taxes

ECONOMY: U.S. GDP ANOTHER 3% INCREASE; TOP 20% PAY 95% OF TAXES – HIGHEST EVER

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( Reuters ) The U.S. economy unexpectedly maintained a brisk pace of growth in the third quarter as an increase in inventory investment and a smaller trade deficit offset a hurricane-related slowdown in consumer spending and a decline in construction.

Gross domestic product increased at a 3.0 percent annual rate in the July-September period after expanding at a 3.1 percent pace in the second quarter, the Commerce Department said on Friday.

Economists polled by Reuters had forecast the economy growing at a 2.5 percent pace in the third quarter.

Read more: GREAT AGAIN: GDP 3.0%…

OMB: Top 20% pay 95% of taxes, middle class ‘single digits’

 

( Washington Examiner ) It came in a discussion before students of the school’s Institute of Politics and Public Service at the McCourt School of Public Policy. The discussion was directed by Cathy Koch, a tax expert and former Senate aide.

When the two turned to the taxes the rich pay, Mulvaney declared, “The top 20 percent of folks who file a tax return, the top 20 percent, pay 95 percent of the taxes.”

That may be the highest ever. Just two years ago, it was 84 percent, according to the Wall Street Journal.

 

Read more: TOP 20% PAY 95% OF ALL INCOME TAX…

HIGHEST EVER…

BANKRUPT ILLINOIS SLAMS CITIZENS WITH 32% INCOME TAX HIKE, MORE TO COME

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  • Illinois has just voted to slam its citizens with a hefty 32 percent hike in state income taxes.

 

After a series of delays, as a legislature obviously embarrassed by its own actions dithered, the State House finally approved of the Senate’s override of the governor’s veto with a 71-42 vote, burdening the state with a massive income tax hike. It was a vote that saw ten of the state’s Republican contingent abandon Republican values and join the Democrats in approval.

Thursday’s vote permanently increases the state’s personal income tax rate from 3.75 percent to 4.95 percent. It also raises the burden on businesses, raising the rate from 5.9 percent to seven. It all amounts to a 32 percent hike for the average Illinoisan and a $5 billion tax hike overall.

 

The new tax hike is all the more galling because Illinois already has the highest property taxes in the nation, a fact that often forces retirees out of their homes to flee to other states. This is also a situation not lost on the state’s black American population, either. Illinois is witnessing a growing number of its African-American citizens moving out of the state, with Chicago and Cook County residents leaving at the fastest rate.

On Thursday, Illinois Democratic House leader Michael Madigan only needed three Republicans to jump ship and vote his way, but not only did he get a whopping ten to do so, he also got five others who didn’t even bother to vote. An additional five joined him in the early rounds of deliberations, so Democrat Madigan knew he had the Republican votes going into the matter.

 

Read more: Bankrupt Illinois Slams Citizens with 32% Income Tax Hike, More to Come

YOUNG REPUBLICAN USES HILLARY’S BENGHAZI LINE WHEN ASKED ABOUT TRUMP’S TAX RETURNS: ‘WHAT DIFFERENCE DOES IT MAKE?’

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From Red Alert Politics :

In the wake of nationwide protests from liberals demanding that President Trump release his tax returns, a young Republican named Jeff Halm took it upon himself to troll his local CBS News affiliate when he was reached for comment.

“I wanted something that conveyed my disdain for the line of questioning,” Halm told Red Alert Politics in an email. “I wanted to push a little to see if they knew I was messing with them.”

Halm, who is president of the Chicago Young Republicans (CYR; a chapter of the Young Republican National Federation), is a regular guest of CBS 2 for giving the conservative perspective on politics. When they tried to get a reaction from him on the Trump tax protests, Halm lifted a line directly out of Hillary Clinton’s playbook and said, ” What difference at this point does it make?”“

Halm posted the video to Twitter writing that the reporter had no idea he used a Hillary quote.

Hillary infamously said this line during a House Oversight Committee hearing in May 2013 to testify about her role in the 2012 Benghazi attack that left four Americans dead, including US Ambassador to Libya J. Christopher Stevens.
Read more: Red Alert Politics

 

 

 

Chicago Young Republican President Jeff Halm is both the hero we need and deserve. (Photo via WGN-TV)

 

TRUMP ON CHINA AND PUNISHING COMPANIES WITH 35% ‘BORDER TAX’ IF THEY DON’T MANUFACTURE IN U.S.

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The U.S. is going to substantially reduce taxes and regulations on businesses, but any business that leaves our country for another country, fires its employees, builds a new factory or plant in the other country, and then thinks it will sell its product back into the U.S. …… without retribution or consequence, is WRONG!

There will be a tax on our soon to be strong border of 35% for these companies wanting to sell their product, cars, A.C. units etc., back across the border. This tax will make leaving financially difficult, but…..these companies are able to move between all 50 states, with no tax or tariff being charged.

Please be forewarned prior to making a very expensive mistake! THE UNITED STATES IS OPEN FOR BUSINESS!

 

 

TRUMP ON CHINA:

Did China ask us if it was OK to devalue their currency (making it hard for our companies to compete), heavily tax our products going into their country (the U.S. doesn’t tax them) or to build a massive military complex in the middle of the South China Sea? I don’t think so!