The rich are about to win politically again through their corruption of the federal government.
President Trump has wasted no time in taking aim at the Affordable Care Act (ACA), otherwise known as Obamacare. Joint research from the Urban Institute and the Robert Wood Johnson Foundation show up to 30 million Americans may lose their healthcare coverage if the ACA is repealed. For high-income investors, however, the end of Obamacare could bring a financial windfall.
Rebecca Lake of Investopedia.com points out that individuals earning over $200,000 and couples filing jointly and earning over $250,000 a year pay an additional 0.9 percent Medicare tax helping to fund the ACA. In addition, another “provision is the 3.8% net investment income tax. This tax applies to capital gains on investments and it follows the same income thresholds as the additional Medicare tax.” Capital gains is money earned through the sale of assets, such as stocks and bonds.
Repealing Obamacare would put significant amounts of money back into the pockets of the rich, who would then use their newly created windfall to pump more money into the current stock market bubble, blowing it up even more and blowing away the economy much more severely when it explodes, as well as use the funds to corrupt government even more in their favor. The rich already own the entire Republican Party, and most of the Democratic Party.
“An analysis by the Center on Budget and Policy Priorities has found that millionaires would stand to get an 80% tax cut if the additional Medicare tax and the tax on net investment income were to disappear. The average tax break for those earning more than $1 million annually would total just over $49,000.” The 400 biggest income earners would receive a tax cut of over $7 million each. That would be a tax cut every year for infinity for the folks who have corrupted both major political parties and rigged the economic and political game in their favor.
No doubt, any replacement for the ACA will be written to shift the tax burden from those who have political and economic power to those who do not. In other words, the Republicans and President Trump are redistributing income and wealth from the 99 to the 1 percent via repeal of the ACA. The Republicans are likely setting up some form of death panels by simply repealing the ACA and replacing it with something that will be underfunded.
Read more: Why a Repeal of Obamacare Could Be a Boon for Wealthy Investors | Investopedia http://www.investopedia.com/insurance/why-repeal-obamacare-could-be-boon-wealthy-investors/#ixzz4aqwCkpYw
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Posted in Uncategorized, tagged Dodd-Frank, Donald Trump, executive orders, George W. Bush, legality, repeal, Ronald Reagan, US Constitution on Jpm2000000pmTue, 07 Feb 2017 12:36:30 +000017 10, 2010|
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President Trump signed his newest executive order, rolling back the insanely weak Wall Street regulations balled up in a piece of legislation called Dodd-Frank.
This legislation does almost nothing to regulate Wall Street. However, no doubt, protests will erupt around the globe over essentially nothing. That’s because the big banks are merely acting as front companies for their much larger hedge funds, which are nearly completely unregulated investment companies. So yes, the front companies are weakly regulated by Dodd-Frank.
Have no fear! Like many executive orders, this one is illegal. It takes an act of congress to repeal Dodd-Frank. Then the president can sign the legislation repealing the law. Apparently, Trump doesn’t know this. He’s beginning to appear as ignorant on constitutional matters as President George W. Bush (the worst president in US history, and most likely the most corrupt and dumbest, as well) and the childlike naivety of President Ronald Reagan, who may have been suffering from Alzheimer disease during much of his presidency, at least according to his son, Ronald. I could also point out that when Reagan came on national television about trading arms for hostages with Iran he could say, “I don’t remember.” He sounded like a liar, or a person suffering from the disease. Anyway, back to the main point.
We’ve been played by both major political parties on the authenticity and legality of executive orders. They are not mentioned in the US constitution, so no president has such powers. But the leaders of both major parties make certain not to let the public know this.
So don’t blow too much steam over Trump. He’s either foolish, or he’s playing a role to maintain the support of those who put him in office. He’s big on theatrics, so it’s possibly the latter.
Look to the future. Trump is a one-term president because he’s coming along at the wrong time and the wrong place in history.
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Abolishing the Affordable Care Act will provide tax breaks for the rich. According to the LA Times, “the Affordable Care Act’s tax provisions, and the discovery that repeal would provide the wealthiest taxpayers with an immediate tax cut totaling $346 billion over 10 years. Every cent of that would go to taxpayers earning more than $200,000 a year ($250,000 for couples). As Nicholas Bagley of the University of Michigan observed a few days after the election, the imperative of handing their wealthy patrons a gift of this magnitude may well outweigh their solicitude for the mostly middle- and low-income constituents whose individual insurance plans would be at risk from repeal.”
All of the income gains of the last 35 years have gone to the 1 percent, and this has been achieved by government legislation and international trade scams that export jobs overseas, and the difference between the old higher US wages and the new lower overseas wages has always gone straight into the pockets of the 1 percent. Income from performing labor is taxed at a higher rate than just sitting on your ass doing nothing, and this has come about due to tax legislation.
See the link below for the whole story.
The Real Reason Republicans Want to Abolish the Affordable Care Act–LA Times
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Posted in corruption, the Rigged Game, Uncategorized, tagged anthony kennedy, campaign, Clarence Thomas, David Koch, Federal, finance laws, John Roberts, repeal, samuel alito on Jpm4000000pmMon, 21 Apr 2014 16:00:51 +000014 10, 2010|
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Doing so has made more and more politicians dependent on the merchants of big money, and they don’t get money unless they do the legislative bidding of the highest bidders. That is something corrupt Wall Street Supreme Court Justices Samuel Alito, John Roberts, Clarence Thomas, Anthony Kennedy and Antonin Scalia, themselves always voting for big money against the US Constitution and the 99 percent. How far has corruption spread? Just look at the supreme court.
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