Sorry for the delay in replying. I found this while looking for my estimations of the effects of the Great GOP Tax Scam of 2017.
INdeed, part of the proposal is eliminating the tax deduction for local and state taxes in the federal income tax form. That is what is known as 'a tax raise on the middle class'.
A classic example of the old "shell game". They "gave us double of something" while taking away something else of nearly as high a value. Yeah, we a little bit more, which amounts to a few table scraps.
Remembering off the top of my head, they doubled the standard deduction, while at the same time eliminating the personal deduction. In another message on this forum, I crunched through the numbers to show just how that worked but I don't know where that is (I seem to recall that Percy and I went back and forth on that at the time). At the same time they got rid of the old dependent deductions and replaced it with some other kind of credit, but I don't have the personal experience to comment on how that had screwed us over.
The building Foxconn calls an LCD factory — about 1/20th the size of the original plan — is little more than an empty shell. In September, Foxconn received a permit to change its intended use from manufacturing to storage.
Even the handful of jobs the company claims to have created are less than real: many of them held by people with nothing to do, hired so the company could reach the number required for it to get tax subsidy payments from Wisconsin.
It was not a good deal - for the state - even if it had worked out:
In a best-case scenario, the Legislative Fiscal Bureau found the state wouldn’t break even until 2043.
Of course it was great for the Republicans- big promises of thousands of hi-tech jobs and huge investment.
People were practically forced out of their homes - for nothing.
Residents were pushed from their homes under threat of eminent domain and dozens of houses bulldozed to clear property Foxconn doesn’t know what to do with.
Since the agreement the governorship has changed hands. But rather than taking responsibility for their disaster the Republicans - in state and in Washington - are trying to stifle investigation and cast blame elsewhere.
Everybody keeps complaining about US manufacturing jobs going overseas. OK.
Many also complain about so many regulations making things harder for industry "driving jobs overseas".
Many also mindlessly support the idea of "free enterprise".
What nobody seems to understand is that it is exactly that "free enterprise" freed of regulations that is sending our manufacturing jobs overseas.
All that too many companies care about is the bottom line. If they can save a few pennies per unit by manufacturing those units overseas and then shipping them here, then they will choose that option. When there is no economic benefit to keeping manufacturing jobs in the US, then those jobs will go overseas. This ain't rocket science.
The only way to get companies to keep jobs in the US is to force them to do so. That is done through regulation. Yes, such regulations will make it harder for those companies to make a profit, but if that is what we need to do to keep those jobs in the US, then that is what we need to do.
So what do you want? Keep jobs in the US or have free enterprise freed of regulations? You cannot have both. Make up your mind.
But Foxconn was not a failure. It accomplished its purpose and moved public money into private hands and will simply leave the City, State and most importantly the middle class who needed the jobs the poorer.
Reminds me of a radio interview I heard a few years ago with a New England business/economy reporter.
He described the situation in a small town in New Hampshire, as I recall, that had lost its main industry which was lumber. Instead of just folding up, they set up their local bank and had their local stores and were able to keep going even though it was a struggle. They could do it because they kept their money in the community and circulating within the community.
Then a chain opened in town. I seem to recall that it was a MacDonald's, but it could just as well have been a Walmart. So now instead of keeping the profits within the community, those profits were leaving town to corporate headquarters and the community started to fail.
The Trump presidency was predicted 100 years ago by H L Mencken. “As democracy is perfected, the office of president represents, more and more closely, the inner soul of the people. On some great and glorious day the plain folks of the land will reach their heart's desire at last and the White House will be adorned by a downright moron.”
Trump is raising funds to support his efforts fight Biden’s victory. Except that a lot of the money will go elsewhere.
A donor would have to give more than $8,000 before any money goes to the “recount account” established to finance election challenges, including recounts and lawsuits over alleged improprieties
And where does that money really go?
A large portion of the money goes to “Save America,” a Trump leadership PAC, or political action committee, set up on Monday, and the Republican National Committee (RNC).
Supporters argue that the money is going to a cause that the donors would be happy with. To which I say - why hide it in the small print? Small donors won’t see ANY of their money going to the headline “cause”.
And is it even true?
A 2018 report by the Campaign Legal Center and Issue One, two groups that advocate campaign finance reform, said some leadership PACs have been used as vehicles to “subsidize lavish lifestyles” of politicians “on their donors’ dimes.”
Let’s also note that Trump has some big debts coming due next year, and potential trouble with lenders.
The Republican Party in North Carolina is running a similar scam. Trump is winning there, so they certainly don’t intend to ask for recounts. (Of course, North Carolina is the State with the most serious examples of electoral fraud to occur in recent years, but the Republicans won’t want to talk about that either.)
It explains why the lawsuits are so unremittingly awful. They are just theatre to convince the marks to fork up - when their money won’t even be used for that. The RNC get their cut, the rest likely goes into Trump’s pocket.
He never wanted an actual Ukrainian investigation, just the mere announcement of an investigation.
Trump never ever wants any actual investigation of anything, only the announcement of an investigation.
Reminds me of an old dirty joke that I don't quite remember from nearly half a century ago. A woman who's been married three times visits the doctor and he's surprised to find that she's still a virgin. Her first two husbands were some kind of emergency responders who were always away. Her third husband was a salesman who always spent all night selling her on how great it was going to be, but then never ever delivering on his promises.