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Trump’s Tax Plan: A Rude Awakening for America’s Middle Class

The United States Treasury Secretary Steven Mnuchin and National Economic Council director Gary Cohn announced President Trump’s latest tax plan that proposes to cut corporate taxes and lower personal tax rates. – You can see more at: http://www.financialsamurai.com/the-best-things-about-the-trump-tax-plan-earning-business-income/#sthash.3El0Ixw0.dpu.

Trump’s tax plan will mean more taxes for some filers and less taxes for others. Here’s how you can expect to fare if Trump is able to get his tax plan through Congress in its current form.

If you’re in the middle class

If you are one of the millions of middle-class Americans, your tax bill could either rise or fall depending upon your circumstances. Trump’s plan would eliminate the “head of household” filing status and raise the standard deduction to $15,000 for single filers and $30,000 for married couples filing jointly. But he will also scrap personal exemptions and put a cap, albeit a large one, on itemized deductions. Trump’s plan will reduce the number of tax brackets from seven to three, and most Americans will fall into one of the lower two brackets.

The breakdown of Trump’s proposed tax brackets under the most recent version of his tax plan:

What’s even more amazing is that the vast majority of Americans save LESS than their effective tax rate! Can you imagine being taxed at a 20% effective rate when you can only save 6% of your after tax income? No wonder why so many people can’t escape the Matrix. There are government officials who are laughing behind closed doors at the masses for saving so little and paying so much to the government. – See more at: http://www.financialsamurai.com/the-best-things-about-the-trump-tax-plan-earning-business-income/#sthash.3El0Ixw0.dpuf.

However, if you currently file as head of household, then you may end up paying more in tax than you do now, as the $15,000 standard deduction for single filers under Trump’s plan may be less than the combination of your current standard deduction and the personal exemptions you can claim. Under the current tax structure, a single parent with one child who files as head of household can earn $17,400 without owing any tax, while a couple with three children can earn up to $32,850. Both single- and dual-parent households with at least two or three children will therefore suffer under Trump’s new tax plan, as the new standard deduction does not take into account the number of dependents in the household, which means that families with several children will end up receiving a smaller deduction and thus pay more in taxes.

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Trump’s Home State

The state and local tax deduction is just one of the proposals that could provoke a titanic fight among Republicans as the White House tries to get its plan off the ground. The broader GOP fight is likely to focus on cost and how to pay for the individual and corporate tax cuts, if at all. There are 28 House Republicans from New York, New Jersey and California — more than GOP leaders can afford to lose on a tax bill without Democratic votes.

Ditching the deduction would raise federal tax revenue by $1.3 trillion over 10 years, according to the Tax Policy Center, which found that 90 percent of that increase would be paid by taxpayers who earn $100,000 or more. Dropping it from the bill would make it even more difficult to ensure that tax reform is revenue neutral, or doesn’t add to the deficit. Revenue neutrality is needed to make a tax overhaul permanent under budget reconciliation rules in the Senate.

Republicans from Trump’s home state of New York also said they want to keep it.

“I’m going to stand up for New York,” said Representative Chris Collins, who represents a district in western New York. “I do oppose” ending it, Collins said, but added that he’s going to weigh it along with Trump’s other proposal to double the standard deduction.

The tax plan on Wednesday also called for doubling the standard deduction, which would help lower- and middle-class taxpayers.

‘Open Mind’

The proposal to eliminate the state and local deduction represents a rare case in which conservative activists actually back a federal tax increase. The anti-tax activist Grover Norquist has argued that it effectively subsidizes — and therefore encourages — tax hikes on the state level, and that unwinding it would ratchet back that incentive.

Eliminating the state and local tax deduction will help to level the playing field and prevent some states from subsidizing others, according to an administration official who briefed reporters Thursday on the condition of anonymity to discuss White House strategy.

“It’s something I’m obviously very sensitive to coming from a high tax state,” said Representative Tom Reed, who represents upstate New York. “People have made it very clear to me, from New York that the property tax burden is huge and this is something that’s very important to them.”

Still, he said, “I’m keeping an open mind as we go through tax reform.”

Middle Class

New Yorkers claimed $68 billion in itemized deductions for state and local taxes in 2014, according to an analysis by the conservative Empire Center for Public Policy. The average deduction in New York for state and local taxes was $21,038 that year.

Senate Democratic Leader Chuck Schumer of New York singled out the proposal to eliminate the state and local tax deduction on Thursday when he attacked Trump’s blueprint as “a direct assault on the middle class.”

“It would mean an increase in taxes for middle class families,” Schumer said.

Asked Thursday about Trump’s plan to scrap the state and local tax deduction, House Ways and Means tax subcommittee chairman Peter Roskam, an Illinois Republican, made no promises.

“We’re going to look at all that,” he said.

