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Trump’s Tax Plan Is An Assault On Working Families
Social Security Disability

Trump’s Tax Plan Is An Assault On Working Families

Trump’s Tax Plan Is An Assault On Working Families.
Working American families need relief, American small businesses need help to compete in an increasingly global economy, and many of our nation’s wealthiest individuals use loopholes to avoid paying their fair share.
Congress needs to find bipartisan, workable solutions for genuine tax reform that help all Americans make ends meet, and I am ready to work with lawmakers on both sides of the aisle to make that happen.
Out of the trillions of dollars in tax cuts that Trump proposed this week, nearly all of that money would end up in the pockets of America’s highest income households and corporations, like Trump and his family.
By any measure, the President’s tax plan proposes massive giveaways to high-income individuals.
The average income in my district for a family of four is just $34,000 annually, and only one percent of the families in my congressional district make over $200,000.
The Trump tax plan calls for reducing the corporate tax rate and “pass-through” tax rate to 15 percent, a proposal that helps wealthy corporations far more than the mom-and-pop businesses in Alabama’s 7th District.
But the elimination of programs like these does not even come close to paying for the $7 trillion in tax cuts proposed in Trump’s tax plan.
This tax plan isn’t just a missed opportunity, it actively works against reform by raising the deficit and laying the groundwork for damaging budget cuts.
Regardless of party, I believe that every lawmaker wants the best for their constituents and for the future of our country, because that is what brought me to Congress.

Some pre-European debt crisis signs are popping up again
Unemployment

Some pre-European debt crisis signs are popping up again

And this goes directly to how to think about credit risk in Europe.
Both sets of arguments quickly progress from the economic to the political.
Goodhart believes that had policymakers examined how Emu was set up, they would have discovered that the declining transaction costs of a common currency simply couldn’t make up for the economic losses from a loss of sovereignty – unemployment, economic crisis, and — most importantly here — default risk.
Here’s how Goodhart puts it, with an example using Belgium – then a problem child in Europe because of its high government debt load: But what happens after Emu when there is a drop in the demand for the bonds of a particular national government?
What if, for example, bond investors start to see Belgium as a worsening credit risk: it has an ageing population, a declining tax base, and a government which lacks the political will to trim its spending programme.
But these bond market crises could be much worse than their foreign exchange market forebears if the contagion threatened to spread from the debt of governments to that of the banks, and the financial system itself was thereby undermined.
And everything Goodhart said about an ageing and economically sclerotic Belgium in 1997 is true in spades for Italy in 2017.
And to get that growth, it needs change politically.
And when it does fall, Italian sovereign and bank credit risk will skyrocket.
More: Credit Writedowns Credit Writedowns Pro European Union Italy Euro Crisis

We’ve seen this movie before: Economy set for spring surge after first-quarter slumber
Unemployment

We’ve seen this movie before: Economy set for spring surge after first-quarter slumber

We’ve seen this movie before: Economy set for spring surge after first-quarter slumber.
The same script is being followed in early 2017.
Over the past several years, the economy has usually started out slowly in the first quarter, only to see a frantic burst of growth in the spring.
The government last week reported that gross domestic product rose just 0.7% from January to March, marking the worst quarterly performance in three years.
Yet economists predict the U.S. will speed up to 3% in the second quarter than runs from April to June.
The highlight will be the April employment report on Friday that’s expected to show almost 200,000 jobs were created in the month — double the disappointing 98,000 rate in March.
Although the labor market is tight with an unemployment rate at 4.5%, U.S. job openings are near a record high.
“You don’t get 0.7% GDP growth when employers are furiously trying to fill 5.74 million job openings,” said Bernard Baumohl, chief global economist of The Economic Outlook Group.
That’s helped to drum up sales for energy producers and large, export-heavy American firms.
Although the Fed is expected to hold off raising interest rates for now, central bankers believe the economy is strong enough to warrant more increases later this year.

