental policies which included subsidies for solar and wind.  You never complained about Obama's subsidies when he instituted them.  Now suddenly you're opposed to subsidies. Would you approve subsidies on wind and solar oif congress wanted to do these?

Let me try to make things as clear as possible; I never supported policies that included subsidies for solar and wind power.  What elected officials do is what they do and I have little power at all over them other than my solitary vote and/or a withholding of any minor campaign contribution that I might make.  Because of my anger at the DNC, I have not sent them a single contribution in the last four years.  I do send a modest amount of money to my congressman and two senators for their election campaigns (all of whom are Democrats and ones that I support electorally) .

I am against all agricultural subsidies and marketing orders.  I am against tax preferences and loopholes of all kinds.  I am against all of the common deductions that I, as a taxpayer, take advantage of.  I am for some form of universal health coverage and don't care if it is single payer, a voucher system, or some combination of the two.  I support a VAT in return for lower marginal tax rates.  I think this covers it all and if I have forgotten anything let me know and I can amend this.  You no longer have to read my mind about what I am for or against in terms of health care and tax policy.  Oh yes, I am a total libertarian on social issues.

[Alan Klein]

Let me try to make things as clear as possible; I never supported policies that included subsidies for solar and wind power.  What elected officials do is what they do and I have little power at all over them other than my solitary vote and/or a withholding of any minor campaign contribution that I might make.  Because of my anger at the DNC, I have not sent them a single contribution in the last four years.  I do send a modest amount of money to my congressman and two senators for their election campaigns (all of whom are Democrats and ones that I support electorally) .

I am against all agricultural subsidies and marketing orders.  I am against tax preferences and loopholes of all kinds.  I am against all of the common deductions that I, as a taxpayer, take advantage of.  I am for some form of universal health coverage and don't care if it is single payer, a voucher system, or some combination of the two.  I support a VAT in return for lower marginal tax rates.  I think this covers it all and if I have forgotten anything let me know and I can amend this.  You no longer have to read my mind about what I am for or against in terms of health care and tax policy.  Oh yes, I am a total libertarian on social issues.

Am glad you clarified your beliefs.  Thanks.

Curious about the VAT.  That would penalize lower income people and benefit higher income people like yourself who will pay lower marginal income taxes.  That kind of contradicts your other position that you're against common deductions. 

By the way.  I'm against the VAT.  It's just another way of taxing us.  The argument that they will lower income tax rates if they institute a VAT is
 not believably.  It will wind up that we'll have both as the Congress does not have the courage to balance the budget.

[Alan Goldhammer]

Curious about the VAT.  That would penalize lower income people and benefit higher income people like yourself who will pay lower marginal income taxes.  That kind of contradicts your other position that you're against common deductions. 

By the way.  I'm against the VAT.  It's just another way of taxing us.  The argument that they will lower income tax rates if they institute a VAT is
 not believably.  It will wind up that we'll have both as the Congress does not have the courage to balance the budget.

I expect groceries and personal care items would be exempt from a VAT; they are in UK I believe (don't know about some of the other EU countries).  VATs are the easiest tax to collect as it's charged all through the manufacturing chain.  Also, big spenders will pay far more VAT than those who are thrifty.  The issue of low income people can be addressed either through an EITC as is done now or zero marginal rates on personal income up to some threshold because the VAT now substitutes for some part of the personal income tax.  In addition, the elimination of all deductions makes filing taxes a five minute task each April.

[Alan Goldhammer]

OK, here is one for the ages, a Tweet from the President,

"I’m very concerned that Russia will be fighting very hard to have an impact on the upcoming Election. Based on the fact that no President has been tougher on Russia than me, they will be pushing very hard for the Democrats. They definitely don’t want Trump!"

Better increase FBI and CIA surveillance of the Democrats running for Congress!!!!!!  They may be foreign agents.

[Alan Klein]

I expect groceries and personal care items would be exempt from a VAT; they are in UK I believe (don't know about some of the other EU countries).  VATs are the easiest tax to collect as it's charged all through the manufacturing chain.  Also, big spenders will pay far more VAT than those who are thrifty.  The issue of low income people can be addressed either through an EITC as is done now or zero marginal rates on personal income up to some threshold because the VAT now substitutes for some part of the personal income tax.  In addition, the elimination of all deductions makes filing taxes a five minute task each April.

