Trillion-Pinchers Lacking Empathy, by Tim Hartnett | STRAIGHT LINE LOGIC

https://straightlinelogic.com/2022/05/15/trillion-pinchers-lacking-empathy-by-tim-hartnett/

The whole college finance system ends up supporting a well-heeled elite of professors and administrators, some of whom do nothing to justify their sinecures and salaries. From Tim Hartnett at lewrockwell.com:

Regular readers of the Washington Post opinion section should give credit where it is due. An enormous divergence of views is presented on their pages. Ideas in 100% opposition often appear on the very same day. That said, how the editors decide if an essay makes enough sense to arrive in print can leave the public overwhelmingly underwhelmed.

On the other hand, some takes on reality are so deluded and deranged publishing them can serve valuable purposes. First, they save detractors from the accusation of attacking straw men. Second, they can act as ideological springboards for launching crackpot notions high enough to get more scrutiny. Third, they provide a lode of asinine quotations that drive home the opposite point that was intended.

Christine Emba splashes A-19 on the Friday, May 6 WP with a belly-flop that soaks every onlooker. Why such a lack of compassion on student debt, barely wastes a word covering what’s wrong with education and economic justice overall from a standpoint guaranteed to make things worse. It starts…

Janet Yellen Faces the Nation and Lies About Inflation, by Schiffgold | STRAIGHT LINE LOGIC

https://straightlinelogic.com/2021/11/18/janet-yellen-faces-the-nation-and-lies-about-inflation-by-schiffgold/

From schiffgold.com:

After last week’s sizzling hot CPI data, inflation talk continues to dominate the news. The government and central bank have been insisting inflation is transitory. Now they’ve turned to a new spin tactic – recycling 1970s inflation propaganda.

Treasury Secretary and former Federal Reserve chair Janet Yellen appeared on Face the Nation and spent the interview lying about inflation. Peter Schiff unraveled her lies in his podcast.

According to Yellen, the current bout of inflation has nothing to do with the Biden administration or the Federal Reserve. She claims it’s the pandemic’s fault, saying, “The pandemic has been calling the shots for the economy and for inflation.”

In Yellen’s narrative, inflation is simply a byproduct of high demand. She said there was a dramatic increase in demand during and after the pandemic, and that is why prices are going up. Since people were at home, they had lots of time to shop. “They shifted their spending on to goods that led to a surge in the demand for products,” Yellen said.

So, we really don’t have anything to worry about because this isn’t really inflation. It’s just demand-driven price hikes.

Peter called this laughable.

Continue reading→

Dems’ Giving Tax Break To The RICH??? – The Lone Cactus

https://thelonecactus317896151.wordpress.com/2021/11/14/dems-giving-tax-break-to-the-rich/

According to Business Insider, the reason is because of SALT. No, that’s not the Strategic Arms Limitation Talks. This SALT stands for State And Local Taxes. Currently under a bill that was passed in the Trump administration, you can deduct up to $10,000 in state and local taxes that you’ve paid from your federal taxes as a deduction. That’s about to change.

Democrats see the SALT provision as a slap to blue states who have much higher state and local taxes than red states (which is one reason why most blue states are losing populations to places like Texas, and Florida, and Arizona. The House version of Biden’s bill would raise the amount that you can deduct on your federal income taxes from $10,000 to $80,000 in essence giving the wealthy who pay a lot in state and local taxes a big tax break.

Simple math explains real reason for Musk’s Twitter poll on selling Tesla stock — RT Business News

https://www.rt.com/business/539627-musk-to-sell-tesla-stock-looming-tax-bill/

Tesla CEO and billionaire Elon Musk asked his Twitter followers over the weekend if he should sell 10% of his Tesla holdings, and they
said yes, but media reports claim he has to sell the stock soon regardless of the rhetoric.
According to a report by
CNBC, Musk faces a $15 billion tax bill on stock options expiring next
year, which is likely the real reason he considered selling 10% of his
Tesla stock in the first place.



Also on rt.com
Elon Musk speaks out after internet votes YES to him selling 10% of Tesla stock

As Musk himself declared, he doesn’t take a salary or cash bonus
from Tesla, thus his taxable wealth comes from stock awards and the
gains in the company’s share price. Musk was awarded Tesla’s stock
options back in 2012, which allows him to buy 22.86 million Tesla shares
at the fixed price of only $6.24 each. As the company’s shares closed
at $1,222.09 apiece last week, his gain on these options now totals just
under $28 billion.