Original Article from http://www.financialsamurai.com http://www.bloomberg.com and http://www.fool.com.

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Donald Trump Limited Edition Inauguration Coin Liberals NEVER Thought They’d See; Petition To Ban Trump

 

Trump Limited-Edition Inauguration Coins Minted in the USA. Available for 4 Days Only!

President-elect Donald Trump “Inauguration Commemorative Coin” has been released for people to buy.

The inauguration of Donald Trump as the 45th President of the United States will be held on Friday, January 20, 2017, on the West Front of the United States Capitol Building in Washington, D.C

To celebrate this important date in American history the coin was designed by Gilroy Roberts & Frank Gasparro and was minted to be sold in limited-edition celebratory coins, all the coins are made in the USA.

“This limited edition collector’s item was made to commemorate the inauguration of Donald J. Trump as the 45th President of the United States of America,”

You can buy it directly from the official website by clicking here.

One side features Trump’s profile portrait and the reverse side is the official presidential seal.

Each coin comes with a certificate of authenticity and is handsomely showcased in an acrylic coin capsule.

The 2017 Presidential Inauguration is on January 20th in Washington D.C, and the coin is for sale for 4 days only! However, due to the limited quantity minted it may be completely sold out earlier.

Pictures of Proud Fellow Patriots

If you would like to have your image posted here. Please contact us via the link at the bottom of the page.

Where can I buy one?

You can buy it directly from the official website by clicking here.

Update: We were just informed that today, there is a special offer that let’s you buy the limited-edition coin for only $14.95 instead of $29.95. Offer still available as of Friday, January 13, 2017, but may expire soon.
Note: If you are trying to place an order and the website isn’t loading, try refreshing the page. Due to the high demand, the website may be having issues loading.
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The FBI is afraid to Indict Hillary Clinton for any Criminal Charges that she may have Committed

When it comes to Bill and Hillary Clinton they are truly above the law. And the reason that I am saying this is because the Clintons have committed so many crimes in the past and present and have not and definitely will not be indicted for them. And there has to be a reason that  Bill and Hillary Clinton continues to get away with these crimes that they are constantly committing. For instance the email scandal, Hillary Clinton absolutely committed a crime by sending classified emails that was actually considred to be classified through her home computer email server  and from a bathroom in Denver, Colorado when she was the U.S. Secretary of State. James Comey is afraid to do the right thing against Hillary Clinton and that is indict her for criminal charges. If he doesn’t do the right thing by indicting Hillary Clinton for criminal charges the same as Martha Stewart was. And if he doesn’t indict Hillary Clinton, then he is saying Hillary Clinton is most definitely above the law. And James Comey should be fired as FBI chief for not doing the right thing in indicting Hillary Clinton.

But no one in the democratic party will talk much about it, because they just want Hillary Clinton to be the first woman President of the United States of America, no matter if she sends very important and classified emails through her home server or not. The democrats are determined to make sure their beloved Hillary Clinton wins the Presidency in 2016 no matter what it takes, even if she has endangered the lives of the American people by sending classified emails through her home server where the hackers and terrorist could have gotten that very important classified information and used it against the American people.

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I am a democrat myself and I am definitely upset about how the democratic party leaders handled and or handling this situation. In my opinion Hillary Clinton should not be the democratic nominee for president, because she is being investigated by the FBI for possibly committing a crime and she might be indicted. But again the democratic party leaders don’t seem to care about what Hillary Clinton did. Does the democratic party leaders care less about the American people and just care more about getting Hillary Clinton elected as the first woman President of the United States of America. Does the democratic party leaders care about the safety of the American people as they say?

I am beginning to wonder if they really do care so much about the American people. If  the democratic party leaders actually cares about the safety of American people they would ask Hillary Clinton to please step down as the democratic presidential nominee as soon as possible, before she makes the democratic party seem like criminals. Hillary Clinton does not  have the judgement to be the President of the United States of America. And the proof is in the pudding. Think about it, she messed up as the  U.S. Secretary of State with the  email server , THAT WAS BAD JUDGEMENT, what if she does the same thing as the President of the United States of America.

The terrorists could get that classified information and use it against the American people. If any other candidate were under FBI investigation for criminal charges they would definitely be asked to drop out of the presidential race. So why aren’t democrats asking Hillary Clinton to drop out of the presidential race and let another candidate become the new democratic nominee because of her FBI investigation problem. There are plenty of other democratic candidates that isn’t being investigated by the FBI for criminal charges that could step in as the new democratic presidential candidate for Hillary Clinton.

There’s the vice president Joe Biden he would be the one candidate that could actually continue president Barack Obama policies, because he’s already on Obama’s team as vice president. And he can do it more so than Hillary Clinton. And also there’s the candidate that just gave her a hell of a challenge for the democratic nomination Bernie Sanders. Bernie Sanders could really get a large gathering in a general election because of young voters and independents and that makes him a very viable presidential candidate that would destroy Donald Trump in a presidential contest against each other.