Le Pen’s ‘outsider’ politics move to center stage in France
Unemployment

Le Pen’s ‘outsider’ politics move to center stage in France

The National Front has gone mainstream.
It was also the second time her far-right National Front party, or Front National (FN), has come this close to the Elysee. ‘Part of the political landscape’ Even if a 2017 Le Pen presidency is a long shot, the far-right agenda has firmly taken root in mainstream French politics.
Especially since many young people vote for them,” said Jean-Yves Camus, a French political analyst who writes about extreme right movements in Europe.
Europe’s nationalist factions have been around since the end of World War II.
Camus says what’s new is these parties now take between 14 and 45 percent of votes.
She even went as far as kicking her father out of the party. “The difference is that she does not use those divisive topics simply because there is no interest for those between 18 and 24,” Camus said. ‘Last chance for France’ Christophe Barbier, a political journalist at French newspaper L’Express says Macron is France’s last chance at a moderate government. “If Macron fails, the next president will be Marine Le Pen or Marion Marechal Le Pen (her niece),” Barbier said.

Robots are going to take a lot of jobs — here’s what we could do about it
Unemployment

Robots are going to take a lot of jobs — here’s what we could do about it

Robots are going to take a lot of jobs — here’s what we could do about it.
WASHINGTON — For all the talk of robots replacing humans on the job, in schools and even in bed, students at Everett Community College in Washington State are preparing for a robot future.
Some of their employers even went bankrupt, he says.
Here’s another sticking point for universal basic income: Why not give money to everyone, even the wealthy, and not just to those who need it?
Advocates argue, not without reason given widespread support for universal programs like Medicare and Social Security, that targeted programs are easy targets for future elimination, exactly because they lack a broad-based backing.
The negative income tax The notion of a guaranteed minimum income, which sounds pretty liberal by today’s political metrics, is actually closely related to the idea of a very conservative economist, University of Chicago professor and Nobel laureate Milton Friedman: a negative income tax. “The idea of a negative income tax is to treat people who are poor in the same way we treat people who are rich.
The concept is basically the same, of creating a social safety net of wages below which no worker shall fall.
The robot tax A more recent idea that’s popped into the radar screen of automation-watchers is that of a tax on robots.
More: Jobs automation Robots Basic Income

U.S. Jobless Claims Rise for First Time in 4 Weeks
Unemployment

U.S. Jobless Claims Rise for First Time in 4 Weeks

WASHINGTON – The number of Americans applying for new unemployment benefits rose last week, but remained at a low level suggesting steady job growth.
Initial jobless claims, a proxy for layoffs across the U.S., increased by 10,000 to a seasonally adjusted 244,000 in the week ended April 15, the Labor Department said Thursday.
Economists surveyed by The Wall Street Journal had expected 240,000 new claims last week.
Claims increased last week for the first time since the week ended March 18.
Data on unemployment applications can be volatile from week to week.
Jobless claims have remained below 300,000 for 111 consecutive weeks, the longest such streak since 1970–when the U.S. workforce and population were much smaller than they are today.
A low level of layoffs typically indicates steady employment growth.
Nonfarm payrolls increased by a seasonally adjusted 98,000 in March from the prior month, the Labor Department said, a slowdown from earlier in the year.
The Labor Department on Thursday also said continuing unemployment claims, reflecting benefits drawn by workers for longer than a week, decreased by 49,000 to 1.98 million in the week ended April 8.
Data on continuing claims are released with a one-week lag.

Five Ways Donald Trump Has Broken His Promise To Protect Social Security, Medicare And Medicaid In His First 100 Days
Social Security Disability

Five Ways Donald Trump Has Broken His Promise To Protect Social Security, Medicare And Medicaid In His First 100 Days

Five Ways Donald Trump Has Broken His Promise To Protect Social Security, Medicare And Medicaid In His First 100 Days.
Pence has a long record of attacking Social Security, Medicare, and Medicaid.
Appointing Anti-Social Security Mick Mulvaney as Budget Director If Trump truly intended to keep his promise to protect Social Security and Medicare, he would be surrounding himself with people who support that goal.
He went so far as to say “they want to really cut [Social Security], and they want to cut it very substantially, the Republicans, and I’m not going to do that” and even called out Paul Ryan by name.
Trump said nothing.
Trump said nothing.
Still, Trump has said nothing.
He can make clear that Mulvaney and Price are not running the Social Security, Medicare and Medicaid show.
He can propose and push for the adequate funding of SSA and the part of HHS responsible for the administration of Medicare and Medicaid.
And most important, he can attack those in his party who propose dismantling these essential programs and tweet his continued commitment to them.