Musk’s stock options expire in August 2022,
but in order to use them, he has to pay the income tax on the gain at a
combined rate of 54.1%. Simple math shows that at the current price, his
tax bill is around $15 billion.



Also on rt.com
Tesla could lose $300 billion after Musk’s itchy Twitter finger strikes again

Musk himself indicated that he will start selling Tesla stocks to
gain on expiring options at the Code Conference in September, saying: “I
have a bunch of options that are expiring early next year, so… a huge
block of options will sell in [the fourth quarter] – because I have to
or they’ll expire.

The Twitter community has been divided on
Musk’s poll. While some fretted that their Tesla holdings will drop
when Musk starts selling, some said it’s high time billionaires paid
their due. Musk himself said, “much is made lately of unrealized gains being a means of tax avoidance,” referring to plans proposed
by the Democratic Party in the US Senate, who want billionaires to be
taxed on their stock gains when the price of their shares goes up, even
if they do not sell their stocks.



Also on rt.com
Elon Musk now worth more than oil giant ExxonMobil

Many people suggested the fate of billions in taxes should not be decided by a Twitter poll. Oregon Senator Ron Wyden tweeted: “whether
or not the world’s wealthiest man pays any taxes at all shouldn’t
depend on the results of a Twitter poll. It’s time for the Billionaires
Income Tax.

We are witnessing the Twitter masses deciding the outcome of a $25B coin flip,” Venture investor Chamath Palihapitiya said, while Berkeley economist Gabriel Zucman tweeted that he’s “looking forward to the day when the richest person in the world paying some tax does not depend on a Twitter poll.”

Biden On Illegal Immigrant Payoffs: Never Mind | The Wentworth Report

https://wentworthreport.com/2021/11/05/biden-on-illegal-immigrant-payoffs-never-mind/

Biden On Illegal Immigrant Payoffs: Never Mind. By John Hinderaker.

News circulated last month that the Biden administration was planning a payoff scheme whereby illegal border crossers would get $450,000 apiece, or $1 million per family, from U.S. taxpayers. … Illegals would be grotesquely rewarded by American taxpayers for violating our laws …

One can only imagine the feedback that those who run the “Biden administration” received to this proposal. It must have been so grim that Joe Biden has now backtracked: Joe Biden Backs Off $450K Payouts to Border Crossers: ‘Not Going to Happen’.

On Wednesday, while promoting vaccines for the Chinese coronavirus, Biden claimed reports about the $450,000 payouts were “garbage” and called them “not true.”

More likely, Biden’s handlers just didn’t like the political fallout when the absurd scheme was exposed. …

Trying it on. In the meantime, can you imagine the effect on potential illegal immigrants? Free health care, free education, assistance with housing, great schools — and maybe $1m! Let’s immigrate to the US.

“This Is Beyond Unacceptable”: Bernie Rages As House Dems Propose Massive Tax Break For Millionaires

https://www.nationandstate.com/2021/11/03/this-is-beyond-unacceptable-bernie-rages-as-house-dems-propose-massive-tax-break-for-millionaires/
While Democrats are scrambling to justify massive tax increases to pay for their massive spending plans, House dems snuck in a massive tax break for the wealthy into their proposed tax-and-spending proposal by lifting the cap on the federal deduction […]

Illinois Supreme Court Rules Tax On Guns & Ammo Unconstitutional

https://www.nationandstate.com/2021/10/24/illinois-supreme-court-rules-tax-on-guns-ammo-unconstitutional/
Illinois Supreme Court Rules Tax On Guns & Ammo Unconstitutional By Lorenz Duchamps of Epoch Times, The Illinois Supreme Court ruled on Oct. 21 that two taxes on guns and ammunition in Cook County violate the state’s constitution because they affect law-abiding citizens’ Second Amendment right to acquire firearms for self-defense. TINLEY PARK, IL – […]

Pandora, Paradise and Panama Papers: Offshore structures exposed by leaks explained – ABC News

https://www.abc.net.au/news/2021-10-05/offshore-companies-trusts-tax-and-secrecy-explained/100514250

The Pandora Papers leak of nearly 12 million documents
has shed further light on the secretive, mysterious world of offshore companies and trusts.

These structures — set up in
so-called “tax havens” or “secrecy jurisdictions” — are used by many of the world’s wealthiest and most powerful people and corporations to shift and store money internationally.