Here's some rather fascinating news on what those pesky Republicans, flush from their wins last November, are doing this week in Washington. And I don't know that I'd trust it but it comes from the very business-friendly, Conservative and even Republican Forbes Magazine.
OMG! House Republicans Are Preparing To Hit Consumers With A Horrible New Tax That Will Harm Trump And Hurt The Economy
What they're doing:
... it’s the Republicans, not the Democrats, who are ready to administer an unnecessary black eye to the new President. That’s not their intention, but it manifestly will be the result.
The vehicle for this unwitting GOP punch is a new exaction called the border adjustability tax. This levy will cost American consumers at least a trillion dollars over the next ten years. Knowing how Washington politicians calculate these things, you can bet the amount will end up being considerably more. Prices for everyday items, such as socks, shoes and household appliances, will go up. So will tech devices like the iPad, not to mention automobiles and trucks. Gasoline? Millions of Americans will pay an additional 30 cents or more per gallon at the pump. Lower-income and struggling middle-class Americans will get hit the hardest.
Here’s how, in essence, this sneaky, anti-consumer tax works. Importers will no longer be allowed to deduct an item as a business expense. To simplify things, let's say a store imports a pair of sneakers for $40 and then sells them for $50, making a $10 profit on which it would owe taxes. Under the Republican plan, however, the retailer wouldn't be able to deduct the $40 it paid for the sneakers. In fact, it would owe taxes on the entire $50! And who, ultimately, pays this tax? You, the consumer, in the form of higher prices or fewer choices of where you can shop. Retailers and their customers will be hit.
Many oil refiners import crude oil to turn into gasoline. This new tax will sharply raise their costs, which will spell pain when you fill up your tank. Worse, some could be forced out of business or have to sharply curtail operations, as drivers cut back on buying the suddenly more expensive fuel.
But wait, it gets worse. Another feature of this bizarre GOP scheme gives exporters a gargantuan tax break by, in effect, not taxing their export revenues. Let's say a corporation sells a piece of machinery to Iran for $5 million, which cost only $4 million to produce. That means $1 million in taxable profit. Under the new Republican scheme, however, that $5 million received from the mullahs wouldn’t be taxable. Instead of a $1 million profit, the corporation, for tax purposes, would have a $4 million loss. Loophole doesn't begin to describe this "tax break."
Don'tcha' just love these fuzzy little pinheads? And according to the article, it sets a wonderful trap for the soon-to-be President Trump, too, God love 'em, by setting up an economy with rising costs. The Democrats could then remind the American people that those increased costs are due to the Republicans and these changes they want to create in our taxes.
God, I love these people. They're sewing seeds for their own destruction both quickly and in big, big ways. Here's yet more of this wonderfulness. The following quote is from uber Right Wing columnist Bill Kristol:
Which arose because of this, further proving his cluelessness and even lack of knowledge of our own, American history.
Then The Donald adds on to all this, because he's just not finished yet.
And check this out. This is how bad Donny's inauguration is going.
Don'tcha' just love the smell of Right Wing and Republican self-destruction in the morning?
Don'tcha' just love the smell of Right Wing and Republican self-destruction in the morning?
And afternoon?
And evening?
Sure, Donald J. Trump, arguably the least qualified person to ever be elected to the highest office in our nation and the most powerful position on the planet is about to be inaugurated this week but think happy, hopeful thoughts, campers.
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