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Call For Tax Cuts, not Incentives

pay cash by quaziefoto1

the staff of the Ridgewood blog

TRENTON, NJ, The Select Senate Committee on Economic Growth Strategies held a hearing yesterday with a panel of national experts who were largely critical of the Economic Development Authority’s controversial tax incentive program. Assemblyman John DiMaio, the Republican budget officer, echoed the experts’ sentiments that there are better strategies to accomplish the same goals.

Continue reading Call For Tax Cuts, not Incentives
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President Trumps Verbatim Remarks on Booming 4.1% GDP Growth


Remarks by President Trump on the Economy
Economy & Jobs
Issued on: July 27, 2018

All News
South Lawn
9:43 A.M. EDT

THE PRESIDENT: Good morning. Moments ago, the numbers for America’s economic growth — or GDP — were just released. And I am thrilled to announce that, in the second quarter of this year, the United States economy grew at the amazing rate of 4.1 percent. We’re on track to hit the highest annual average growth rate in over 13 years. And I will say this right now, and I’ll say it strongly: As the trade deals come in one by one, we’re going to go a lot higher than these numbers. And these are great numbers.

During each of the two previous administrations, we averaged just over 1.8 percent GDP growth. By contrast, we are now on track to hit an average GDP annual growth of over 3 percent, and it could be substantially over 3 percent. Each point, by the way, means approximately $3 trillion and 10 million jobs. Think of that. Each point — you go up one point — that doesn’t sound like much; it’s a lot. It’s $3 trillion and it’s 10 million jobs.
If economic growth continues at this pace, the United States economy will double in size more than 10 years faster than it would have under either President Bush or President Obama.
Perhaps one of the biggest wins in the report, and it is indeed a big one, is that the trade deficit — very dear to my heart, because we’ve been ripped off by the world — has dropped by more than $50 billion. $52 billion, to be exact. It’s dropped by more than fifty. Think of that. The trade deficit has dropped by more than $50 billion. And that’s added — and adding — one point to GDP. That’s a tremendous drop. We haven’t had a drop like that in long time. You’ll have to go back a long time before you find it.

By increasing growth to 3 percent over the next 10 years, that would mean 12 million new American jobs and $10 trillion of new American wealth, at least. And that’s not including the fact that, since I was elected, we’ve created approximately $7 trillion of new wealth.

The year before I came into office, private business investment grew at only 1.8 percent. Last year, it jumped to 6.3 percent. That was my first full year; we had to do a lot of things to get it to grow. And this year, it’s growing at 9.4 percent. So that’s a very tremendous increase. There hasn’t been an increase like that in many, many years — decades.

And I think the most important thing — and Larry Kudlow just confirmed to me, along with Kevin Hassett — that these numbers are very, very sustainable. This isn’t a one-time shot. I happen to think we’re going to do extraordinarily well in our next report, next quarter. I think it’s going to be outstanding. I won’t go too strong, because then if it’s not quite as good, you’ll not let me forget it. But I think the numbers are going to be outstanding.
We’ve accomplished an economic turnaround of historic proportions. When I came into office, 1.5 million fewer prime-age Americans were working than eight years before. We had lost almost 200,000 manufacturing jobs under the previous administration. And you all know, they say, “Well, you have to lose manufacturing jobs. It will get worse and worse. Manufacturing jobs are obsolete.” No, they’re not obsolete; they’re the greatest jobs we have.
More than 10 million additional Americans had been added to food stamps, past years. But we’ve turned it all around. Once again, we are the economic envy of the entire world. When I meet the leaders of countries, the first thing they say invariably is, “Mr. President, so nice to meet you. Congratulations on your economy. You’re leading the entire world.” They say it almost each and every time.
America is being respected again, and America is winning again, because we are finally putting America first.

Everywhere we look, we are seeing the effects of the American economic miracle. We have added 3.7 million new jobs since the election — a number that is unthinkable, if you go back to the campaign. Nobody would have said it, nobody would have even, in an optimistic way, projected it.

We are in the midst of the longest positive job-growth streak in history. New unemployment claims have recently achieved their lowest level in almost half a century. The African American unemployment rate has achieved the lowest level in recorded history. African American unemployment is the best it’s ever been in the history of our country. The Hispanic unemployment rate has reached the lowest level, likewise, in history. The Asian unemployment rate has recently reached the lowest level, again likewise, in history. Women unemployment rate recently reached the lowest level in 65 years. And soon that will be in history. Give it another two or three weeks.

