Read Entire 1097 Page GOP Tax Bill-Part 1-Raw Reactions-Bob Davis Podcast 688

Both houses of congress have now passed the 2017 Tax Cuts and Jobs Bill. After four hours and near blindness, I finished all one thousand plus pages. Every citizen should read this bill. In Read Entire 1097 Page GOP Tax Bill-Part 1-Raw Reactions-Bob Davis Podcast 688.

Big Little Reforms

Especially relevant is the public relations effort by republicans to convince voters this is a ‘sweeping’ reform of the US tax Code. In fact it is an amendment to a budget bill that further amends the 1987 Tax Reform Act.

Everyone Loves Or Hates

Moreover, if you read the bill, you should almost have a copy of the 1986 Tax Reform Act handy. Both sides of the so called political divide are touting how great this legislation is, or how it will end the world as we know it. I’ll give you some details in Read Entire 1097 Page GOP Tax Bill-Part 1-Raw Reactions-Bob Davis Podcast 688.

Please Hold For Your Tax Attorney

Truth is if you are in business you’re still going to need an accountant and tax attorney advise you. Some businesses will see their taxes increase. Some individuals will see their taxes increase. Sure, the standard deduction has been doubled and tax rates reduced…but…

It Might Be Good…Then Again

There will be fewer deductions and thus fewer ways to legally reduce exposure to taxation. Depending on your specific situation you might see an increase or decrease in your overall tax. I explain some of this in Read Entire 1097 Page GOP Tax Bill-Part 1-Raw Reactions-Bob Davis Podcast 688. In addition, listen to my tax reform podcast to understand the political game going on under the guise of fixing the tax code.

Never Underestimate The Power of Free Beer

There are scores of pages concerning craft beer, wine and spirits. Guess all those receptions with free hootch for members must have worked! Finally there are lots and lots of new rules regarding businesses of all kinds.

Beware of Congressmen Bearing Cool Sounding Jargon

When congressmen and senators go out among the people and talk about all they have accomplished, you’re going to hear the words ‘pass-through’ and ‘average american will save’ such and such a lot. What does it all mean? Find out in Read Entire 1097 Page GOP Tax Bill-Part 1-Raw Reactions-Bob Davis Podcast 688.

More Government Control

In conclusion my final reaction is the sadness I feel that our federal government controls so much of what we do as citizens through the mechanism of taxation. Republicans who campaigned on a tax cut have certainly paid off on that promise, at least until 2025, but at what price. That is the 1.2 trillion dollar question. President Trump signed the bill into law Friday afternoon.

Sponsored by Ryan Plumbing and Heating of Saint Paul and Reliafund Payment Processors

Read Entire 1097 Page GOP Tax Bill-Part 1-Raw Reactions-Bob Davis Podcast 688

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When Tax Reform Isn’t-What Congress Giveth It Taketh Away-Podcast 676

They call it Tax Reform. A Jobs Bill. That’s what it must be, right? Journalists and commentators are playing the same old game. Argue a proposed piece of legislation on its merits. Time to reset the boundaries in When Tax Reform Isn’t-What Congress Giveth It Taketh Away-Podcast 676.

Freedom Of Choice

While listeners to The Bob Davis Podcasts always have the freedom to choose what they think is right, I want to introduce the concept of marginal improvement. Legislators on both sides of the political spectrum talk big about ‘reform’. Usually though they make what really are marginal changes. This is especially relevant when we’re talking about the tax code.

The Real Football Game Is Congress

Team Red moves the ball back to the Blue thirty yard line. It’s hailed as a great victory. Team Blue moves the ball back to the Red twenty yard line a few years later. These are what both sides call marginal improvements. Meanwhile, as economist Milton Friedman famously suggested, they keep getting elected by making the tax code more complicated.