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And if the democrats want a woman to replace Hillary Clinton as presidential candidate against Donald Trump they could get Elizabeth Warren to step in for her. She’s been a fighter for the democrats and progressives and also she’s been giving Donald Trump hell lately. So I really think it’s time for the Democratic party leaders to do the right thing and ask Hillary Clinton to disqualify herself from being the democratic presidential nominee, because she is under FBI investigation for possibly and serious criminal charges and there’s a 100% chance that she may be indicted for criminal charges.

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And if the democratic party leaders don’t do anything about this situation , then you can bet that the democratic party will be known as the party of criminals by making sure that they elect a candidate that has been told by the inspector general that she broke the law as U.S Secretary of State when she sent classified emails on a private server in her home and in a bathroom in Denver, Colorado.ct-clinton-warren-team-against-trump-20160524-001

Elizabeth Warren could be a great presidential candidate if the democratic party leaders make her the new democratic presidential nominee. Because Hillary Clinton must drop out now before the Democratic National Convention that starts in July from Philadelphia, Pennsylvania.

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Donald Trump Thinks He Can Buy The Presidency in 2016

These days the millionaires and billionaires thinks just because they are very wealthy they can do whatever they want and get what ever they want. And sometimes they actually do and get what ever they want. I’ve even seen this happen before and very often. It’s happened in sports , education, businesses and mostly politics.

For instance Donald Trump thinks that he can actually buy his way in to the White House in 2016. Just because he has a knowledge in real estate and has been very successful in some of the TV shows and pageants that he’s hosted such as the Apprentice and the Miss America Pageant. Trump actually thinks that he is going to buy his way to the presidency.

But I don’t think the American people will vote Trump in to the White House in 2016. Donald Trump might be a successful business man and a good TV host, but if you ask me I think Donald Trump is a damn fool when it comes to politics. He insults women, mocks people lies a lot to me he’s just a pathological liar.

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And also he goes on television, twitter and most of the social media networks on the internet and says the most craziest things that I have ever heard a candidate says about his opponents who’s trying to become president of the united states of America. Last Friday Donald Trump was on stump in New Hampshire and he was saying the most ridiculous things about one of his Republican primary nomination candidates Ben Carson.

Donald Trump said that Ben Carson is stupid and incapable of running the country, because he said Ben Carson’s own team thought that their candidate can’t seem to understand how foreign policy works, so that disqualifies Ben Carson to be the President of the United States of America (Commander and Chief).

Donald Trump the business man thinks because he has built an empire in the real estate business with all the money that he has he can buy the presidency and rule the world with an iron fist. He thinks if he happens to buy the presidency or win the presidency he can bully other counties around the world because of his name and money.

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But Mr. Trump I don’t think you know what you are talking about. Because on the contrary you don’t know anything about how foreign policy works either. During the third debate you were asked by a moderator what you would do if you become the president of the united states of America about the mid east crisis and how you would handle the terrorists group called ISIS. And Mr. Trump your answers were short and dumb founded. It was as though you didn’t know what the hell you were talking about. And you really don’t know anything about foreign policy. The proof is in the damn pudding, Donald!

During last weeks terrorist attacks in Paris, France you brought up the gun control laws for France again stating that they need better gun control laws. Although your poll numbers are higher this week amidst the terror attacks on Paris, France last week. And the shift to foreign policy now I don’t think you should qualify for the presidency either because of your little known knowledge on foreign policy.

And frankly I don’t think you will win the presidency in 2016, the winner will be Hillary Clinton hands down! I don’t think she deserves it either because of the classified emails that she sent through her home server, sorry, but I still won’t vote for you Donald Trump.

I had hoped for Vice President Joe Biden to run for president, but he decided not to run. And then came Bernie Sanders and I  started to get on his bandwagon, because I liked what he was saying about the issues. He was talking about giving free tuition for college students and raises the pay rate to $15. And also helping to make clean energy for America and the World. And that’s some of the reasons that I got on his bandwagon.

And then there’s Hillary Clinton and I guest you know all about her already. But more scandals had surfaced like her email server problem, Bengazi and the CGI problem. And the republicans were all over it, they kept talking about her problem all year long and still talking about them today.

But that didn’t deter the democrats from voting for her in the democratic primaries. They came out in full force for her in the democratic primaries and has probably led her to the democratic nomination for 2016. But no matter what I still think that these problems are serious especially if the FBI is investigating the case about her email server. Since Bernie Sanders can’t win the democratic nomination I will have to vote for Hillary Clinton, because I certainly won’t vote for Donald Trump.

Yep, I probably would have to vote for Hillary Clinton to be the new president of the United States of America. But I sure will be shaking in my boots though!
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