Veterans’ unemployment is at its lowest level in 18 years. And that number is rapidly going up, on top of which we just received and won from Congress, Choice, where veterans can go out and see a doctor if they can’t get service, the service that they deserve.

Unemployment for disabled Americans has hit a record low. Lowest in history. More than 3.5 million Americans have been lifted off food stamps — something that you haven’t seen in decades. 3.5 million Americans have been lifted off food stamps. That’s because they’re able to go out and get a job. And they’re going to love their jobs.

Ninety-five percent of American manufacturers are optimistic about their company’s outlook. And that’s the highest level, also, in history. And that’s an old survey. Been around a long time.
Manufacturing wages are expected to rise at the fastest rate in over 17 years. Business and consumer confidence has reached historic highs.
So far this year, American exports are up nearly 20 percent. I’ve only been here a little more than a year and a half. Over the same period, in the year before I took office, we’ve become a net exporter of natural gas for the first time since 1957. We’ve gotten rid of tremendous amounts of regulations, which allows us to do things. And we still have tremendous regulations on clean air, clean water, the environment. It’s very important to me, very important to everybody. But we had unnecessary regulations that were hurting our economy and hurting our country.

We have eliminated a record number of job-killing regulations. And with the help of Republicans in Congress, we passed — without one Democrat vote — the biggest tax cuts and reform in our history. And, as you know, the Democrats want to end that and raise everybody’s taxes. That will be a disaster for our economy.

As a result, more than 6 million Americans are now enjoying new bonuses, better jobs, and far bigger paychecks. Yet every single Democrat voted against the tax cuts — every single one; we didn’t get one vote. They voted against working families, they voted against small businesses. Not good.

In the first three months after tax cuts, over $300 billion poured back into the United States from overseas. We think it’s going to be, in the end, when completed, over $4 trillion will be back into our country. Apple alone is bringing in $230 billion. And they’re building new plants. They’re building a magnificent campus. They’re going to be spending their money very wisely, but they’re spending it in our country, not in some other country. That was made possible by the new tax cut and reform plan.

At the same time, we are finally cracking down on decades of abusive foreign trade practice. We were abused by companies. We were abused by the companies within countries. But in particular, we were abused by countries themselves, including allies. Abused like no nation has ever been abused on trade before. Because we had nobody watching. They stole our jobs and they plundered our wealth. But that ended.

Yesterday, I was at Granite City Steel in Illinois. It was an incredible sight. We had an audience of steel workers, some of the roughest, toughest people you’ve ever seen. And half of them had tears coming down their face. I don’t know if these people ever cried before in their life, to be honest. Half of them had tears coming down because we opened a tremendous United States Steel plant. They’re opening up seven other plants. And the steel industry is back. They’re open for business. And we need the steel industry. And the tariffs did it.

And nobody mentions the fact that these plants are creating tremendous numbers of jobs — tremendous. And billions of dollars are pouring into the United States coffers. Billions of dollars. But we’re getting jobs. We’re getting money coming in. We’re respected. And, eventually, the steel prices will really start to go down, because all of these new plants are going to be competing against each other. But we won’t have foreign countries dumping — that’s the word they use, “dumping” — steel all over the place and destroying our factories, destroying our plants, destroying our companies, and destroying our jobs.
Since I was elected, we’ve added 400,000 new manufacturing jobs. Remember, that was the obsolete deal. Obsolete. I used to say, “Why is it obsolete? We have to make things.” Manufacturing jobs are among our best jobs — and we’re just getting started.

We’ve also liberated millions of Americans from the crushing burdens of Obamacare. The cruel individual mandate penalty is gone. That’s where you pay a lot of money for the privilege of not having to buy bad healthcare and pay for it. It’s gone. Nobody thought we could get rid of it. That was the most unpopular provision, by far, probably on anything, but certainly in Obamacare. And Obamacare is now on its last legs, fortunately.

And through Associated Health Plans, we’re giving Americans the ability — just opened — millions of people going to be signing up. Millions and millions. We’re giving Americans the ability to join together to purchase much better and more affordable healthcare and health insurance, including bidding across state lines. So all of the insurance companies are going wild. They want to get it. You’re going to have great healthcare at a much lower price. It will cost the United States nothing. Nothing. Think of that. Will cost us nothing. And that’s Secretary Acosta — Secretary Azar is coming out with another healthcare plan somewhat different. Result the same. Much less expensive healthcare at a much lower price. It will cost our country nothing. We’re finally taking care of our people.

