Archive for GOP for the Rich

GOP House Votes 240-179 To Repeal Estate Tax; Giving 270 Billion To The Wealthy

Posted in Uncategorized with tags , , , , , , , , , , , , , on April 17, 2015 by sheriffali

The House of Representatives voted to kill the federal estate tax today 240-179, with 7 Democrats joining. That doesn’t mean that the estate tax is going away anytime soon, but anti-death tax advocates say it sets the stage for possible repeal in 2017. Significantly, the bill keeps in place a provision called “stepped up basis” that allows capital gains to escape taxation if passed to heirs.

 

For now, there aren’t enough votes in the Senate, and President Barack Obama would veto estate tax repeal anyway.

 

“Representatives are interested in showing that this is a priority and continuing the drumbeat,” says Palmer Schoening, head of the Family Business Coalition which lobbied on behalf of 82 business groups in favor of the repeal bill, H.R. 1105, introduced by Kevin Brady (R-TX). Sen. John Thune (R-SD) sponsored a companion bill, S. 860.

 

Only 2 out of every 1,000 people who die are subject to the federal estate tax, according to Tax Policy Center estimates. That’s because there’s a huge exclusion amount–$5.43 million per individual or $10.86 million per couple—before the tax kicks in (the top rate is 40%).

 

 

Arguments for repeal: it would spur the economy and lift burdens on owners of small businesses and farms. Karen Madonia, chief financial officer of Illco, a Chicago-area HVAC supplies distributor, testified on Capitol Hill last month how an estate tax on her father’s death would mean selling parts of the company (shutting down branches, laying off workers or liquidating inventory) to pay it.

 

 

Arguments in favor of the tax: it helps reduce concentrations of wealth and produces additional revenue. Repealing the tax would cost the Treasury $270 billion over 10 years. On average, 55% of the value of estates worth more than $100 million is made up of unrealized capital gains that have never faced income or capital gains tax, according to Americans For Tax Fairness’ review of Federal Reserve Data.

 

The White House frames the issue a different way on its blog: Taxpayers have a choice of “giveaways to the wealthy few” (“5,400 of America’s wealthiest households would get an average tax cut of more than $3 million”) versus “tax cuts for the middle class” (44 million middle-class families would get an average tax cut of nearly $600). [Forbes]

 

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 WAR ON THE MC AND POOR BY GOP-2

 

At the State of the Union, a President Outgunned in Congress Is Still Combative [NYT]

Posted in Uncategorized with tags , , , , , , , , , , , , , , , , , , , , , , , , , , , , , on January 21, 2015 by sheriffali

The circumstances facing President Obama as he delivered his State of the Union address Tuesday night could not have seemed less promising: a presidency with only two years left to get anything done in a Congress that is now totally in the control of a party that has routinely ignored his pleas for cooperation. So he chose wisely to send a simple, dramatic message about economic fairness, about the fact that the well-off — the top earners, the big banks, Silicon Valley — have done just great, while the middle and working classes remain dead in the water. His remedy: skim from the rich and redistribute to those below, while deploying other weapons to raise wages and increase jobs.

 

He did not frame the debate over inequality as starkly as many economists have, preferring instead to talk about the virtues of “middle-class economics.” But he came close. “It’s now up to us to choose who we want to be over the next 15 years, and for decades to come,” he said. “Will we accept an economy where only a few of us do spectacularly well? Or will we commit ourselves to an economy that generates rising incomes and chances for everyone who makes the effort?”

Mr. Obama knows his prospects of getting Congress to agree are less than zero; Republicans dismissed his ideas before he even voiced them. That does not make them irrelevant. Mr. Obama was speaking not just to the present but to the future, to the 2016 presidential elections and even beyond. By simply raising the plight of the middle class (and, looming behind it, the larger issue of economic inequality), he has firmly inserted issues of economic fairness into the political debate. Hillary Rodham Clinton or whomever the Democrats nominate cannot ignore them now. Even Republicans, disinclined to raise taxes on top-tier earners, may find attractive the idea of doing something for those in the middle.

 

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http://nyti.ms/15w0BRi

BARACK OBAMA SOTU JAN 20 15

Evil Can’t See It But President Barack Obama Is Our North Star!

Posted in Uncategorized with tags , , , , , , , , , , , , , , , , , , , , , , , , , , , , , on September 15, 2014 by sheriffali

President Obama embodies Hope, Encouragement, Love, Compassion, Wisdom, Strength, Balance, Resolute, Spirit, And Yes He is Our North Star.

 

The words of Republican Legislator Frederick Douglass on September 25, 1883, couldn’t be any more precise than it is today. Mr. Douglass said of the colored man, in this case, President Obama;

 

 “If he comes in ignorance, rags and wretchedness he conforms to the popular belief of his character, and in that character he is welcome; but if he shall come as a Gentleman, a Scholar and a Statesman, he is hailed as a contradiction to the national faith concerning his race, and his coming is resented as impudence.” [Republican Frederick Douglass, September 25 1883]

 

Even though when President Obama took Office on January 20, 2009, America was upside-down from the previous administration and millions had lost their homes and those that managed to keep their homes, it was under water. More than a thousand banks had failed wiping out Depositors that had more than $250,000.00 on deposit. Jobs were falling at the rate of 8,000 per month in the last half of 2008 to the point where unemployment stood at 10.2%

 

The Stock Market had hit severe lows and our financial system was on the verge of collapse. Due to lack of Regulations by Republicans, Crooks, Liars and Thieves had literally pick-pocketed the American people and let us not forget, we had two wars spinning out of control at a cost of 5.1 trillion dollars that was unpaid. We had a 1.1 trillion dollar unpaid bill for two tax cuts for the rich, and the country was hopeless and in despair.

 

We still have a long way to go, but Mr. Obama has placed the country back on track, irrespective of what the Pollsters, News Media and the disingenuous Republicans try to tell you. Result; 10 Million jobs and unemployment stands at 6.1%; The Banks are stable and so is our financial system; The Housing Market has rebounded; The Stock Market is at all time highs and yet, uninformed, uneducated, ignorant and brainwashed Americans, propelled by the untruths of the Republicans and their Mouth Piece, Fox News, there is a very visible disdain for Mr. Obama.

 

The chaos in the Middle-East is the direct result of Bush and Cheney’s reckless invasion of Iraq, that took the lives of 4,500 soldiers; wounded 50,000 plus and left 75,000 plus with severe mental problems.

 

And despite all the good that President Obama has done, he has been treated with the utmost disrespect; obstructed every step of the way by the Do Nothing Republican Congress.

 

What is amazing about our North Star is he lives up to his calling, because despite the people that totally trashes him in Public, Mr. Obama has never repaid them with evil. People are annoyed with Obama because he is never angered, even in the most difficult of circumstances. President Obama is no contradiction; He is what He is; A Statesman; A Gentleman and a Scholar.

 

Twitter @sheriffali

 BARACK OBAMA - OUR NORTH STAR