VATs are huge and a sneaky sales tax to boot.  They're hidden from the buyer except possibly for the final sales.  The taxes applied earlier are not seen in the cost.  Sales tax is exposed at the time of purchase.  Congress will continually raising VAT tax percents to cover their failure to balance the budget. They won't have to explain it to the public because it can't be seen.   It  will destroy the dollar as the Fed will print more to cover Congress's profligacy and put America in a debt that will make the current debt a joke. 

[Slobodan Blagojevic]

... Better increase FBI and CIA surveillance of the Democrats running for Congress!!!!!!  They may be foreign agents.

Of course. Hillary was already photographed shaking hands with a known Russian agent:

[Alan Goldhammer]

VATs are huge and a sneaky sales tax to boot.  They're hidden from the buyer except possibly for the final sales.  The taxes applied earlier are not seen in the cost.  Sales tax is exposed at the time of purchase.  Congress will continually raising VAT tax percents to cover their failure to balance the budget. They won't have to explain it to the public because it can't be seen.   It  will destroy the dollar as the Fed will print more to cover Congress's profligacy and put America in a debt that will make the current debt a joke.

You are missing a key point.  It is actually a more efficient and transparent way to collect taxes.  Under the proposal I like, the corporate tax would be eliminated, yes moved to Zero.  It doesn't collect as much in revenue as it once did and is riddled with loopholes and of course all big corporations have legions of tax attorneys who work long and hard to minimize the amount companies pay.  All of this is covered in an easy to read book by former national correspondent from the Washington Post, T.R. Reid, "A Fine Mess: A Global Quest for a Simpler, Fairer, and More Efficient Tax System."  He wrote a nice Op-Ed in the Post last fall while the tax reform bill was being debated.  Here is a quote from Alan Murray's review of the book regarding the VAT,

"Reid also devotes a chapter to the value-added tax, which he calls “the most successful taxation innovation of the last sixty years.” The value-added tax is a levy on consumption, not income, which means it maintains incentives to work and invest. And because it is charged at each stage of distribution, it turns out to be relatively easy to enforce. Buyers get to deduct taxes already paid, giving them an incentive to ensure that sellers actually pay the tax. Reid quotes former Federal Reserve chairman Alan Greenspan saying a VAT is the “least worst” way to raise taxes. “It has been adopted in every major nation on earth and in most small nations as well,” he says. "

This is a very good book to read on tax policy and you can get through it in about a half a day.

[RSL]

Sorry, but that's total nonsense. It just puts the real cost where it is created.

It might be useful if you first learn a bit more about what a Carbon tax is and how it can be applied together with a dividend?
https://www.youtube.com/watch?v=ta2Wvy9F_gA

Cheers,
Bart

Well, YouTube or not, there's any number of possible carbon taxes, Bart. What a carbon tax is, is what the imposers of a carbon tax say it is. It's still a subsidy for wind and solar.

[James Clark]

Of course. Hillary was already photographed shaking hands with a known Russian agent:

Funny because it's true.   

[Alan Klein]

You are missing a key point.  It is actually a more efficient and transparent way to collect taxes.  Under the proposal I like, the corporate tax would be eliminated, yes moved to Zero.  It doesn't collect as much in revenue as it once did and is riddled with loopholes and of course all big corporations have legions of tax attorneys who work long and hard to minimize the amount companies pay.  All of this is covered in an easy to read book by former national correspondent from the Washington Post, T.R. Reid, "A Fine Mess: A Global Quest for a Simpler, Fairer, and More Efficient Tax System."  He wrote a nice Op-Ed in the Post last fall while the tax reform bill was being debated.  Here is a quote from Alan Murray's review of the book regarding the VAT,

"Reid also devotes a chapter to the value-added tax, which he calls “the most successful taxation innovation of the last sixty years.” The value-added tax is a levy on consumption, not income, which means it maintains incentives to work and invest. And because it is charged at each stage of distribution, it turns out to be relatively easy to enforce. Buyers get to deduct taxes already paid, giving them an incentive to ensure that sellers actually pay the tax. Reid quotes former Federal Reserve chairman Alan Greenspan saying a VAT is the “least worst” way to raise taxes. “It has been adopted in every major nation on earth and in most small nations as well,” he says. "

This is a very good book to read on tax policy and you can get through it in about a half a day.

