Tag Archives: GOP tax reform

Another lecture from Bill Gates: He and other rich people should pay significantly higher taxes

bill gates and bill clinton

Hey Gates: Good luck convincing your buddy Bill that he and Hillary need to give the government more of their money!

Bill knows darn well he doesn’t need the federal government to tell him to give the government more money. He can make a donation to the US Department of Treasury any time he wants. And he can convince his super-rich buddies to do the same.

From Yahoo: Microsoft founder and philanthropist Bill Gates has said wealthy individuals such as himself should be made to pay substantially higher taxes.

Mr. Gates, who is worth over $90bn, said despite the fact he has “paid more taxes…than anyone else” he should be required to fork out more by the government.

Speaking to CNN in an interview on Sunday, he said: “I need to pay higher taxes. I’ve paid more taxes, over $10bn, than anyone else, but the government should require the people in my position to pay significantly higher taxes.”

He criticised the Republican sweeping $1.5 trillion tax reform bill which Donald Trump signed into law at the end of last year.

The measure constitutes the most profound changes to tax laws since the 1980’s and slashes taxes for corporations while providing most Americans with only temporary relief.

Mr. Gates, the second richest man in the world after Amazon’s Jeff Bezos, argued the greatest benefits of the bill would be reaped by the super rich. “It was not a progressive tax bill. It was a regressive tax bill,” he said.

He argued the biggest advantages would be felt by the wealthiest in society despite the Republicans’ assertion their first major legislative victory would help America’s working and middle classes.

“People who are wealthier tended to get dramatically more benefits than the middle class or those who are poor, and so it runs counter to the general trend you’d like to see, where the safety net is getting stronger and those at the top are paying higher taxes,” he said.

While Mr. Trump has drawn attention to the magnitude of the tax cuts and branded the legislation “a bill for the middle class and a bill for jobs”, Democrats have labeled the measure a “monumental con job” that will benefit the rich at the expense of America’s poorest.

The bill slashes the corporate tax rate from 35 per cent to 21 per cent.

It also raises the threshold for the estate tax, a levy that applies to property passed down when a family member dies which only affects a few thousand ultra-rich families each year. This change predominantly benefits the upper echelons of earners, including Mr. Trump himself.

Asked about his view on “rising inequality” in the US, Mr. Gates said: “All advanced democracies have to think about that.”

He added: “You still have about a sixth of the population living in conditions that should be very disappointing to us, and government policies need to really think, ‘Why aren’t we doing a better job for those people?’”

Mr. Gates has donated more than $40bn of his personal wealth to charitable causes. He founded the Bill & Melinda Gates Foundation, the largest private foundation in the US, with his wife in 2000. The organisation aims to improve healthcare, cut extreme poverty and expand educational opportunities and access to information technology.

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California demorats want businesses to give half their tax-cut savings to the state

phil ting

Phil Ting fighting for baby killers Planned Parenthood and to get more taxpayers’ money.

Of course they do. Greedy bunch they are.

From SF Gate: California lawmakers are targeting the expected windfall that companies in the state would see under the federal tax overhaul with a bill that would require businesses to turn over half to the state.

A proposed Assembly Constitutional Amendment by Assemblymen Kevin McCarty, D-Sacramento, and Phil Ting, D-San Francisco, would create a tax surcharge on California companies making more than $1 million so that half of their federal tax cut would instead go to programs that benefit low-income and middle-class families.

“Trump’s tax reform plan was nothing more than a middle-class tax increase,” Ting said in a statement. “It is unconscionable to force working families to pay the price for tax breaks and loopholes benefiting corporations and wealthy individuals. This bill will help blunt the impact of the federal tax plan on everyday Californians by protecting funding for education, affordable health care, and other core priorities.”

As a constitutional amendment, the bill would require approval from two-thirds of the Legislature to pass, a difficult hurdle now that Democrats have lost their supermajority. If passed and signed by Gov. Jerry Brown, it would then go to voters for final approval.

Democrats lost their supermajority following resignations of two Assembly Democrats, Matt Dababneh of Encino (Los Angeles County), and Raul Bocanegra of San Fernando Valley (Los Angeles County) amid sexual misconduct allegations. Another Assembly Democrat, Sebastian Ridley-Thomas of Los Angeles, resigned citing health issues. In the Senate, Democrat Tony Mendoza of Artesia (Los Angeles County) is taking a leave of absence pending an investigation into sexual misconduct allegations.

California Democrats have been exploring ways to help those in the state who could end up paying higher federal taxes next year under the Republican tax overhaul.

The GOP overhaul caps state income taxes and local property tax write-offs on the federal income tax return at $10,000, a move expected to hurt high-local-tax states such as California, where the average state and local tax write-off in 2016 was $22,000.

State Senate President Pro Tem Kevin de León introduced legislation this month that would allow Californians to get around the state and local tax cap with a voluntary donation to a charitable fund created by the state of any amount of owed taxes above $10,000. That donation — in lieu of taxes — would allow donors to write off the gifts on their federal tax returns.

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Pelosi: Wage increases and bonuses from tax reform are “crumbs” and “so pathetic”

Please continue to let this woman continue to be the representative of your party, demorats!

h/t Twitchy

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