The GOP tax bill not only squanders an opportunity to help families by strengthening the Earned Income Tax Credit, but it also permanently erodes its value over time.
I tend to think the “strategies” being employed as reflecting the awakening of the plunder/export/ import/hegemonic hierarchy to the fact that the bludgeon of the effete institutionalization of one-upsmanship hierarchy, which has been kneaded into its “elite” claims particularly of educational institutions is a snake-oil sale that has seen its day.
Seeing the awakening of the civicus to the serial scams institutionalized for double-down bludgeon of claims to being elite, which starts at day-care and end with grave, this cabal is fraying the societal margins and edges as quickly as possible to force the amorphous wannabes into formation. Securing them is essential to enforcing the plunder being undertaken through buying off the governance structures.
The thing about the ‘wannabe’ mentality, aside from the generalized truism of ‘like knowing like’, is acute awareness that the next rung up on the ladder is studying what of his/hers can be plundered. The quickest move to keep the dynamics satisfied is the ‘tinkle down’, maintaining the argument that as long as you play the game, you stand to have trickle-down effect which is why they have to use the bannon bludgeons and way of cons (Conway).
You and I? all we’re supposed to do is go to work, fight among ourselves about the theatre being presented and never think about the rest of the world.
Creating a chained CPI as part of the GOP tax cuts means that Social Security COLAs are already slated to be cut without Ryan’s raiders even lifting a finger to “reform” Social Security next year, right ?
Looks like the GOP tax cuts are channeling Obama’s catfood commission’s plan to create a chained CPI to cut Social Security payments ?
I also have heard that this bill requires cutting $25 billion from Medicare in 2018 plus cutting $400 billion during the next decade.
Heather Boushey said it all in her article posted on CD yesterday by labeling it “the inequality exacerbation act”.
In 2016 the lower-earning half of U.S. workers, 81 million workers, earned in wages 7% of the total national income. The Social Security Administration reports on wage income – https://www.ssa.gov/cgi-bin/netcomp.cgi?year=2016 – and the middle earner had an income of $30,553. 7% of the national income for half the workers – think about how low wages are. About 20% of workers work part-time, another 12% work part-year. And there are several percent, about 5% more who have dropped out and simply are not counted. 7% is pretty low. The average for all in the lower half is $1.04 trillion divided by 81.5 million — $12,736 per worker. A full-time minimum wage worker, 2080 hours a year, would earn $15,080. So if half of the U.S. workforce were paid the minimum wage and worked a full year of work, 2080 hours, no vacation time, they would earn collectively more than they actually do. Senator Sherrod Brown with Rep. Khanna propose to double the EITC bonus, and to include non-married workers in a roughly equivalent EITC bonus, as presently the EITC is extremely low for the not-married worker. It is time for the facts about the low paying workforce to take center stage. Labor income for the lower 90% of workers dropped by about 18% of national income since 1980, says a Univ. of Texas study, Inequality Project, author Giovanonni, working paper 66. That comes to about $25,000 per household in the lower-earning 90%. Wages have to rise. My blog Economics Without Greed, http://benL8.blogspot.com
You know this and I know this, but that stubborn 35% who still think that Dishonest Don is better than a mix of JFK and Reagan and who when he says “believe me” at the end of one of his assertions dutifully do so and believe they will reap financial rewards for their bottomless faith.
We The People — and I don’t just mean US people — will be very lucky if a world economic system and the currencies that it’s made up of will be working at all after this fraud takes full hold. Back to barter!
The EITC isn’t really a tax credit. It’s a welfare payment. It is a direct payment from those who actually pay taxes to those who don’t. Any “refundable” tax credit is really a welfare payment in disguise. And like any welfare program, it should be temporary and limited to prevent long-term dependency.