Finally, there’s another matter that’s of profound importance to me. And I wish to discuss it right now, before we leave, because there’s nothing like what we’ve been working on. So important for the lives of not only Americans, but lives all over the world.

At this moment, a plane is carrying the remains of some great fallen heroes from America, back from the Korean War. They’re coming back to the United States. Mike Pence, our wonderful Vice President, will be there to greet the families and the remains. And I want to thank Chairman Kim for keeping his word. We have many others coming. But I want to thank Chairman Kim in front of the media for fulfilling a promise that he made to me. And I’m sure that he will continue to fulfill that promise as they search and search and search.

These incredible American heroes will soon lay at rest on sacred American soil. Even during the campaign, people would come up to me — it’s a long time ago — many decades ago. Oftentimes they were older. In some cases, they were younger. Great-grandfathers. My great-grandfather, my grandfather, my father — they asked if I could do something about it. I’d look at them, I’d say, “We don’t get along too well with that country.” They said, “Whatever you can do.” And it’s something that was very important to me. Many people have asked that.

I’ve asked the Vice President and others to just pay a special tribute — and they will do that. So we honor the sacred memory of every incredible American patriot who fought and died in that war.
In everything we do, in every action we take, we are fighting for loyal, hardworking, patriotic citizens of our blessed nation. We’re making our country great again. We’re respected again all over the world. Our military will soon be stronger than it’s ever been, by far. That in itself will produce thousands and thousands of jobs. Nobody makes equipment like we do — nobody — whether it’s planes or missiles, or any form of military equipment. We make the best in the world, by far.

We’re making it possible for our allies to buy that equipment quickly, where they don’t have to wait for two-year approvals, and more. We’re doing great. And I’m very honored to see that 4.1 number. Perhaps I’m even more honored to see that deficit shrink — the trade deficit shrink so much.

With that, I’d like to ask Kevin Hassett, Chairman of the Council of Economic Advisers, and my very good friend, Larry Kudlow, if they could both step forward and say a few words.
Thank you all very much. It’s a great day. (Applause.)

HASSETT: Thank you very much, Mr. President. And thank you for your leadership and for the faith that you put in me when you offered me this job. And thank you for standing up for our veterans. My father and my uncle both fought in the Korean War, and you just can’t imagine how much it means to those veterans that you didn’t forget their comrades.

You know, as an economist, it’s my duty, sir, to remind that we should not make too much of one number, right? How often do we hear economists say that? But when I think back to the first time I met with you in the Oval, and we talked about your vision about how to make America great again, you might recall that, in the end, I agreed, yeah, that stuff really ought to work.

And the fact is that if we look at the data today, that we can see the proof of the pudding that the President’s policies are working. And it’s not just in the top line, but it’s in the details.
So the President said that if we deregulate the economy and have a tax reform, that there will be a capital spending boom because the factories will come back to America. If you look at the data, then the factories are booming again.
The President said that if we emphasize energy production here in the U.S., that we could become a dominant energy economy, even an energy exporter. Well, if you look at the data today, one of the reasons why the data is so strong is that drilling and mining activities skyrocketed in an almost unprecedented way.

And finally — and this is the thing that at times, sir, you’ve kind of looked at me and smiled about whether I really agree with you. You said that you would bring the trade deficit down — and you have. The $50 billion reduction in the trade deficit proves that if you stand up for America’s workers and let our allies know that deals that aren’t reciprocal are unacceptable, that you can make a lot of progress.
And so thank you very much for your leadership, sir, and for your faith in me. Thank you.
THE PRESIDENT: Thank you, Kevin. Great job. Thank you. (Applause.)

KUDLOW: Thank you, sir. Thank you, sir. It’s a little warm out here, so I’ll be as quick as I can. I want to reiterate what the President said and my pal, Kevin Hassett.
Look, we’ve had a pro-growth agenda. It has been in place for a short while. It is already beginning to work. Low tax rates. Rollback of regulations. Unleashing energy. And trade reform to fix a broken world trading system.
I just want to note in the numbers — and this is becoming a trend — business investment is booming. Nine to ten percent growth in the first half of this year. I believe that’s going to continue. Why do I talk about business investment? Well, that’s the key to productivity, which is the key to growth, which is the key to rising real wages and very strong jobs.

