Tag Archives: three

Trump Tax Plan Unveiled!

Mother Jones

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Last night I wrote that the Trump tax plan would be little more a than a rewrite of his campaign document. I was wrong. Here it is:

It’s not worth the 60 seconds it would take to check this, but I’m pretty sure this is less detailed than Trump’s campaign document. What a fucking embarrassment. It’s like something a high school class would put together. Even with only five days to work with, you’d think the Treasury Department of the United States of America could produce a little more than this.

But let’s go through the whole thing. There’s a little more than you see in the tweet above:

Three tax brackets instead of seven. However, there’s no telling how this affects taxes until Steve Mnuchin tells us where the cutoff points are.

Doubles the personal exemption from $12,000 to $24,000. This will help middle-class families, but it’s a little hard to know how much it will help them until we get details on….

Elimination of itemized deductions. Which ones? All of them? Good luck with that. But you can be sure that one of the targets will be the deduction for state income taxes, since that mostly benefits the hated blue states of California and New York.

Elimination of the estate tax. A huge boon for the super-duper rich.

Elimination of the AMT. A huge boon for the rich.

Elimination of Obamacare’s 3.8 percent tax on investment. A huge boon for the rich.

Reduce business tax rate to 15 percent. A huge boon for corporations and the rich, especially those with income from pass-through businesses. Apparently Mnuchin doesn’t care that Senate rules make this almost literally unpassable.

Tax repatriation holiday. A huge boon for corporations and the rich.

Territorial taxation system for corporations. There’s no telling what effect this would have. There are good territorial systems and bad ones. It’s all in the details—though it’s a pretty good guess that Trump will opt for one of the bad ones.

The driving force behind this appears to be Trump’s desire to call this the biggest tax cut in American history. The previous champ was Ronald Reagan’s 1981 tax cut, which cost 3.9 percent of GDP. That means Trump is gunning for 4 percent of GDP.

The Congressional Budget Office pegs GDP over the next ten years at $239 trillion. To get to 4 percent, Trump’s tax plan will need to cut taxes by $9.5 trillion. This is obviously ridiculous. Maybe Trump isn’t accounting for inflation or something. That would get him down to $4.3 trillion.

Really, who knows? I suppose Trump will call it the biggest tax cut in history regardless of how big it is. He doesn’t care. The one thing we can be sure of is that the rich will swoon. At a guess, something like 90 percent of that $9.5 (or $4.3 or whatever) trillion will go to the top 10 percent. The rest of us get a few crumbs.

Of course, this whole thing is DOA in Congress anyway, which will pretty much ignore Trump and create its own tax plan for the rich. This one-page “plan” is really just a publicity stunt so Trump can say he introduced it during his first hundred days. What a doofus.

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Trump Tax Plan Unveiled!

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Republicans Unveil Their Health Care Plan. It’s a Bloodbath.

Mother Jones

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Republicans have finally released their shiny new health care plan. It’s pretty much the same as the discussion draft that leaked a couple of weeks ago, and includes the following basic features:

Subsidies (in the form of advanceable tax credits) are age-based, starting at $2,000 for young people and going up to $4,000 for older folks.
The subsidies begin to phase out above incomes of $75,000 ($150,000 for households). This will affect about 10 percent of the population and probably reduces the cost of the bill by about 5 percent.
Obamacare’s Medicaid expansion is frozen in 2020 and then gradually phased out.
The bill allocates about $10 billion per year for high-risk pools run by states. This is far too little to work effectively.
The tax meant to pay for everything was removed.
Insurers are required to cover everyone who applies, even if they have pre-existing conditions. However, if you have a coverage gap longer than two months, insurers can impose a premium surcharge of 30 percent for one year. This “continuous coverage” provision is designed to motivate people to buy insurance, since the bill repeals the individual mandate.
The funding formula for Medicaid is changed to a “per-capita allotment,” which is a fancy way of saying it gets cut.
All the Obamacare taxes on the rich are repealed.

Oh, and the bill includes a one-year ban on funding for Planned Parenthood. Conservatives love this, but it’s also likely to generate some sure no votes in the Senate. Remember that Republicans can only afford two defections in the Senate. Any more than that and their bill fails.

Needless to say, there’s not yet an analysis from the Congressional Budget Office about how much the GOP plan will cost or how many people it will cover. It’s safe to say that on the cost side, it will be a lot cheaper than Obamacare. In fact, since the tax credits are so stingy, it’s likely that very few people in the bottom third of the income spectrum will use them. They leave insurance too expensive for most poor people to afford.