How WEP can affect a person’s Social Security
Social Security Disability

How WEP can affect a person’s Social Security

I am currently working and have worked for the last five years on a job that pays into Social Security.
At age 21 I started working for the federal government and didn’t pay into Social Security for 37 years.
So, first, it seems any Social Security benefits you receive will be affected by WEP (Windfall Elimination Provision) or GPO (Government Pension Offset), says Jim Blankenship, author of A Social Security Owner’s Manual.
To be affected by the WEP, an individual must have worked in covered employment long enough to qualify for Social Security benefits; must have also worked in non-covered employment, meaning that Federal Insurance Contributions Act (FICA) Social Security payroll taxes were not paid; and, importantly, must have earned a pension in that noncovered job.
The GPO reduction is equal to two-thirds of the amount of the pension payment from noncovered government work.
“When you take your own Social Security benefit, your monthly benefit will be reduced (because of WEP) by the lesser of 50% of the Social Security benefit or $428,” says Blankenship.
In addition, when you file for your Social Security benefit, you will also be deemed to have filed for a spousal benefit based on your wife’s earnings record, says Blankenship.
“If your wife’s monthly benefit is more than double your benefit, this spousal benefit could increase your total Social Security benefit,” he says.
“However, since you’re receiving a pension from a government entity that was not subject to Social Security tax, any potential spousal benefit you might be eligible for will be reduced by a factor equal to two-thirds the amount of your pension.
Got questions about money?

Which state sends most taxes to DC? Hint: It’s not a state
Social Security Disability

Which state sends most taxes to DC? Hint: It’s not a state

WASHINGTON (AP) — As Tax Day approaches, show some love for the good people who live in the nation’s capital.
Washington, that swampy den of iniquity that politicians love to scorn, sends the most tax dollars per person to the U.S. government.
Last year, the District of Columbia paid Uncle Sam $37,000 per person in federal income, payroll and estate taxes. “The reason the District pays so much in taxes is that there are a lot of high-income people there.”
The IRS says millions of taxpayers have yet to file their returns.
The nation’s capital gets a good return on its tax investment.
For every dollar the District sends to the federal government, it gets back almost $4, according to a 2015 study by the New York state comptroller.
The closest state is Mississippi, which gets back $2.57 in federal spending for every dollar it sends to Washington.
So why do so many of these states that benefit from the federal government produce conservative politicians who complain that the government is too big?
Most states are winners when it comes to getting more money from the federal government than they pay in taxes.

Ask Larry: ​​Can My Wife Switch To Her Spousal Benefit?
Social Security Disability

Ask Larry: ​​Can My Wife Switch To Her Spousal Benefit?

Ask Larry: ​​Can My Wife Switch To Her Spousal Benefit?.
Hi Larry, my wife, who is two years older than me, filed for her retirement benefit at 62 when I was 60.
I will file for my retirement benefit when I reach my full retirement age (FRA) of 66 in early 2019.
When I file at my FRA, can my wife switch from her retirement benefit to her spousal benefit, which will entitle her to 50% of my monthly benefit?
If you were born on or before 1/1/1954, you could file for and receive your spousal benefit between your FRA and 70 when you’d file for your increased retirement benefit.
When will I be able to file for divorced spousal benefits on my ex’s record without it affecting the amount I will receive when I turn 66 and file for my own full retirement benefits?
Best, Larry Can I Suspend My Disability Benefit?
Hi Larry, I am 58, divorced (married 25 years), and have received a Social Security disability benefit since 2007.
However, at your full retirement age (FRA), your disability benefit will automatically convert to a standard retirement benefit, which you can then suspend until 70 to earn delayed retirement credits (DRCs) of 8% per year, calculated and applied monthly.
If your divorced spousal benefit is larger than your disability benefit, which is also what your retirement benefit will equal, it may be best to just collect your divorced spousal benefit beginning at your FRA.​ Our tool at www.maximizemysocialsecurity.com can sort all this out and suggest your best strategy with respect to suspending.