A point that Kevin and I made during the campaign a million times and we continue to make it: These tax cuts, particularly on the business and investment side, are going to be boosting wages, livelihoods, and jobs, for middle-American, ordinary, working folks. And it’s starting to take effect.

And that’s why I agree with the President, this is a boom that will be sustainable. Frankly, as far as the eye can see, this is no one-shot effort.
So that’s me. Thank you, sir. Appreciate it very much.

THE PRESIDENT: Thank you, Larry. (Applause.) Thank you very much, everybody. Thank you.

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The new law does not permit a deduction for any home equity debt


December 27,2017

the staff of the Ridgewood blog

Ridgewood NJ, CPA James Brown says Home Mortgage Interest , (Schedule A – Lines 10-12) under the old tax law, a taxpayer could deduct the interest on up to $1 million of acquisition debt for the purchase of the taxpayer’s first and second homes. In addition, taxpayers were allowed to deduct the interest on up to $100,000 of home equity debt. The new law reduces the $1 million limit on home acquisition debt to $750,000 ($375,000 for married separate filers) for first and second homes, except the lower limit won’t apply to indebtedness incurred before December 15, 2017. That is, the $1 million cap continues to apply to acquisition mortgages on a primary and second residence already in existence prior to December 15, 2017. However, starting with 2018 returns, the new law does not permit a deduction for any equity debt, which can have an adverse impact on individuals who have used their home equity to pay for costs of tuition, travel, cars, and other purposes.

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Josh Gottheimer voted NO on giving New Jersey families much needed tax cuts

Josh Gottheimer

December 23,2017

the staff of the Ridgewood blog

Ridgewood NJ, reader asks , “So Josh Gottheimer’s big ‘tax cutting’ campaign pledge was that he would lower corporate tax rates.
This tax bill does exactly that, but Gottheimer did not vote for it? Was he opposed to the middle class tax cuts that were paired to his favored corporate tax cuts? ”

Gottheimer voted no on tax cuts ,these tax cuts will allow North Jersey families to keep more of their money and New Jersey businesses to invest more in the local economy.

During his election readers poked fun , “There is a Gottheimer poster wrapped around the bear by the Franklin Ave underpass that says ‘Lower taxes’

I am still confused about whether that is a legit poster or someone just being sarcastic.”


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Trump Tax Cut Got You Down ; why pay less when you can still pay more

taxes why pay less when you cans till pay more

December 23,2017

the staff of the Ridgewood blog

Ridgewood NJ, in “A GUIDE TO PAYING HIGHER TAXES FOR PEOPLE UPSET BY THE TAX BREAKS” by Kevin Ryan, the author spells out how you can continue paying the old higher rates .

Ryan begins , “Are you upset about the tax cuts? Have no fear! I’ve written this handy guide for people who’d like to continue paying higher taxes.”

He reminds taxpayers ,  “It’s not as simple as sending the government more money than your tax return says you owe. Unfortunately, the IRS will send your overpayment back to you as a refund (or apply it toward your next year taxes if you specify them to). ”

Then he gets into the options you have to pay more taxes .

However, there are options that you can select when filing your taxes that will result in you paying more money:

• Elect to itemize deductions even if the standard deduction would be greater.

• Elect to take the standard deduction if itemizing would lower your taxes.

• File as “Married Filing Separately” instead of filing a joint return will usually result in higher taxes owed.

• Most nonrefundable credits are wholly optional, and you are not required to take them if you do not want to.

• You have the option to round each entry line item on your tax form to the nearest dollar, or to fill in exact amounts. Do it both ways and submit the result that comes out with higher taxes.

• You can also make a voluntary contribution to the US government by sending a separate payment to the Treasury via the Bureau of the Fiscal Service along with a note authorizing them to use it to “reduce the debt held by the public”. Be careful, though, such contributions are tax deductible as a charitable donation. Luckily you don’t have to take the deduction.

• And businesses have been doing their part to mitigate the devastating impact of Trump’s corporate tax cut, with some of the biggest companies in America announcing that they will voluntarily give the savings to their workers in the form of higher wages and/or bonuses. Now all that’s needed are for workers to give these bonuses back to the government, and they could basically cancel out the effects of Trump’s tax cuts!

