Authored by Charles Hugh Smith via OfTwoMinds blog,
The likelihood that either party will ever drain the fetid swamp of corruption that is our tax code is zero, because it's far too profitable for politicos to operate their auction for tax favors.
To understand the U.S. tax code and the endless charade of tax reform, we have to start with four distasteful realities:
Authored by Hal Snarr via The Mises Institute,
The Federal Reserve’s latest Survey of Consumer Finances, according to Federal Reserve Governor Brainard, shows that the share of income held by the top 1 percent of households has risen from 17 percent in 1988 to 24 percent in 2015, and that the wealth held by that same group rose from 30 percent in 1989 to 39 percent in 2016.
Authored by Mike Shedlock via www.maven.net/mishtalk,
In order to counteract one of Europe's lowest birth rates, the government of Poland put out a pair of videos urging citizens to breed like rabbits.
Rabbit Video Number One
https://www.youtube.com/watch?v=gnQpfXtdPuA
Rabbit Video Number Two
https://www.youtube.com/watch?v=KMW6CPjU2Jg
Confirming the leaks that occurred in the last hours, Senate Republicans just released their proposal for the tax bill and it is notably different from the House bill.
Here are the most notable highlights (more details below):
As the House tax bill hits the wires, leaked details of the Senate's tax bill are coming out...
There will be 7 tax brackets - considerably more complex than the 3 brackets in the House bill
Senate tax legislation will keep seven tax brackets but alter the rates, GOP Sen. John Hoeven tells reporters.
Hoeven says the brackets will be set at 7%, 12%, 22.5%, 25%, 32.5%, 35%, and 38.5% (lower than the current top tax rate of 39.6%)