DEATH BY CORRUPTION:
What caused the destruction of the Democrat Party in
America?
http://mexicanoccupation.blogspot.com/2017/07/peter-beinart-how-democrats-lost-their.html
Democrats embrace
major cut in corporate taxes
By Patrick Martin
9 March 2018
Congressional Democratic leaders issued their policy proposals for
the 2018 midterm election campaign Wednesday, effectively embracing the bulk of
the tax cuts for big business and the wealthy enacted by the
Republican-controlled Congress and signed into law by President Donald Trump in
December.
None of the policy proposals will actually be submitted as
legislation, since Republicans control the agenda of both the House and Senate.
That means the Democrats were free to propose anything they pleased, not limiting
their program to what could plausibly pass this year. Therefore it is all the
more revealing that the Democrats are proposing to retain nearly all the tax
breaks for the wealthy that they denounced verbally while they were being
passed late last year.
In particular, the Democrats propose to set the corporate income
tax rate at 25 percent, up slightly from the 21 percent set by the Republicans,
but well below the 35 percent rate that prevailed until December. In effect,
the Democrats are proposing to retain 10 percent of the 14 percent cut enacted
by the Republicans, more than two-thirds of the bonanza for corporate America.
The Democrats would restore the estate tax to what it was before
December, applying to estates over $5.6 million rather than $11.2 million, but
there would be no increase in the tax rate. They would also restore the top
rate for the highest income households to 39.6 percent rather than the current
37 percent.
Many other tax changes incorporated in the huge tax cut bill,
largely written by corporate lobbyists, would not be repealed by a Democratic
Congress, including the lower taxes for business partnerships and S
corporations, as well as the tax holiday for giant companies like Apple,
Google, Microsoft and General Electric, which can repatriate hundreds of
billions in profits held overseas to avoid taxes while paying only a nominal
rate.
This olive branch to the wealthy follows the vote by a large
number of Senate Democrats to loosen the weak regulations on major banks
enacted after the 2008 Wall Street crash. The bill, drafted by Republicans with
considerable input from Democrats, would raise the threshold for bank oversight
provisions under the 2010 Dodd-Frank law from $50 billion in assets to $250
billion, effectively exempting several dozen banks from even limited
supervision.
While press accounts describe these financial institutions as
“midsize,” they include such giants as American Express, Ally Financial,
Barclays, SunTrust and BB&T. These would now be exempted from annual “stress
testing” by the Federal Reserve and regulation under the “too big to fail”
provisions of Dodd-Frank.
A group of right-wing Democrats, including Mark Warner of Virginia
(a tech multi-millionaire), Joe Donnelly of Indiana and Heidi Heitkamp of North
Dakota, have been in protracted talks with Republican Senate Banking Committee
Chairman Mike Crapo, culminating in an agreement Wednesday on 200 pages of
detailed legislative text.
When Senate Majority Leader Mitch McConnell brought the bank
deregulation bill to the Senate floor Tuesday for a procedural vote, 17
Democrats joined with all the Republicans to support it. The vote was 67-32,
the first time that a contested measure has received unanimous Republican
support and significant Democratic support since Trump entered the White House.
Senator Jon Tester of Montana, one of the right-wing Democrats who
is up for re-election in November, denied that fear of Republican attacks was a
factor: “This election has nothing to do with this; we were working on this
five years ago. … This has everything to do with access to capital and making
sure rural America remains strong moving forward.” He praised McConnell,
saying: “I think everybody wins on this. I think Mitch McConnell can go back
and say, ‘See, the Senate is functioning.’”
According to figures tabulated by the Center for Responsive
Politics, Tester, Donnelly and Heitkamp are the top three Senate recipients of
campaign contributions from commercial banks in this election cycle. While they
moan and groan about the supposed privations of “community banks,” they are
really doing the bidding of financial giants just below the level of the Wall
Street super-banks like Citibank and JP Morgan Chase.
Only 15 financial institutions will remain subject to the most
stringent of regulations under Dodd-Frank, although these regulations are more
of an annoyance than a constraint to rampant speculation and financial
manipulation.
Senate Minority Leader Charles Schumer voted against the bill but
supported the Democrats who backed it, saying, “People will have to make their
own judgment whether the community-bank-positive parts outweigh the others.”
TRUMP’S TAX BILL:
TRUMP’S TAX BILL:
A massive tax cut
for his plundering Goldman Sachs infested administration.
TRUMP’S SECRET
AMNESTY, WIDER OPEN BORDERS DOCTRINE TO KEEP WAGES DEPRESSED.
"During the same month that
Schlafly had backed Trump for his “America First”
agenda, Nielsen’s committee
released an ideologically-globalist report, promoting
the European migrant crisis
as a win for big business who would profit greatly
from a never-ending stream
of cheap, foreign
migrants."
AMERICA: ONE PAYCHECK AND TWELVE
ILLEGALS AWAY FROM HOMELESSNESS!
http://mexicanoccupation.blogspot.com/2017/12/rick-moran-los-angeles-mexicos-second.html
A dashcam video of downtown Los Angeles on
Christmas day reveals a stunning sight: hundreds of tents and lean-tos on the
sidewalks that serve as shelter for the homeless. The scene is reminiscent of a
third-world country. RICK MORAN / AMERICANTHINKER
com
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