If enough people choose to pay more than they owe and to give their bonuses and higher wages back to the government, they can help prevent or minimize the devastation and deaths that Democrats predict these tax cuts will cause. Happily, half of all Americans say they disapprove of the new tax cuts, so there will be millions of people lining up to give the government their money back!

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In the biggest overhaul of the US tax system in 30 years ,not one democrat voted for the middle-class tax cut !


December 21,2017

the staff of the Ridgewood blog

Ridgewood NJ, according to the website Unbiased America author Kevin Ryan calls it the smoking gun in the tax cut. Rayan writes , ” If you want a smoking gun that the media and Democrats are actively spreading falsehoods about the tax cuts, this is it. Earlier this week, Congress’ bipartisan Joint Committee on Taxation released an analysis on the proposed tax cuts which showed that $61 billion, or 23% of the total cuts on the individual side, would go to the middle class (which they define as families making between $20,000 and $100,000). Democrats pounced on the figure, and the media parroted their criticism that “only” 23% of the tax cuts were going to the middle class. Except they left out one important piece of information.

The middle class only accounts for 3.9% of total individual income tax payments.

In other words, the group that only contributes 3.9% of federal income tax was getting 23% of the benefit of these cuts. The media has the narrative backwards. Not only is the middle class benefiting from this reform, they are benefiting disproportionately relative to how much they pay into the income tax. ”

ABC News reports Republicans’ “first major legislative victory” under President Donald J. Trump is the “largest overhaul of the tax code in 30 years.” The bill simplifies the tax code by eliminating several special interest loopholes and doing away with Obamacare’s individual mandate. The President said Americans would start to see the bill’s effects beginning in February. “This bill means more take-home pay. It will be an incredible Christmas gift for hard-working Americans. I said I wanted it done before Christmas. We got it done,” President Trump said.

In the biggest overhaul of the US tax system in 30 years , its important to note that not one democrat voted for the middle-class tax cut .

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Senate Passes Major Tax Reform Package Affecting Bergen County


December 2,2017

the staff of the Ridgewood blog

Ridgewood NJ, last night Republicans pushed a nearly $1.5 trillion tax bill through the Senate after a burst of eleventh-hour horse trading, giving President Donald Trump one of his top priorities by Christmas.

Peter Ferrara, a senior fellow at the Heartland Institute, writes in The Daily Caller that 2017’s tax overhaul bill will be comparable to landmark tax legislation passed under President John F. Kennedy in the 1960s and President Ronald Reagan in the 1980s. “Presidents Kennedy and Reagan fundamentally fixed the individual, worker side of the tax code,” Ferrara writes. “This year’s tax reform now focuses on the business side, where the real economic problem lies today.” The lessons from the Reagan-era tax debate are particularly instructive today. “The economy took off on a 25 year boom,” Ferrara says. “Despite those dramatic income tax rate cuts, federal revenues doubled while Reagan was president, because of the booming growth.”

Like the House bill, the Senate bill cuts the current 35 percent rate to 20 percent, but the Senate bill calls for a one-year delay in dropping the rate, cutting the USA’s uncompetitive highest corporate taxes in the world and seen as the key to job growth .

For small business a provisions for “pass-through” businesses shaped up to be one of the greater fights among lawmakers in the tax reform debate.

A pass-through business refers to one that is not a corporation, and therefore isn’t taxed as such. These include sole proprietorships, joint ventures, limited liability companies and S corporations. Millions of American businesses use the pass-through taxation format, where the profits are counted in the owners’ personal tax returns.

The Senate measure would set a new deduction of 17.4 percent for those who qualify for the pass-through taxation. It also makes it easier for taxpayers to obtain this deduction. However, it includes a clause that would sunset this deduction

On the other hand, the House plan would reduce the tax from 39.6 percent to 25 percent. At odds here is which plan provides a greater savings for a greater number of pass-through businesses.

The Senate bill would drop the highest personal income tax rate from 39.6 percent to 38.5 percent. The estate tax levied on a few thousand of the nation’s largest inheritances would be narrowed to affect even fewer.

Deductions for state and local income taxes a big issues in high tax New Jersey and particularly Bergen County , moving expenses and other items would vanish, the standard deduction used by most Americans  would nearly double to $12,000 for individuals and $24,000 for couples, and the per-child tax credit would grow.

