Tag Archives: Middle Class Dismissed

GOP sneaks in automatic annual tax increase by introducing chained CPI

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“Republican tax-writers have decided to shift the tax code’s inflation index from the Consumer Price Index, or CPI, to something known as chained CPI, which is a slower-growing method of calculating cost-of-living increases.  Using the lower rate of inflation to calculate future tax rates means taxpayers will more quickly fall into higher tax brackets, meaning they will pay more in taxes than if Republicans stuck with the traditional measuring stick.  It works out to taxpayers paying $128 billion more to Uncle Sam than they would otherwise over the next decade, and $500 billion more in the subsequent decade.”

Read more: https://www.washingtontimes.com/news/2017/nov/5/tax-bills-chained-cpi-sneaks-in-rate-hikes/

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Tax Hikers Are Getting More Open about Targeting the Middle Class

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“Left-wing politicians usually pontificate about raising taxes on the rich, but the truly honest folks on the left openly admit that the real targets are lower-income and middle-class households.”

Read more: https://fee.org/articles/tax-hikers-are-getting-more-open-about-targeting-the-middle-class/

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Big-Spending Republicans Seek Tax Hikes on Blue States

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“If your income is between $100,000 and $200,000, for example, those extra taxes may represent what you would have saved for your child’s college tuition, meaning you’ll have to borrow it instead. Or, it might mean the difference between hiring that extra employee to grow your small business.  It’s precisely these people, who are by no means rich, who will bear the brunt of the GOP’s politically-motivated tax redistribution. And it just so happens that policies like this one further insulate the very richest 1 percent from the competition represented by upwardly mobile 10 percenters, many of whom work seven days a week to rise out of paycheck-to-paycheck, wage-earner status.”

Read more: https://fee.org/articles/big-spending-republicans-seek-tax-hikes-on-blue-states/

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IRS Still Stealing Cash From Immigrant Business Owners

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“After the gas station went under, and Kwon’s wife died amid the stress of it all, after he moved from his neighborhood in shame and the Internal Revenue Service changed its policy so no other small business would get steamrolled this way — the agency won’t give Kwon his money back.  That’s $59,117.47 the IRS is holding on to.  As recently as August — the last time Kwon, now 73, asked for his money back — the IRS said no.  He’s heartbroken that the country he loves is treating him this way.”

Read more: https://www.washingtonpost.com/local/the-irs-seized-59000-from-a-gas-station-owner-they-still-refuse-to-give-it-back/2017/10/16/57828500-b296-11e7-be94-fabb0f1e9ffb_story.html

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FAA Proposes Worldwide Laptop Ban For Checked Bags On Int’l Flights

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“The proposal, which will no doubt upset some frequent travelers, will be considered by the United Nations in the coming weeks.  The FAA is concerned about the lithium-ion batteries that are common in electronic devices like laptops. Tests conducted by the agency have concluded that when large electronics overheat in luggage they run the risk of combustion when packed with aerosol canisters like hairspray and dry shampoo.”

Read more: https://gizmodo.com/faa-proposes-worldwide-laptop-ban-for-checked-bags-on-i-1819706608

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Homebuilder helping Millennials trade student loan debt for house debt

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“Buyers of Lennar’s homes could receive a payment of up to $13,000 toward their student loans, as much as 3% of the home’s purchase price, from its subsidiary, Eagle Home Mortgage.   The nation’s collective student debt stands at an all-time high of $1.34 trillion, according to the Federal Reserve Bank of New York.”

Read more: https://www.usatoday.com/story/money/2017/10/01/homebuilder-help-millennials-pay-student-loans-and-get-house-but-good-idea/706436001/

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Atlanta Airport Abuses Uber and Lyft Drivers and Their Customers

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“Two years ago, ridesharing at the Atlanta airport was perfect. It was being widely used. It was cheap and convenient. Customers were king. Drivers were making money. Poor people without jobs suddenly had a job.  Suddenly, the airport authorities had a problem. They had previously constructed vast parking lots for people coming and going from the airport. They had been a huge source of revenue. That revenue gradually began to fall. Then it fell some more.  What had previously been a system of benign neglect began to turn.”

Read more: https://fee.org/articles/this-airport-abuses-uber-and-lyft-drivers-and-their-customers/

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States Squeezing Amazon Marketplace Sellers For Back Sales Taxes

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“The deadline to apply for the multi-state offer is Oct. 17, and it’s not clear how many merchants will sign on. Because so many have complained about the tight timeline, the states are holding a meeting on Wednesday to decide whether to extend the deadline.  Massachusetts, meanwhile, got a court order forcing Amazon to turn over by mid-October the identities of marketplace sellers doing business on the site since 2012.”

Read more: https://www.bloomberg.com/news/articles/2017-10-09/amazon-s-sales-tax-fight-is-heating-up-as-states-crack-down

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India Demonetization Loses Credibility; 99% of Banned Notes Returned

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“Indians have deposited nearly all the currency bills voided by Prime Minister Narendra Modi, denting the central bank’s profit and dealing a blow to his drive to unearth unaccounted wealth.  The cash ban prompted the central bank to print new currency, reducing its profit and cutting annual dividend payout to the government by half.”

Read more: https://www.bloomberg.com/news/articles/2017-08-30/india-central-bank-spends-record-amount-to-replace-void-notes

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U.S. household stock wealth at highest level since dotcom bubble

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“Currently, according to Ned Davis Research, stocks represent 40% of total household financial assets, much higher than the 28.2% average allocation since 1951. There’s been only one other occasion since 1951 in which stock allocation was higher than it is today — at the top of the late 1990s internet bubble, when it rose to 47.5%.  Every other major stock market top of the last seven decades, in contrast, occurred when households’ equity allocation was lower than today’s level. At the 2007 stock market top, for example, the allocation peaked at 37.1%.”

Read more: http://www.marketwatch.com/story/why-your-neighbors-stock-buying-should-worry-you-2017-10-03

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