The 45th POTUS - Donald J. Trump

[McParadigm]

This is how you get people killed

[BurtReynolds]

wouldn't miss him.

[McParadigm]

U.S. Prosecutors Consider Charging Russian Officials in DNC Hacking Case
At least six Russian government officials are identified as part of ongoing investigation

https://www.wsj.com/amp/articles/prosec ... 1509618203

Snippet:
The Justice Department and FBI investigation into the DNC hack had been under way for nearly a year, by prosecutors and agents with cyber expertise, before Mr. Mueller was appointed in May. Rather than take over the relatively technical cyber investigation, Mr. Mueller and the Justice Department agreed that it would be better for the original prosecutors and agents to retain that aspect of the case, the people familiar with the Justice Department-FBI probe said.

It is unclear if prosecutors will hold back filing charges until Mr. Mueller completes his investigation or wait to identify others who may have played a role in the DNC hack. Investigators believe dozens of others may have played a role in the cyberattack, the people said.

[McParadigm]

Under investigation?

[McParadigm]

Clovis withdraws.

[Bi_3]

GOP tax plan talking points:

Here are the most notable changes:

• Lowers individual tax rates for low- and middle-income Americans to Zero, 12%, 25%, and 35%; keeps tax rate for those making over $1 million at 39.6%
  Increases the standard deduction from $6,350 to $12,000 for individuals and $12,700 to $24,000 for married couples.
  Establishing a new Family Credit, which includes expanding the Child Tax Credit from $1,000 to $1,600
  Preserving the Child and Dependent Care Tax Credit
  Preserves the Earned Income Tax Credit
  Preserves the home mortgage interest deduction for existing mortgages and maintains the home mortgage interest deduction for newly purchased homes up to $500,000, half the current $1,000,000
  Continues to allow people to write off the cost of state and local property taxes up to $10,000
  Retains popular retirement savings options such as 401(k)s and Individual Retirement Accounts
  Repeals the Alternative Minimum Tax
  Lowers the corporate tax rate to 20% – down from 35%
  Reduces the tax rate on business income to no more than 25%
  Establishes strong safeguards to distinguish between individual wage income and “pass-through” business income
  Allows businesses to immediately write off the full cost of new equipment
  Retains the low-income housing tax credit

Not too bad. No mention of estate tax in that list.



Edit: Tax-exempt bonds could no longer be used to build professional sports stadiums. GOOD.

[jwfocker]

Ugh that's a lot of tax breaks for corporations. Fucking BS.

[Bi_3]

Ugh that's a lot of tax breaks for corporations. Fucking BS.

True, but it's not a huge hit to the federal budget, so it's probably a net good if it keeps corporate profits in the US vs banks/markets in the EU or Asia

[tragabigzanda]

Ugh that's a lot of tax breaks for corporations. Fucking BS.

It's a doubled-edged sword. Yeah, the large corporations are going to continue to see their executives get fat bonuses while the underlings toil. But then my tiny company happens to be set up as a C-Corp, and the savings we'll make from this is not insignificant, and will effectively give us great operating capital to take steps towards developing a small manufacturing line.

[jwfocker]

So corporations will retain more wealth, widening the gap between the rich and everyone else but a couple folks will get tossed a bone to feast on. Cool.

[McParadigm]

[tragabigzanda]

Hmm, no more details beyond their statement. I wonder if they're specifically talking about LLC and Sole Proprietorships, or if there's some sort of earnings benchmark or something similar that could preclude corporations like mine from benefitting.

[Strat]

Dropping that mortgage deduction from $1,0m to $500k sucks for the record.

[4/5]

The details on the pass-through income is going to be really important. That can be a massive loophole for the super wealthy to exploit. Hedge funds also often are able to be considered small businesses, allowing them to avoid plenty of taxes.

As I said before I'd like to see the interest mortgage tax credit be taken away altogether, but I suppose reducing the cap is still progress.

Glad they aren't touching 401(k) stuff.

And I still find it odd that there isn't more conversation about the payroll tax. Focusing on the income tax will naturally lead to higher income folks reaping the most benefits because they pay the lion's share of income tax. Lower and middle class households are often as effected, if not more so, by the payroll tax.

Do we know exactly what the House plan is for the incomes associated with those tax rates? That still matters. Until we know that it seems like a lot of moving stuff around, but not necessarily much in the way of tax savings for most people.

[tragabigzanda]

Dropping that mortgage deduction from $1,0m to $500k sucks for the record.

But doesn't that work towards closing the wage gap? I don't know too many middle-class people who can afford a $500K+ home, so this looks to reap more tax revenue from high-earning homeowners.

[McParadigm]

Hmm.

[Strat]

Dropping that mortgage deduction from $1,0m to $500k sucks for the record.

But doesn't that work towards closing the wage gap? I don't know too many middle-class people who can afford a $500K+ home, so this looks to reap more tax revenue from high-earning homeowners.

Eh, on the flipside that mortgage deduction can help make that $500,000 home a bit more affordable. Also, home prices are fucking skyrocketing where once entry level homes that cost $400, are now up to $750K. At least where I live.

[Strat]

Also, everyone I know here who owns a home and a family works their asses off and should be able to get that deduction above $500K. They aren't rich. They work sales and reservations at hotels.

[4/5]

Dropping that mortgage deduction from $1,0m to $500k sucks for the record.

But doesn't that work towards closing the wage gap? I don't know too many middle-class people who can afford a $500K+ home, so this looks to reap more tax revenue from high-earning homeowners.

Eh, on the flipside that mortgage deduction can help make that $500,000 home a bit more affordable. Also, home prices are fucking skyrocketing where once entry level homes that cost $400, are now up to $750K. At least where I live.

Isn't it possible that the mortgage interest deduction is one (of many) factors boosting price to such stratospheric levels?

[Bi_3]

Dropping that mortgage deduction from $1,0m to $500k sucks for the record.

But doesn't that work towards closing the wage gap? I don't know too many middle-class people who can afford a $500K+ home, so this looks to reap more tax revenue from high-earning homeowners.

Eh, on the flipside that mortgage deduction can help make that $500,000 home a bit more affordable. Also, home prices are fucking skyrocketing where once entry level homes that cost $400, are now up to $750K. At least where I live.

It will probably suppress prices on homes over $500k since many buyers rely on the tax break to be able to afford them. Maybe not in the Boulder area or other nicer parts of CO given demand there.