I disagree.  Any new tax will become another burden.  It may start out to be only the VAT.  But before you know it Congress will bring back the original income tax saying that them rich guys are still getting away with murder.  So then we'll have both.  Fortunately, the tax bill has passed and hopefully it won't be revisited for another 28 years. 

Here's a chart of EU nations showing how they pay VAT, Income tax and corporate taxes.  I think there's also a value added tax like a sales tax.  Do you really want all these taxes for America?  Check Greece's?  No wonder they all cheat on their taxes and don;t report income.
https://en.wikipedia.org/wiki/Tax_rates_in_Europe

[Alan Klein]

Of course. Hillary was already photographed shaking hands with a known Russian agent:

So did Trump shake hands with a known Russian agent.  Hillary conspired with Russian KGB to produce the Trump dossier.

[jeremyrh]

Here's a chart of EU nations showing how they pay VAT, Income tax and corporate taxes.  I think there's also a value added tax like a sales tax.  Do you really want all these taxes for America?  Check Greece's?  No wonder they all cheat on their taxes and don;t report income.
https://en.wikipedia.org/wiki/Tax_rates_in_Europe

From a quick glance the lowest tax rates seem to be in Belarus and Montenegro. Is that your role model? I've never been to either of those places but I suspect I'd prefer to live in France or Norway.

[Alan Goldhammer]

I disagree.  Any new tax will become another burden.  It may start out to be only the VAT.  But before you know it Congress will bring back the original income tax saying that them rich guys are still getting away with murder.  So then we'll have both.  Fortunately, the tax bill has passed and hopefully it won't be revisited for another 28 years. 

Here's a chart of EU nations showing how they pay VAT, Income tax and corporate taxes.  I think there's also a value added tax like a sales tax.  Do you really want all these taxes for America?  Check Greece's?  No wonder they all cheat on their taxes and don;t report income.
https://en.wikipedia.org/wiki/Tax_rates_in_Europe

Alan, please read TR Reid's book and then get back to me.  You are not understanding my argument on tax simplification.  Here are the three salient points:

1.  Eliminate the corporate income tax completely (this addresses all the loophole issues and eliminates the need for corporate tax lawyers and departments)
2.  Simplify the personal income tax by eliminating all deductions accompanied by some level that triggers payment of the tax (maybe $40K per family which is just a guess)
3.  Institute a national VAT

In some European countries, the government has all the income information and all one needs to do at tax filing time is check to make sure the numbers are correct.  In the US, the IRS has information for most people other than those who are self-employed.  Certainly in my case they have all the social security, pension, and investment income on file and there is no reason for me to spend all that time with Turbo Tax each year when I could just go on line make sure the numbers were correct and file my taxes with a single mouse click.

Regarding tax cheating in Greece, don't you think the same thing goes on here in the US?  Congress cuts the budget of the IRS so much that they don't have the personnel to go after the cheats.  This is harmful to the country as there is revenue that goes uncollected.  Honest taxpayers should be upset about this.

[Alan Klein]

Alan, please read TR Reid's book and then get back to me.  You are not understanding my argument on tax simplification.  Here are the three salient points:

1.  Eliminate the corporate income tax completely (this addresses all the loophole issues and eliminates the need for corporate tax lawyers and departments)
2.  Simplify the personal income tax by eliminating all deductions accompanied by some level that triggers payment of the tax (maybe $40K per family which is just a guess)
3.  Institute a national VAT

In some European countries, the government has all the income information and all one needs to do at tax filing time is check to make sure the numbers are correct.  In the US, the IRS has information for most people other than those who are self-employed.  Certainly in my case they have all the social security, pension, and investment income on file and there is no reason for me to spend all that time with Turbo Tax each year when I could just go on line make sure the numbers were correct and file my taxes with a single mouse click.

Regarding tax cheating in Greece, don't you think the same thing goes on here in the US?  Congress cuts the budget of the IRS so much that they don't have the personnel to go after the cheats.  This is harmful to the country as there is revenue that goes uncollected.  Honest taxpayers should be upset about this.