Budget Neutrality Isn’t A Thing

Enter a legislative concept called Budget Neutrality. The idea every expenditure must be ‘paid for’ with tax increases, or budget cuts. You think Tax Reform means lower taxes. What they’re really doing is taking away tax deductions and loop holes, and increasing our overall tax. The sad part is, it’s not their money, it’s our money. In When Tax Reform Isn’t-What Congress Giveth It Taketh Away-Podcast 676.

What Is Real Reform?

If you want real reform. The end to this kind of corruption? Then the power of the federal government to tax our incomes and our property must be permanently eliminated. Should corporations be taxed at all? Do you have property rights if you pay property taxes? How does government pay for the wonderful things both sides wants it to provide? We talk about it in When Tax Reform Isn’t-What Congress Giveth It Taketh Away-Podcast 676.

Already Socialists

So called conservatives like to argue the merits of capitalism versus socialism. It seems like I’d be on pretty safe ground if I suggested the United States has been collectivist for decades. Our economic system is not so much capitalist as it is a controlled market economy. Our elected Kings and their privy courts control our behavior and our futures with regulation and a tax code so complex, were it to be proposed as a single law in its present form, it would cause a revolution.

(Editor’s Note: While the first actual income tax in the United States was levied during the Civil War, it was later repealed as ‘unconstitutional’. Several attempts were made to establish an income tax through the late 1800’s which were unsuccessful, until the 16th amendment, ratified in 1913.)

Sponsored by Ryan Plumbing and Heating of Saint Paul and Reliafund

When Tax Reform Isn’t-What Congress Giveth It Taketh Away-Podcast 676

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Podcast 286

Speaker Boehner. US Speaker of The House Boehner has survived a challenge from so called ‘insurgent conservatives’ to replace him. According to some reports this was the strongest effort to replace a sitting speaker since the 1860’s. As many as 24 Republican members voted against the Speaker. ‘Insurgents’ are unhappy with the Speaker because they do not feel he fights for principles. Freedom Works had urged its followers to write, call and email their Congressmen to vote against Boehner. Once again so called Conservative Insurgents across the country are learning an important lesson about politics. That would be money talks, you know what walks. Whatever you want to call them; Tea Party, Liberty, Insurgent … until this group commands a political machine that actually holds real political power, these kinds of demonstrations (or stunts as some call them) will continue to be just that. When you have the power, you win the vote. Nice try though. There is a lot of snark on this story, which ignores the fact that the insurgent movement — people who actually think our legislators should govern from principle rather than expedience — is growing in strength, contrary to reports of its demise. Meanwhile, what is the agenda for so called ‘moderate’ Republicans in Congress? Make changes on the margins? ‘Restore’ faith in the IRS? Vote tax breaks to teenagers? Really? There are rumors the Keystone Pipeline will come up for a vote soon. As usual all the ‘journalism’ concentrates on the GOP majority in the Senate as being ‘filibuster proof’. This isn’t the question. The question is whether the House and Senate can muster the two-thirds majority needed to override an almost certain Presidential Veto, unless moderates cram all sorts of goodies into the bill. If you want to use email, your phone or write a letter to someone in the government, you might try send a letter to the FCC to demand it does NOT reclassify the Internet as a Utility. The last thing the world needs is regulation and taxation on the Internet. How expensive will Obama Care be in 2015? Aside from some who are now earning more than they did when they qualified for ACA subsidies in 2014, having to pay those subsidies back (yes, it’s true), copays and insurance fees are increasing so much and so quickly the Harvard Professors who supported and demanded the ACA pass, are now protesting those same copay and insurance increases! For Thee, not me, these perfumed princes and princesses are saying. That’s why we trust their positions on other political issues so much. Meanwhile, as the US makes nice with Communists in Cuba, they’re cracking down on dissidents sending thousands to jail. Same thing is happening in China and North Korea. One thing about Maoists, they don’t like dissent. And what happens when a Chicagoan rides his bike to the Police Station to report a theft? Sponsored by Baklund R & D.

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