People would be allowed to deduct up to $10,000 in property taxes another killer in high tax Bergen County .

Bergen County Executive Jim Tedesco , “This legislation is bad for Bergen County, bad for New Jersey, and bad for our country. New Jersey residents already far pay more in taxes to the federal government than we receive in federal funding. Rather than attempting to create more fairness for middle class New Jersey families, this bill eliminates the state and local tax deduction, asking us to contribute more to subsidize tax cuts for the very wealthiest Americans and their heirs. Within our state, Bergen County will be among the hardest hit, and families and small businesses throughout our 70 communities will be hurt by this legislation. It would undermine the strength of our regional economy. I strongly urge New Jersey’s Congressional delegation to unanimously oppose this legislation and work with their colleagues to prevent it from being signed into law.”

Tedesco’s plea clearly a sign that state and county tax collection will be hurt .

The bill would abolish the “Obamacare” requirement that most people buy health coverage or face tax penalties a big plus for lower and middle class working people who’s Obamacare premiums make little economic sense .

The House will vote on a motion to go to conference on the tax bills on Monday evening. The Senate is expected to vote on a similar measure soon after. Congress is scheduled to adjourn for its Christmas break on Dec. 15, but House Speaker Paul Ryan has said he will keep the House in session beyond that date if necessary to get tax reform passed.

The changes will not have any impact on your taxes for 2017, which are due to the IRS by April 17, 2018 (you get an extra 48 hours to file because the traditional April 15 due date falls on a Sunday).

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President Donald J. Trump : Tax Reform for Hardworking Americans

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“Your government is working for you once again, not for the donors, not the special interests, but the hardworking taxpaying citizens of our country.” – President Donald J. Trump

October 14,2017

the staff of the Ridgewood blog

Washington DC ,President Donald J. Trump  calls it ” Tax Reform for Hardworking Americans ”  . Here is a short synopsis.

RAISE WAGES AND BRING JOBS HOME: President Donald J. Trump supports the unified framework for tax reform to bring back jobs and raise wages for American workers.
• Most economists agree that our corporate tax rate harms American workers by keeping their wages down.
o More than 70 percent of the corporate tax burden falls on American workers, according to a Congressional Budget Office analysis.
• Cutting the corporate tax rate from 35 percent to 20 percent, as proposed in the unified framework, could boost wage growth for the median household to almost four times its current rate, according to analysis from Council of Economic Advisors (CEA).
o This increase could provide $4,000 in additional income to the average American household, according to CEA analysis.
• Corporate profits are being kept offshore, benefiting foreign workers and harming our own.  In 2016, firms kept 71 percent of foreign-earned profits abroad, according to the CEA.
• Tax reforms and cuts like those in the proposed framework encourage the investment needed to create jobs so Americans can get back to work and get well-paying jobs, based on date from the Bureau of Labor Statistics.
o After President Bush’s 2003 tax cuts, the economy created 7.8 million jobs over five years.
o After President Reagan’s 1981 tax cuts, the economy created 14.8 million jobs over five years.
o After President Kennedy’s tax cuts, the economy created 12.0 million new jobs over five years.

FAIR TAXES FOR HARDWORKING AMERICANS: The unified framework will cut taxes and put in place a fair tax code for American workers.
• Double the standard deduction so that more income is taxed at zero percent.
o The first $12,000 of income for individuals and $24,000 for married couples will be income tax-free.
• Consolidate the seven existing income tax brackets for taxable income to only three brackets: 12 percent, 25 percent, and 35 percent.
• Increase the Child Tax Credit and expand it to benefit more middle-income families and eliminate the marriage penalty.
• Create a new $500 tax credit for those caring for an adult dependent or elderly loved one.

