Why we need Regulations and the Consumer Protection Bureau

The Wall Street Journal reported yet another scandal with Wells Fargo cheating their customers.
Republicans want to strip out regulations and watchdog agencies because they think small government is better and that businesses do better without burdensome regulations.

But what about the cost to the American people?  How about the cost to taxpayers when we have to bail banks out because they are careless with their money?
Its bad enough that executives can steal billions and ruin lives but do less time than a shoplifter or someone caught with a little pot.
People need to remember who is on or not on their side when it comes time to vote or donate.
Dont be fooled by rhetoric, just look around and pay attention.  Republicans are clearly in favor of big business over small business and citizens.

A letter to my Senators on their horrible tax bill.

Dear Senator Lankford and Senator Inhofe,
This is a horrible bill.
It increases the debt, takes away health care for people through backdoor legislation with the repeal of the mandate, and promotes big business over small business (especially service industry, one of the largest segments) all to give more money to the richest people and large corporations . There is nothing in this plan that will increase wages or new jobs, instead the money will be used for stock buybacks, dividends, exec bonuses, increased automation, and mergers so will actually cost jobs.
Companies will only hire more people if they need more work, not just because they have more money.  To grow the economy you have to work on the demand side, not the supply side.
Lowering taxes is fine but it needs to be fair, honest in its presentation, and budget neutral or better.
Final comment on the estate tax, why cut it? It was designed to prevent an aristocracy class and if Americans have to pay taxes on gifted money why not inherited money?

Vote no on this bill and rework it from the ground up, in bipartisan fashion and with public input.
Not rushed legislation so you can claim a victory for your donors over the American people.

Rory

We NEED to get rid of establishment politicians, America has been taken over by corporations and wealthy donors and now works against the principles it was founded on. Vote for new blood that promises to only take individual donations so they work for the majority of America.

Tax Scam

Most of the individual and Middle Class cuts are only temporary and will be phased out within 10 years.  The corporate tax cuts are set to be permanent.
Watch this, especially the first 12 minutes where they talk about the GOP tax plan.
Some middle class people will pay more, others less in taxes for the first few years but the majority of lower and middle class Americans will pay more as the individual tax cuts expire.
Also insurance and tuition will go up and major cuts to Social Security, Medicare and Medicaid will impact many families.
Why cut taxes to corporations, millionaires and real estate moguls? Big donor money.
Will tax cuts to corporations increase jobs and wages as the GOP says? History says no. They will buy back stock, lower their debt, pay dividends and executive bonuses, and merge with other companies to reduce competition.  Corporations have been doing historically well and making more money than ever and have access to cheap capital.  Instead of job growth we will see lay offs due to mergers and consolidation and deregulation.  Wages will remain stagnant or continue to drop when compared to inflation as nothing in this tax plan requires or even encourages wage hikes.  Between increased automation and less competition in fact they have fewer reasons to increase wages and many of the larger companies will lay people off.  Smaller businesses will face stiffer competition from the big companies who can take better advantage of the tax cuts and cheaper loans.

This is something I havent heard a lot on the news...
The AMT or individual minimum tax is repealed for individuals (that gets talked about) but also for BUSINESS so it will be possible for companies through loopholes to pay NO INCOME tax at all!
And why does the corporate tax rate need to be lower than many individuals?

Note This!

• Expiring Provisions: All individual income tax changes, excluding the move to Chained CPI and the elimination of the individual mandate penalty, would expire effective December 31, 2025. This includes the individual income tax rate cuts, the expanded child tax credit, the repeal of personal exemptions, and the expanded standard deduction.

• The House Tax cut plan The summary is just a few paragraphs, please read it.  The full text is of course much longer but there is a table of contents.  Guess what? Lots of corporate loopholes in it. Estimates are corporations will pay much less than the average 18.1% they do now.
• Summary of Senate Tax plan by the Tax Foundation 
• Breakdown by sample families of tax changes  Most people get a cut (at least till the sunset expiration in 2025) though its not that much.
• Analysis of the Tax Cut and Jobs Act  Pay attention to the 2027 estimates! And browse that table of individual items below.
• Interview on AM Joy where a small business owner talks about how service (restaurants, bars, etc and smaller businesses will see higher taxes and how tax cuts on the larger corporations will shed jobs. 

Frankly if they really wanted to increase your effective income it would be much better to raise the minimum wage which would spread out to everyone getting a wage increase. We would have more income, pay more in taxes because we make more but still have more in our pocket!

That would even lower the national debt instead of increasing it!!

More money in the general economy also leads to job growth as people spend more and companies can then sell more.

2004 Bush Taxcut to  bring money back to the USA resulted in massive stock buybacks and layoffs.

The Tax scam is out

So the House and Senate Tax bills are out.  They dont match so details will be hammered out in committee if they pass.  Here are some of the highlights, its several hundred pages so there are a LOT of loopholes to read through.
Going Away or Down ...

• SALT (Local state tax deductions) for most individuals, Those who incorporate still get them.
• Personal property tax deduction, lowered or gone
• Import tax for corporations (making it cheaper to import things)
• Earned Income Tax Credit
• Medical Deductions
• School Loan Interest Deduction
• Teachers deduction when they buy school supplies for the kids.
• AMT (Alternative Minimum Tax)

Still In....

• Carried Interest
• Corporate property tax deduction
• Golf course owner deduction
• Real Estate LLC and Pass Through deductions
• 
  

The claim is 800 to 1200 break for middle class, higher wages because companies will take the money they save a raise wages. How many people think they would rather raise wages then buy back stock, invest in more automation or buy out the competition which means lays offs and more people out of work?  Or maybe they will just raise the executive bonuses.

This is just another con job and not even a good one, the Republicans in Congress think and are counting on Americans to be stupid to see it till its too late, and too lazy to vote.

We proved Trickle Down Economics does not work, lets not give it another chance.

Pyramid Writer Group

A few years ago there was a Pyramid Writers group and a call was put out to start it up again.
The original leaders have moved on to other things so a few of us took it up.
If you want to join, either to get feedback as you start writing for Pyramid or as an authoer willing to help out, please drop me a note to be added.
We are using a private Yahoo group to keep it simple.