Because of this, my horseback guess is that the Republican plan will be used by about 3 million people, compared to 10 million for Obamacare. The Medicaid expansion will be unchanged for a while, continuing to cover about 10 million people. Total cost for subsidies + high-risk pools + Medicaid expansion will run about $25 billion per year, compared to $100 billion for Obamacare.

Three million is far too small a pool for any kind of successful program, and the pre-existing conditions clause ensures that the pool will be not just small, but very, very heavily weighted toward the very sick. It’s a disaster for insurance companies, who will almost surely refuse to participate.

That’s my guess, anyway. It’s a bloodbath. More detailed analysis from think tankers will be available soon, and the CBO will weigh in eventually too. It’s not going to be pretty.

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Republicans Unveil Their Health Care Plan. It’s a Bloodbath.

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Revolutionary New iPhone Set to Debut Someday

Mother Jones

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Steve Jobs may be dead, but his reality distortion field lives on:

The speculative frenzy that always precedes a new iPhone has been supercharged in anticipation of the 10th-anniversary release expected later this year. Analysts in research reports have predicted the phone will be one of Apple’s most revolutionary, with some suggesting it will come in three sizes instead of the usual two, with a case made almost entirely of glass and possibly wireless-charging capability.

At least one of the anniversary phones is expected to have an OLED screen, technology that would make the device thinner and lighter. The display, on top of its being an anniversary edition, has led to speculation that Apple could charge record prices for it, said Steven Milunovich, an analyst with UBS.

Three sizes! Wireless charging! An OLED screen! All for a mere thousand dollars.

The sleazy marketing part of me admires the hell out of Apple. They have somehow built up a customer base so loyal that they can explicitly follow a strategy of staying two years behind everyone else and then incorporating whatever features turn out to be popular. Their loyal customers are, apparently, OK with paying astronomical prices for the privilege of always lacking the latest and greatest features. Because it’s Apple.

When I switched from an iPhone to an Android phone several years ago, it took me literally no more than a day to get accustomed to the new UI. Phone interfaces, after all, are designed to be super simple, and the iPhone and Android UIs aren’t really all that different to begin with. But iPhone users remain fanatically loyal for reasons that escape me. I wonder if this bubble is ever going to burst?

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Revolutionary New iPhone Set to Debut Someday

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Who Really Lives in a Bubble, Anyway?

Mother Jones

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Who really lives in a bubble? The cosmopolitan residents of big cities or the tradition-minded residents of small towns and rural areas?

I don’t know, and I’m not going to try to answer this question. I just want to remind everyone what the actual theory here is. The theory is that although country mice might not personally experience much diversity in their lives, they are saturated with it in the media. They know all about us city mice and how we live because they watch TV and movies, listen to music, and read magazines that relentlessly portray our lives and our beliefs. Nearly all of this media is produced by urban folks, and for the most part it presents cosmopolitan urban lives sympathetically and accurately. Even TV news gets in the act. The three network evening news broadcasts pull an audience massively greater than anything Fox News gets.

Most urban residents, by contrast, don’t know much about small-town life because it’s almost never portrayed in the media except comedically or satirically. They may think of themselves as open-minded and tolerant, but in fact they have little idea of how rural Americans really behave and are openly disdainful of most of their beliefs.

I’m not especially taking sides on this, just pointing out the actual argument that conservatives make. The “bubble” here isn’t a question of whether you have a Somali family living down the street or have never traveled outside the US. The bubble is whether you have some genuine understanding of both American rural life and American city life. Conservatives argue that the country mice do much better on this score than the city mice.

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Who Really Lives in a Bubble, Anyway?

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Living At Home Has Become Steadily More Popular Since the 1960s

Mother Jones

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According to the Wall Street Journal, millennials are living in their parents’ basements at record rates:

Almost 40% of young Americans were living with their parents, siblings or other relatives in 2015, the largest percentage since 1940, according to an analysis of census data by real estate tracker Trulia.

Despite a rebounding economy and recent job growth, the share of those between the ages of 18 and 34 doubling up with parents or other family members has been rising since 2005. Back then, before the start of the last recession, roughly one out of three were living with family.

Hmmm. “Rising since 2005.” I’ll assume that’s technically true, but take a look at the chart that accompanies the Journal piece. The number of young adults living with their parents rose in the 70s. And the 80s. And the aughts. And the teens. Basically, it’s been on an upward trend for nearly half a century. That seems more noteworthy to me than the fact that it failed to blip slightly downward after the Great Recession ended.

Part of the reason, of course, is that people have been getting married and settling down later in life. According to the OECD, the average age at first marriage has increased nearly five years just since 1990, and ranges between 30 and 35 around the world:

The United States is still at the low end of the world average.

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Living At Home Has Become Steadily More Popular Since the 1960s

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