Fake President and his pimps gave $28.8 billion to banks last year

❝ Banks last year made a record $236.7 billion in profits, the Federal Deposit Insurance Corporation said on Thursday. Had the tax law not been enacted, banks still would have done well — the FDIC estimates they would have made $207.9 billion in 2018. But the law tacked an additional $28.8 billion onto their profits. In the fourth quarter alone, more than half of the increase in net income for banks came from the tax bill…

❝ The Tax Cuts and Jobs Act, passed in December 2017, cut taxes for most Americans, including the middle class, but it heavily benefits the wealthy and corporations. According to estimates from the Center on Budget and Policy Priorities, the top fifth of earners get 70 percent of the bill’s benefits, and the top 1 percent get 34 percent. The new tax treatment for “pass-through” entities — companies organized as sole proprietorships, partnerships, LLCs, or S corporations — meant an estimated $17 billion in tax savings for millionaires in 2018. American corporations are showering their shareholders with stock buybacks, thanks in part to their tax savings.

The owners of big banks, big corporations – not the working families, not folks with a few shares of this and that in their 401K – got to eat the real cake, folks. The rest of the whole country gets to sweep up the crumbs.

A Shut Down Government Costs Taxpayers More Than an Open One

❝ Sending workers home, not collecting fees and not paying bills on time all come with a cost, which escalates every day President Trump and Congress fail to reach a deal to reopen federal agencies.

❝ A federal government shutdown might seem like a great way to save money: When agencies aren’t open, they aren’t spending tax dollars. But history shows us that closing the government actually costs more than keeping it open.

Shuttered parks can’t collect entrance fees. Furloughed workers will ultimately get paid for not showing up to work. And the government will wind up having to pay interest on missed payments to some contractors.

And it goes on from there. RTFA. Please ignore the lies, distractions and other con games flowing from the Oval Office like urine from a drunken baboon.

The House GOP Tax Bill Is Mostly Crappola

❝ House Republicans made their tax bill public today. Boiled down to the basics, it is a mid-sized tax cut–aimed mostly at businesses and their owners. Here are five big take-aways.

It is a tax cut, not tax reform.

It is not the biggest income tax cut in history—not even close– despite President Trump’s repeated promises that it would be.

For households, it will almost surely create winners and losers. Many middle-income households are likely to pay more under this plan, not less.

It is not tax simplification. Indeed, for many taxpayers the House bill would make filing more complicated.

At the end of 10 years, it likely would end up increasing the deficit by far more than the advertised $1.5 trillion.

It will not lead to a 3 percent permanent economic growth.

Howard Gleckman from the Tax Policy Center offers up the gold standard for truthful tax analysis inside the Beltway. No doubt the Congressional Budget Office will soon be out with a version – more polite; but, no less accurate and free from the lies today’s Republicans seem to need before they even put their pants on in the morning.

RTFA. You won’t enjoy it. At a minimum, you won’t have to hold back a belch over fake news, fake statistics, 19th Century ideology.

Widow gets new hearing after losing $280k home over $6.30

A western Pennsylvania woman whose $280,000 home was sold at auction over $6.30 in unpaid interest won a court decision Monday allowing her a fresh opportunity to argue she should not lose her home.

Commonwealth Court ruled it was a mistake for a Beaver County judge to rule against Eileen Battisti without first holding an evidentiary hearing.

“This was particularly inappropriate because the outstanding liability was small and the value of the home was far greater than the amount paid by (the) purchaser,” wrote Judge Mary Hannah Leavitt.

Leavitt said the state Supreme Court has “emphasized that due process under both the United States and Pennsylvania Constitutions must be satisfied whenever the government subjects a citizen’s property to forfeiture for nonpayment of taxes…”

Battisti purchased the home outside Pittsburgh in 1999 with her husband, who managed their finances. She paid off the property after he died in 2004 with proceeds from his life insurance policy.

The opinion by Leavitt said Battisti had difficulty taking over the financial matters, in part because of a series of personal setbacks. She fell behind on various tax bills, but believed she had paid them all off, even though some were late.

The $6.30 penalty was added to her tax bill in 2009, which grew with interests and costs to $235 by late 2011, when the home was sold at auction. She appealed the sale to county court, which ruled in May 2012 that she received all notices required by law. A month later, Judge C. Gus Kwindis ordered that the Beaver County Tax Claim Bureau could not issue a deed to Lewis while Battisti appealed.

Fortunately, her appeal went before a judge with a heart – and brains. Too often, an opportunity ordinary citizens don’t receive.

Woman gets 13-euro tax bill 60 years after grand-dad’s death

A Frenchwoman found proof of the maxim that nothing in life is certain except death and taxes, when she received a bill in the name of a grandfather who died in 1949.

“I didn’t think I’d hear any more about my grandfather, whom I never knew,” Martine Courtois told AFP, after reading the 13-euro land inheritance tax bill addressed to her grandfather, Pierre Barotte.

“Everything was done legally at the time, we didn’t get any demands from the tax office,” said Courtois, who lives in the small eastern town of Bruyeres.

The local tax office said the situation was entirely normal and “happens all the time” when an unpaid tax debt, through interest or late payment fees, goes beyond 12 euros. “The day the money due goes over this threshold, the machine gets going,” a tax spokesman told AFP, asking not to be named…

Courtois has not paid the bill and instead sent a letter to the tax office: “My grandfather died in 1949, please do what’s necessary.”

I was looking around to see if there was a more detailed version of this tale. Ended up returning to this publication of the AFP release in the Telegraph. I thought about explaining what happened – and then read the comments from typical Kool Aid Party-types whose presumption always is that someone in government bears individual responsibility.

It’s nothing more than leaving silly old rules on the books as times change. Doesn’t make it less funny. But it certainly doesn’t make it a socialist plot. Even in France.

No bureaucratic decisions are required. Just people following rules which predate modern tax law even more than they predate the introduction of the Euro.

Though it does seem to give patent-leather-libertarians an opportunity to vent their spleen. A recurrent image in a world containing politicians like Ron Paul.