I'd rather drink cyanide then read a book on VAT taxes.  However, your summary is just fine.  I happen to agree with his three point formula to a degree.  But the problem is, Congress will never get rid of all corporate taxes.  The left will say it's a gift to the rich.  I think lowering the corporate taxes as they were in the current tax law is about all you could get.  I still think the VAT  will just be another tax.  Please look at the EU chart on VAT taxes I posted.  You'll see that all European countries also have heavy income taxes on top of the VAT taxes.  That's what would happen here as well.  That's why I'm opposed to a VAT tax. 

I agree the IRS should get the funding to collect from tax cheats.  I pay my taxes so I expect everyone else to pay theirs.  My friend is a retired IRS agent.  He got a terrific pension.  He and his wife, a retired teacher with a great pension too, are now traveling in Europe, England, France, etc on a cruise for 16 days.  Must be nice to be an IRS agent.

[Slobodan Blagojevic]

... Eliminate the corporate income tax completely (this addresses all the loophole issues and eliminates the need for corporate tax lawyers and departments)...

Why?

A big corporation I used to work for until recently does pay millions in taxes every year. Corporate lawyers and tax dept. are corporate expenses, not taxpayers'.

[Alan Goldhammer]

Why?

A big corporation I used to work for until recently does pay millions in taxes every year. Corporate lawyers and tax dept. are corporate expenses, not taxpayers'.

Tax receipts from corporations as a % of the total amount coming from all other sources has been shrinking over the years.  T.R. Reid, the author of the book I referenced, had this Op-Ed in the WaPo late last year.  Apologies if you cannot access it but here is the relevant quote,

"The time has come to kill the corporate income tax once and for all because that tax simply doesn't work any more. It used to bring in about 30 percent of federal revenue. Today, even with record corporate profits, it amounts to barely 9 percent of total tax payments.

That's because corporations spend hundreds of millions devising ways to avoid the income tax. If we eliminate the tax, the firms could spend that money for capital investment and job creation. And the thousands of Internal Revenue Service employees now assigned to collect corporate taxes could focus instead on catching upper-bracket evaders of the personal income tax.

In any case, the Republican plan for a corporate tax rate of 20 percent won't stop corporations from shifting profits overseas. Many countries have tax rates lower than 20 percent, including such desirable venues as Ireland (12.5 percent), Canada (15 percent) and Germany (15 percent). Bermuda has a corporate rate of zero, which perhaps explains the existence of a subsidiary called Google Bermuda Unlimited.

Beyond that, nations will cut special deals to lure corporate money from the United States. When Caterpillar, the maker of those iconic yellow earthmovers, shifted the profits from its spare-parts business to Switzerland, the Swiss agreed to a tax rate of around 6 percent, according to the Senate Permanent Subcommittee on Investigations. Would a U.S. rate of 20 percent induce Caterpillar to bring that business home?"


When I read his book I found this to be a compelling argument.

[Peter McLennan]

Morals


Are you as moral as you think you are?

This test only has one question, but it's a very important one.

By giving an honest answer, you will discover where you stand morally.

The test features an unlikely, completely fictional situation in which you will have to make a decision.

Only you will know the results, so remember that your answer needs to be honest.

THE SITUATION:

You are in Florida, Miami to be specific.

There is chaos all around you, caused by a hurricane with severe flooding. This is a flood of biblical proportions.

You are a photojournalist working for a major newspaper, and you're caught in the middle of this epic disaster.

The situation is nearly hopeless.

You're trying to shoot career-making photos.

There are houses and people swirling around you, some disappearing under the water.

THE TEST:

Suddenly you see a man in the water.

He is fighting for his life, trying not to be taken down with the debris.

You move closer.

Somehow the man looks familiar.

You suddenly realize who it is.

It's Donald Trump!

At the same time you notice that the raging waters are about to take him under forever.

YOU HAVE TWO OPTIONS:

You can save the life of Donald Trump or you can shoot a dramatic Pulitzer Prize winning photo.

THE QUESTION:

Here's the question, and please give an honest answer.

Would you select high ISO to freeze the swirling water and ensure a sharp image with a high shutter speed?  Or would you use a low ISO and a slow shutter speed to blur the water and add to the drama?"

[Slobodan Blagojevic]

Taking a selfie, while holding Trump's (small) hand, saving him, would kill two birds with one stone (pardon the metaphor)