GOP, Trump pull off the Great American Tax Heist

first_imgIt was only added during the reconciliation process, gives owners of income-producing real estate holdings a way around that safeguard, effectively creating a new tax break for large landlords and real estate moguls.”This specifically lines the pockets of the ecosystem of corruption that Trump calls a family.It also lines the pockets of people like Sen. Bob Corker, who mysteriously “coincidentally” switched his vote from a no to a yes on the bill after the language was added.America must make an honest appraisal: Donald Trump is a plutocrat masquerading as a populist.He is a pirate on a mission to plunder.Trump is milking the American presidency for personal gain.If he can give the impression of compassion on his mission to cash out, all the better for him, but the general good, the health of the nation and the plight of the plebeians is not now nor has it ever been his focus. And yet in this budget, they willingly, willfully exploded the deficit, not for public uplift or rebuilding America’s infrastructure but rather on the spurious argument that giving truckloads of money back to businesses will spark their benevolence.According to the government’s own nonpartisan Congressional Budget Office, the tax bill will lead to “an increase in the deficit of $1,455 billion over the next 10 years.”But be sure, when this bill leads to these predicted deficits, Republicans will return to their sidelined deficit rhetoric armed with a sickle, aiming the blade at the social safety net, exacerbating the egregious imbalance of the tax bill’s original sins.That’s the strategy: Appease the rich on the front end; punish the poor on the back. Feed the weak to the strong.The callousness of this calculation is hidden in the arguments over estimates and evidence, but it is not lost Most Americans see through this charade.According to a CNN/SSRS poll released this week, most Americans disapprove of the tax bill. Furthermore, most believe the bill will benefit the wealthy, in general, and Trump and his family, in particular. His ego is too big for egalitarianism, and his heart too small for it.So he sticks closely to what he knows, the brand of Trump: promoting it, positioning it, defending it and enriching it.Republicans in Congress rushed the bill through for other reasons: to combat the fact of their own legislative incompetence, to satisfy their donors and to honor their long-held belief that the rich are America’s true governing force.The middle class and the poor were never at the heart of this heartless bill.They are simply a veneer behind which a crime is occurring: the great American tax heist.Charles M. Blow is a columnist with The New York Times.More from The Daily Gazette:EDITORIAL: Beware of voter intimidationEDITORIAL: Urgent: Today is the last day to complete the censusEDITORIAL: Find a way to get family members into nursing homesFoss: Should main downtown branch of the Schenectady County Public Library reopen?EDITORIAL: Thruway tax unfair to working motorists That, too, was a lie.In September, The New York Times estimated that “President Trump could cut his tax bills by more than $1.1 billion, including saving tens of millions of dollars in a single year, under his proposed tax changes.”That was before the bill was passed and reconciled, when the deal got even sweeter for Trump.As The International Business Times reported this week:“The reconciled tax bill includes a new 20 percent deduction for so-called pass-through entities, business structures such as L.L.C.s, L.P.s and S corporations that don’t pay corporate taxes, but instead ‘pass through’ income to partners who pay individual tax rates on that money.The Senate version of the bill included safeguards that would only allow businesses to take advantage of the new break if they paid out significant wages to employees.But the new provision, which wasn’t included in either version of the bill passed by the House and Senate.center_img Make no mistake: No matter how folks try to rationalize this bill, it has nothing to do with a desire to help the middle class or the poor.This is a cash offering to the gods of the Republican donor class.This is a bill meant to benefit Republicans’ benefactors. This is a quid pro quo and the paying of a ransom.Trump promised to drain the swamp. That was another lie among many.He and the Republicans are in fact feeding us to the gators.Last month at a rally in Missouri, Trump said of the tax bill, “This is going to cost me a fortune, this thing, believe me.” He continued:“This is not good for me. Me, it’s not so — I have some very wealthy friends. Not so happy with me, but that’s OK. You know, I keep hearing Schumer: ‘This is for the wealthy.’ Well, if it is, my friends don’t know about it.” Categories: Editorial, OpinionWith their tax bill, Donald Trump and the Republicans are raiding the Treasury in plain sight, throwing crumbs to the masses as the millionaires and billionaires make off with the cake.America should be aghast not only at the looting but also at the brazenness of its execution.It seems that for as long as I can remember, Republicans have been wringing their hands about deficits.last_img read more

