The New York Times determined that Trump could have taken a $916 million loss in his 1995 tax return enabling him to take advantage of an IRS tax law which would allow him to avoid paying taxes for up to 18 years due to the loss.
Clinton blasted Trump at a campaign rally in Toledo, Ohio over the revelation of Trump’s tax deduction from 1995.
“While millions of American families, including mine and yours, were working hard and paying our fair share, it seems he was contributing nothing to our nation. Imagine that,” Clinton said. “In other words, Trump was taking from America with both hands and leaving the rest of us with the bill.” Hillary Clinton
Did Hillary pay one more dime to the IRS than was required of her over the last 20 years? I think not.
Who among the 250 million citizens in the United States eligible to pay taxes would willingly not take advantage of any tax deduction to lower the amount they have to pay to the IRS? Hillary needs to name one U.S. Citizen that knowingly and willingly paid more in taxes to the IRS than was required of him or her by the IRS.
Who among the millions of democrats would willingly pay more to the IRS than they have too, including the billionaires and millionaires, (Mark Cuban, Tom Steyer, George Soros, Warren Buffett, Sigourney Weaver, Meryl Streep, Robert De Nero, etc…), who are supporting Clinton?
Clinton is denigrating Trump for doing what she and her supporters do and that is to pay as little to the IRS as possible.
Bill and Hillary made $109,000 in interest and dividends from 2015 and took advantage of $3,000 in capital losses carried over from prior years in order to pay as little to the IRS as possible.
Even Warren Buffet, $60 Billion net worth, who pays a lower tax rate than his secretary calls for higher taxes on himself and his billionaire peers does not pay more to the IRS than he is required too. Instead he gives his money to charity like his peers. Hmm, could that be because they know that the government would waste a good portion of their money on needless jobs before a tiny percentage ended up where all of it was supposed to go?
Proof is in the pudding as they say.
Hillary Clinton wants to create a 4 percent surcharge on every dollar earned beyond the first $5 million regardless of how the income was earned.
How many actors, actresses and professional athletes are going to like that? How many of Mark Cuban’s Dallas Maverick’s basketball players earning over $5 million a year will be voting for Hillary?
Since Clinton claims that raising more money for more government run services by increasing the tax rate on Americans is the way to fix society’s economic ills surely she should be willing to retroactively pay this higher tax rate on the money she earned the last two years to set an example for the rest of us.
Hillary has a net worth anywhere is $31.3 million and Bill’s is at $80 million. Bill and Hillary made $10.6 million in 2015 and $28 million in 2014 with a tax rate of 30.2% or 2015 and 32% for 2014.
Applying the 4% surcharge that Hillary desires to implement both her and Bill should pay an additional $224,000 for 2015 to the IRS and an additional $920,000 for 2014 to the IRS. Paying a little higher tax bill will not harm their standard of living therefore there is no excuse for Hillary and Bill not to pay more to the IRS for the last two years the same way Hillary wants everyone else to pay more.
Hillary and the Democrats believe that they can tax and spend their way out of the problems vexing the nation but that is not how economies are fixed. Unchecked socialism always fails by collapsing in on itself unable to pay for the ever increasing demand for services from an ever decreasing revenue stream regardless of how much you tax the people.
“Obamacare is the Craziest Thing” Bill Clinton
Bill Clinton acknowledges that Obamacare works for the poor who are on government subsidies, who historically would have received Medicaid to begin with, because they cannot work or afford health care on their own but that Obamacare doesn’t work for the millions of other families struggling to make ends meet.
“So you’ve got this crazy system where all of a sudden 25 million more people have health care and then the people who are out there busting it, sometimes 60 hours a week, wind up with their premiums doubled and their coverage cut in half. It’s the craziest thing in the world,” Bill Clinton said.
What Hillary said about Trump taking from America could also be applied to the millions who are receiving Obamacare at the expense of hard the hard working poor.
“While millions of American families, including mine and yours, (are) working hard and paying our fair share, it seems (they) are contributing nothing to our nation. Imagine that,” Clinton said. “In other words, (these people) are taking from America with both hands and leaving the rest of us with the bill.”
The question is, why do Bill and Hillary not want to raise the income levels of the poor so that they can afford health care on their own without the need of becoming dependent upon the government and dependent upon those working 60 hours a week? Why does Hillary want you to work an additional 20 hours a week to pay the healthcare costs for someone else when that health care could be provided by decreasing costs and increasing the living wage?
The true solution to societies’ economic ills is to create an economic game which increases competition between the highest number of competitors. Teddy Roosevelt understood this principle.
“As the United States became increasingly urban and industrial, it acquired many of the attributes common to industrial nations—overcrowded cities, poor working conditions, great economic disparity, and the political dominance of big business. At the turn of the twentieth century, Americans had begun to look for ways to address some of these problems. As chief executive, Roosevelt felt empowered by the people to help ensure social justice and economic opportunity through government regulation…. he often stated that there must be reform in order to stave off socialism; if government did not act, the people would turn to more extreme measures to seek remedies.” Teddy Roosevelt
Rather than create a welfare state by taxing the wealthy coal companies to provide government services for the striking coal workers Teddy used the government’s hammer to force the companies and the workers to settle their differences which became known as the “Square Deal.” “The Square Deal worked to balance competing interests to create a fair deal for all sides: labor and management, consumer and business, developer and conservationist.”
By dismantling the too big to fail banks that are teetering once again and by breaking up the corporate monopolies that the Clinton’s helped create the economy will swing back into the sweet spot of highest competition which benefits everyone
Greater competition forces businesses to pay more in wages and health care to their workers which removes any necessity for the government to step in with its inefficient and ineffective services. By freeing up developers’ tax burdens and other associated costs they can produce a greater supply of housing to the market and thereby decrease the skyrocketing housing costs that are plaguing the poor and middle class. There is no tax policy that can fix the lack of housing in the job centric areas of the nation only economic rules and stimulation to those who build housing. All one needs to do to is look back in time to when there was a surplus of housing in the 1950s to 1970s to understand how this works.
Hillary and Bill’s past policies of decreasing competition and the buying power of average Americans reveals that they do not want to increase competition by eliminating the monopolies from the market, for they are for the ultra wealthy monopolies that exist in the world and when they say they are for the average American they are lying to America. They do not want to change the rules of the game to enable the average American worker to purchase, to build, their own housing; Hillary and Bill want the masses dependent upon the government for their housing through programs like Section 8, HUD and below market rate non-profit 501c3 organizations that exploit the poor for their own advantage.
Hillary does not want to increase competition in the insurance industry enabling more people to obtain healthcare through their own means and or collective bargaining with their employers; Hillary wants the people dependent upon the government for healthcare so that government can dictate what kind of medicines and treatment people receive.
Hillary and Bill are using the socioeconomic problems of our present to create a big government that will eventually control every aspect of every citizen’s life’ that is not the Land of Liberty which the Founding Fathers created.
If Hillary chooses not to pony up another million dollars to the IRS for the 2014 and 2015 tax years than we will know that she truly does not believe in her tax plan but is using it for some ulterior objective.
Socialism in a nutshell is the plumber that comes back time and again to mop up the puddle from the leaking pipe without ever fixing the leak ensuring a guaranteed job all the while the leak becomes worse and worse over time until the house finally floods.