EASY TAXES FOR HARDWORKING AMERICANS: The unified framework will make taxes easy for hardworking Americans and let them recover the hours wasted on filing complicated forms.
• The vast majority of Americans will be able to file their taxes on a single sheet of paper.
o American individuals and businesses spend more than 6 billion hours complying with the tax code, according to the IRS National Taxpayer Advocate.
o Individuals spend 13 hours, on average, and $210 to comply, plan, and file their tax return each year.
o $33.7 billion is the estimated out-of-pocket costs taxpayers spent on software and professional tax services, according to the National Taxpayers Union Foundation.
• The plan repeals the Alternative Minimum Tax, which effectively requires many taxpayers to do their taxes twice.
• The plan ends the job killing “Death Tax.”
o Close to 20 percent of family business owners say planning for the death tax affects their ability to create jobs, according to Family Enterprise USA.
o In 2016, family business owners spent an average of $74,940 on insurance for the death tax and $170,800 on other planning costs, according to Family Enterprise USA

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US 2Q GDP Growth Revised upward to 3.1 percent, Fastest Pace in 2 Years

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September 28,2017
the staff of the Ridgewood blog

Washington DC, The U.S. economy grew at a faster pace than previously estimated in the second quarter, recording its quickest growth in more than two years.

Gross domestic product (GDP) increased at a 3.1 percent annual rate in the April-June period, the Commerce Department said in its third estimate on Thursday. The upward revision from the 3.0 percent pace of growth reported last month reflected an increase in inventory investment.

Growth last quarter was the fastest since the first quarter of 2015 and followed a 1.2 percent pace of growth in the January-March period. Economists had expected that second-quarter GDP growth would be unrevised at a 3.0 percent rate.

Rebuilding in Texas after Hurricane Harvey is expected to boost growth in the fourth quarter and in early 2018. Growth estimates for the July-September period are just above a 2.2 percent pace.

With GDP accelerating in the second quarter, the economy grew 2.1 percent in the first half of 2017.

President Trump on Wednesday proposed the biggest U.S. tax overhaul in three decades, including lowering the corporate income tax rate to 20 percent and implementing a new 25 percent tax rate for pass-through businesses such as partnerships to boost the economy.

Growth in consumer spending, which makes up more than two-thirds of the U.S. economy, was unrevised at a 3.3 percent rate in the second quarter as an increase in spending on services was offset by a downward revision to durable goods outlays. Consumer spending in the second quarter was the fastest in a year.

Amid robust consumer spending, businesses accumulated a bit more inventory than previously reported to meet the strong demand. Inventory investment added just over one-tenth of a percentage point to GDP growth in the second quarter. It was previously reported to have been neutral.

Growth in business spending on equipment was unchanged at a rate of 8.8 percent, the fastest pace in nearly two years.

Investment on nonresidential structures was revised to show it increasing at a 7.0 percent pace, up from the previously reported 6.2 percent rate.

Both export and import growth were revised slightly lower. Trade contributed two-tenths of a percentage point to GDP growth last quarter. Housing was a slightly bigger drag on growth in the last quarter than previously reported, subtracting 0.3 percentage point from output.

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Americans brimming with optimism on the economy

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BY JONATHAN EASLEY – 02/19/17 12:00 PM EST

A strong majority of Americans say the U.S. economy is running strong, and most believe the upward trend will continue under President Trump, according to a Harvard-Harris poll provided exclusively to The Hill.

The survey found that 61 percent view the economy as strong, against 39 percent who say it is weak.

A plurality, 42 percent, said they believe the economy is on the right track, versus 39 percent who said it is on the wrong track.

Trump and congressional Republicans have claimed credit for the turnaround, noting numerous polls in 2016 that showed that many Americans wanted change in the nation’s capital. Democrats counter that former President Obama handed a healthy economy to Trump and point out that the unemployment rate has dropped under 5 percent. At a press conference on Thursday, Trump said he inherited “a mess.”

Among Republicans surveyed in the Harvard-Harris poll, 60 percent are satisfied with the economic trajectory, versus 23 percent who are dissatisfied. Only 33 percent of Democrats said the economy is on the right track, while 48 percent said it is headed in the wrong direction.

At 65 percent, Trump voters are the likeliest to say the economy is headed in the right direction.

“It’s really a surprising turnaround given how negative voters have been about the economy since 2009,” said Mark Penn, co-director of the Harvard-Harris poll. “But jobs remains the number one issue and a lot of the change in sentiment anticipates tax cuts and infrastructure programs.”

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paul ryan

February 15, 2017

Let’s compare what President Trump has accomplished since the inauguration (with that enormous crowd!) with what congressional Republicans have done.

In the past three weeks, Trump has: staffed the White House, sent a dozen Cabinet nominees to the Senate, browbeat Boeing into cutting its price on a government contract, harangued American CEOs into keeping their plants in the United States, imposed a terrorist travel ban, met with foreign leaders and nominated a Supreme Court justice, among many other things.

