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The Republicans Can’t Even Cut Taxes

first_imgThe Republicans Can’t Even Cut TaxesDr. Richard Moss, candidate for Congress, criticizes the House Tax BillJasper, IN: Dr. Richard Moss, candidate for Congress, wondered what Republicans were good for if not cutting taxes.“It’s a bill only a RINO would love.  If Republicans can’t be counted on to make pro-growth, cross-the-board tax cuts what good are they?”“They couldn’t repeal Obamacare after seven years of promises.  They can’t cut spending, balance the budget, or reduce the size of government.  They won’t reform entitlements.  They can’t secure our southern border.  They won’t rein in the out of control federal courts.  They don’t discuss term limits. They refuse to defund sanctuary cities, the EPA, or Planned Parenthood.  They don’t defend our culture.  They won’t end DACA, amnesty, or the ‘Diversity Visa.’  They continue importing Syrian Muslim “refugees.”  And they can’t even cut taxes without messing it up.  What are Republicans good for if not cutting taxes?”“The Republicans want to cut the corporate tax rate from a punitive rate of 35%, one of the highest in the developed world, to 20%, a pro-growth cut that would make America more competitive and encourage corporations to repatriate their earnings and invest in the US.  This would create jobs and economic growth, a worthy goal.  But they are doing it on the backs of upper-middle and upper income Americans.  Some would receive a paltry tax cut hardly worth the political capital, while others would see an actual tax increase.  It is counterproductive.”“The House Plan consolidates the current seven tax brackets into four: 12%, 25%, 35%, and 39.6%.  There is also a new ‘millionaire’s’ bracket of 45.6%, something even Barack Obama did not try to do.  There are minor tax cuts in the new rates.  The bill doubles the standard deduction from $12,000 to $24,000 for couples.  But it abolishes the personal exemption, which deducts $4,050 per person in the family including the filer.  If you have a household with four or more individuals you are losing more than gaining with doubling the standard deduction ($12,000).”“This bill abolishes the deduction for state and local income taxes.  It has reduced the property tax deduction allowing only for a maximum $10,000 deduction.  It also limits the mortgage interest deduction to $500,000 worth of mortgage interest on homes purchased after the enactment date, but not on existing mortgages.  It eliminates deductions for charitable donations.  This will hurt those who deduct their state and local income and property taxes (if greater than $10,000) especially in conjunction with the loss of the mortgage interest deduction and charitable donations.  It will reduce the value of one’s home and deincentivize charitable giving.  Many individuals, not just in high tax states will pay more in taxes even after the other cuts.”“It eliminates other important deductions for medical expenses, long term care, personal casualty losses, tax preparation fees, moving expenses, adoption expenses, alimony, interest on student debt, qualified tuition payments, and some contributions for educational savings accounts.”The bottom line is that House Republicans are asking American taxpayers to give up important deductions for minimal tax cuts that do little or nothing to put money back in taxpayer’s pockets or drive economic growth – all for the sake of its vaunted corporate tax cut (which accounts for a mere 9% of tax revenue for the government).  If it were a massive, cross the board, Reaganesque tax cut, say a flat tax with a rate of 18%, for example, than such sacrifices might be acceptable.  But all it takes is a single Democrat administration to undo the minimalist tax cuts and raise rates again.  But in the meantime, taxpayers will have lost critical deductions, including state and local income taxes, and will then see large tax increases.  Many will see them anyway under the current plan.  Because the Republicans are uniformly incapable of making free market arguments, they have even resorted to playing class warfare by adding a new higher ‘millionaire’s’ bracket.”“The plan doesn’t allow for meaningful cuts because Republicans have no plans to cut government and indeed the current plan is expected to balloon the debt by $1.5 trillion over ten years.  This bill will be very unpopular to many Republican voters.  Thus, it is a form of political suicide.  It also manages to increase the number of people not paying any federal income tax, which accentuates the moral hazard already built into the system whereby more and more of our fellow citizens vote in bigger government since they pay no price.”“It is yet another example of how the Republican Congress cannot be trusted to do anything.  Not even something that should come naturally like cutting taxes.  They are scarcely different than the Democrats and even borrow their Marxist rhetoric.  President Ronald Reagan would have nothing to do with this plan.  Republicans should cut the corporate rate and leave the rest alone and then get back to repealing Obamacare, reigning in the federal courts, and securing our borders, all more important matters for the country.  The Republicans have failed us again.”Dr. Richard Moss is a board certified head and neck cancer surgeon and was a candidate for Congress in 2016. He graduated from the Indiana University School of Medicine and has been in practice in Jasper and Washington, IN for over 20 years. He is married with four children.  For more information visit RMoss4Congress.com. Contact us at [email protected] Find Moss For Congress on Facebook, Twitter, and Instagram.This article was posted without opinion , bias or editing.FacebookTwitterCopy LinkEmailSharelast_img read more