Governor Wolf Announces Turn 14 Distribution Commits to Creation of 197 Jobs, Expands Headquarters in Montgomery County

first_img SHARE Email Facebook Twitter Governor Wolf Announces Turn 14 Distribution Commits to Creation of 197 Jobs, Expands Headquarters in Montgomery County Economy,  Jobs That Pay,  Press Release Harrisburg, PA – Governor Tom Wolf announced today that Turn 14 Distribution, Inc., a national wholesale distributor of performance aftermarket car parts, has relocated its corporate headquarters and expanded operations in Horsham Township, Montgomery County, a move that will create 197 new, full-time jobs.“Turn 14 is experiencing tremendous growth, and I am thrilled that Pennsylvania can continue to foster that success through the relocation of their headquarters in Montgomery County,” Governor Wolf said. “This company has coupled with Pennsylvania’s strategic location and infrastructure to establish a strong record of success that has now rendered the creation 197 new jobs.”Turn 14 Distribution has expanded its corporate headquarters and distribution operations after leasing a 162,000-square-foot facility on Tournament Drive, Horsham, near one of its existing distribution centers. Turn 14 Distribution is investing $3.9 million on the project and has also committed to creating 197 new, full-time jobs and retaining 96 existing positions statewide over the next three years.Turn 14 Distribution received a funding proposal from the Department of Community and Economic Development (DCED) that includes a $200,000 Pennsylvania First Program grant, $394,000 in Job Creation Tax Credits to be distributed upon creation of the new jobs, and $88,650 in WEDnetPA grant funding to train its workforce.“The opening of Turn 14 Distribution’s new Horsham, PA corporate office renews our commitment to our customers, employees, and partners as a Pennsylvania-based company with deep roots in the community,” Jon Pulli, chief executive officer of Turn 14 Distribution said. “This is another step in the realization of our goal to lead our industry in providing an atmosphere conducive to being the best.”The project was coordinated by the Governor’s Action Team, an experienced group of economic development professionals who report directly to the governor and work with businesses that are considering locating or expanding in Pennsylvania.Turn 14 Distribution, Inc. is a national wholesale distributor of performance aftermarket car parts with distribution facilities located in Pennsylvania and Nevada. Turn 14 Distribution’s name is derived from the historic Wisconsin race track, Elkhart Lake’s Road America.For more information on Turn 14 Distribution, Inc., visit more information about the Governor’s Action Team, visit Governor Tom Wolf on Facebook: February 10, 2016last_img read more

London Stock Exchange consults on trading hours change

first_imgAnd new regulatory reporting times would require regulatory approval. The paper said a co-ordinated approach by European exchanges is needed for the changes to be effective.The proposal follows a recent call from the Association for Financial Markets in Europe (AFME) and the Investment Association (IA), to shorten and harmonise operating hours for European stock exchanges, to between 9am and 4pm GMT.“Our members tell us that a reduction of 90 minutes in European markets would bring significant benefits to the market structure, concentrating liquidity and allowing adequate time to absorb corporate announcements,” the AFME and IA said.They also said shorter hours would improve the mental wellbeing of staff and encourage staff diversity, allowing firms to attract a wider variety of talent.“Anecdotal evidence from members is that trading remains one of the areas of financial services where staff face significant mental health issues,” they observed. “We consider that the excessively long hours play a major contributory part in generating and perpetuating this problem.”Responding to the LSE paper, Galina Dimitrova, director for investment and capital markets at the IA, said: “We are very pleased the London Stock Exchange has listened to traders’ calls.”She added: “We need to call time on the long hours culture, which is detrimental to diversity and mental health, and inefficient for the markets. A shortened day will benefit the markets, those that operate them and ultimately the clients we serve.”Meanwhile, the LSE consultation also aims to strengthen trading in small cap securities, which has seen a reduction in numbers of specialist brokers and advisers. The LSE suggests reducing the number of daily auctions for the Stock Exchange Electronic Trading Service SETSqx platform – on which smaller caps are traded – from five to three.“Almost 57.7% of trading activity on the service occurs during the closing auction,” said the paper. “By reducing the number of auctions, liquidity may become concentrated in the remaining auctions, providing more meaningful price discovery and trading sizes.”The paper also canvasses ideas for improving liquidity during the LSE’s mid-day intraday auction, introduced in 2016 to offer the opportunity to trade block orders at a traditionally low volatility point in the day. Between inception and end-September 2019, these auctions have attracted only 0.1% of value traded on SETS.The consultation closes on 31 January 2020. The London Stock Exchange (LSE) has launched a consultation on potential changes to the market’s structure, including changes to trading hours, as well as plans to improve the liquidity of smaller cap securities, and of intraday auction activity.Five alternative sets of opening hours are suggested for the London exchange, including retaining the existing 8am to 4.30pm arrangement.One major benefit of a change would be to concentrate liquidity within the new trading hours, said the LSE.However, there would be a reduction in overlap with US and/or Asian trading hours, which might hit trading participants in those regions, it said. Changed hours would also – given that major trading desks are pan-European – mean all main European trading venues would need to be aligned, to maximise benefits.last_img read more