(And still our hero finds time to torment the media with his tweets!)

What have congressional Republicans been doing? Scrapbooking?

More than 90 percent of congressional Republicans kept their jobs after the 2016 election, so you can cross “staffing an entire branch of government” off the list. Only the Senate confirms nominees, which they’ve been doing at a snail’s pace, so they’ve got loads of free time — and the House has no excuse at all.

Where’s the Obamacare repeal? Where are the hearings featuring middle-class Americans with no health insurance because it was made illegal by Obamacare?

The House passed six Obamacare repeals when Obama was president and there was no chance of them being signed into law. Back then, Republicans were full of vim and vigor! But the moment Trump became president, the repeals came to a screeching halt.

After the inauguration (gigantic!), House Speaker Paul Ryan and Senate Majority Leader Mitch McConnell put out a plan for repealing Obamacare … in 200 days. They actually gave their legislative agenda this inspiring title: “The Two Hundred Day Plan.”

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Spineless Republicans Weak-kneed on Tax Cuts




WASHINGTON (AP) — House Republicans face opposition to their plan to overhaul the way corporations pay federal taxes from a powerful group of lawmakers – other Republicans.

“I’m not very enthused about it,” said Republican Sen. Orrin Hatch of Utah, the chairman of the Finance Committee and the Senate’s top tax writer.

Another skeptic is John Cornyn of Texas, the No. 2 Republican in the Senate.

“The question is, who is going to pay the tax?” Cornyn asked. “Is it going to be our citizens?”

Seeking to overhaul the tax code for the first time in 30 years, the House GOP plan would scrap the 35 percent tax on corporate profits, which is riddled with exemptions, deductions and credits. It would be replaced with something called a “border adjustment tax.”

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Trump set to make big change to NJ economy


file photo by Boyd Loving

Michael L. Diamond , @mdiamondapp5:51 p.m. EST November 18, 2016

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SPRING LAKE HEIGHTS – President-elect Donald J. Trump’s mix of tax cuts and transportation spending could give New Jersey’s economy a boost. And his move to crackdown on immigration and free trade agreements could slow it down.

The result: The state’s economy is expected to grow slightly faster next year, but still fall short of the U.S., an economist for TD Bank said Friday.

““The possible scenarios are very wide for next year,” said Derek Burleton, TD Bank’s deputy chief economist. “I think we have to be honest with each other.”

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Rep. Scott Garrett : Washington-first policies are not working for America’s Middle Class

Scott Garrett Bergen County
August 26,2016
the staff of the Ridgewood blog

Ridgewood NJ, According to Rep Scott Garrett (NJ CD5) ,”Washington just can’t stop spending your money”. The Congressional Budget Office (CBO) released a report this week that confirms our national debt is spiraling out of control even faster than previously thought. This new projection paints a bleak picture of the United States’ finances as the CBO estimates that deficits will grow for the next ten years, starting with an additional $56 billion in 2016 alone.

Rep. Scott Garrett lays the blame for slow economic growth and slipping standards of living that are hurting the middle class on deficits, “Lack of economic growth and ever-growing deficits are yet more indications that Washington-first policies are not working. Every year the government spends more money than it takes in, adding more money to our national debt and increasing the threat of a fiscal crisis. We already feel the effects of a sputtering economy in towns across New Jersey’s Fifth District as families struggle to get ahead and create a better life.”

Democrats argue that we need tax increases to balance the budget. In reality, hardworking Americans shouldn’t shell out another penny while Washington continues to spend with no regard for the future of our country. Garrett reminds us ,”The problem isn’t that Americans don’t send enough money to Washington; the problem is Washington spends too much. ”

Garret goes on , “I support balancing the budget like every family has to. To start paying down the debt, we need to cut wasteful spending and hold the government accountable.  As a senior member of the House Budget Committee, one of my biggest priorities in Congress is making sure the government lives within its means.  My amendment to the Republican Budget calling for sensible spending reforms was the only amendment to gain the support of the full Budget Committee.”

Rep. Garrett summarized , “Spending more money than we have is dangerously short-sighted and continues to stifle the economic future of our country. I will continue fighting to rein-in Washington’s out-of-control spending so our children and grandchildren can have an opportunity to achieve their own American Dream.”