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UK social impact investing ‘requires flexibility on LGPS pooling’

first_imgThis call indirectly challenged a stance recently expressed by a government official on the pooling of local government pension scheme (LGPS) assets, according to Dalwood. Last month Teresa Clay, head of local government pensions at the UK’s Department for Communities and Local Government, said that individual LGPS funds should look to move all assets, regardless of liquidity, into their chosen asset pool as soon as they could. Local infrastructure projects could suffer if comprehensive asset pooling is forced, suggests Gresham House CEO Doing so could undermine government efforts to increase social impact investing, Dalwood suggested.If all of a local authority pension schemes’ assets had to be put into a large pooled fund with no option for holding a portion of assets outside, projects such as local infrastructure and social housing would struggle even more to get funding, he said.The scale of larger funds meant managers could not justify investing in smaller ticket items under £100m (€112m), sometimes under £200m, Dalwood argued.“Even if a pooled fund did commit to investing in small scale projects, a local authority would have no assurance that the pooled funds, and therefore a percentage of their own pension pots, would invest in local projects to benefit their constituents,” added Dalwood.Gresham House is backed by the Royal County of Berkshire Pension Fund, which bought a 20% stake in the boutique manager to help it establish a UK-focused investment fund.Like a number of other LGPS funds, Berkshire has investments in illiquid assets. In Berkshire’s case these accounted for the vast majority of its assets – 66%, according to its latest annual report – as at September last year.The pension fund said it considered that liquid assets, such as equities and bonds, would achieve the most instant benefits from pooling.It would be uneconomical, Berkshire said, to “to pool existing investments in private funds (private debt, private equity and Infrastructure) or real estate funds largely due to the costs of transfer and the inequality created by sharing future returns.”However, when future investments in these types of funds were considered Berkshire would “take into account suitable investment opportunities made available by its pooling partners”.Berkshire yesterday confirmed it was joining the Local Pensions Partnership (LPP), and would pool its assets to those already managed by LPP. LPP would also manage Berkshire’s pension administration, liability management and employer risk services. A government desire for UK local authority pension funds to promptly move all assets into larger pools is at odds with a separate call for more social impact investment, according to the CEO of specialist asset manager Gresham House.Tony Dalwood said there was a strong case to be made for individual schemes having the opportunity to hold assets outside of their chosen asset pool while they push ahead on collaboration.A government-commissioned report published this week set out recommendations for “growing a culture of social impact investing”.Produced by an independent advisory body led by Elizabeth Corley, vice-chair of Allianz Global Investors, the report allocated roles to various actors in the private and public sectors. The government, according to the report, should increase its participation in co-investments in social impact models and work with the financial services industry to identify investment approaches that could be used to deploy capital to tackle entrenched social and economic problems.last_img read more

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Riley wins BCA presidency in landslide

first_imgBRIDGETOWN, Barbados (CMC) – Cricket West Indies director Conde Riley won a landslide victory here Thursday night to become the new Barbados Cricket Association (BCA) president.The veteran administrator garnered 284 votes to easily beat out challenges from former Director of Sports, Erskine King, who collected 85 votes and former BCA acting president Deighton Smith who picked up 80 votes.Riley, an outspoken retired banker who has served in various capacities, both at the BCA and CWI, replaces legendary former West Indies fast bowler, Joel Garner, who is now the senior Windies team manager.“I am very surprised at the number of people who voted for me. I have served on the board of the BCA with my two opponents and I know their ability,” Riley was quoted as saying afterwards.He said one of his first priorities would be seeking an end to a dispute which has marred the Everton Weekes Under-13 Championship.Lawyer Calvin Hope was also elected a vice-president after picking up 170 votes to defeat former England Test batsman, Roland Butcher (118), Maurice Gaskin (107) and Kamal Springer (37).Another lawyer Gregory Nicholls has returned as board secretary after winning the race with 172 votes, with Anthea Ishmael (142) and Winston Stafford (112) failing to gain sufficient favour with the BCA membership.last_img read more

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