Discover and read the best of Twitter Threads about #taxscam

Most recents (24)

Happy #BookBirthday to @StephanieKelton on the publication of her long-awaited "The Deficit Myth," a book that could NOT be more timely in this moment of massive structural unemployment and trillions of free money for the wealthiest among us.

Kelton is one of the leading proponents of #ModernMonetaryTheory, which describes how money actually works, as a series of accounting flows, and makes some profound observations about the implications of understanding how government spending actually works.

I've written about Kelton's work before:…

But here's the shortest possible summary I can give:

Money ISSUERS (sovereign states) have a different relationship to money and debt than money USERS (everyone else: people, companies, local governments).

Read 23 tweets
GOP says less government
They pull funding from
Clean water
Environmental protections
Women’s health
Mental health
The GOP are the kings of cutting the funds for programs that help protect and advance the lives of the people of the USA 🇺🇸
They always seem to have funds for the military, for profit prisons, immigration detention centers (for profit) and raping the earth for fossil fuels
Read 21 tweets
AT&T epitomizes the failure of America's corporate regulation. After the company spent millions on dirty tricks to help @AjitPaiFCC kill Net Neutrality, it went on a stock-buyback spree while reducing its network improvement budget.

1/ Image
Capex continued to suffer, even after the company got a $20B tax cut from the #TaxScam.

One thing the company DID spend on was acquisitions, going on a buying spree that included acquiring Time-Warner and Dish.

Randall Stephenson, the CEO who oversaw this plan, got paid $32m for his trouble, even as the company haemorrhaged money and subscribers, as his plan to "synergize" telcoms and entertainment failed spectacularly.…

Read 9 tweets
If Trump and his cadre of mustache-twirling villains have a saving grace, it's that they lack administrative competence. A con-artist succeeds by running across the river on the backs of alligators, moving so quick that none of them can take a leg.

A competent villain plays the long game, gets into the minutiae, buries the con in the fine-print. Their superpower isn't their fast-thinking gab, it's their ability to both endure and inflict boredom while they make out like bandits.

But while trumpites like @stevenmnuchin1 are just gabby muggers, others, like his protege Justin Muzinich, are champions in the dull, detail oriented mass ripoffs.

Read 12 tweets
#ModernMonetaryTheory is an economic lens for understanding how money works. It starts from the commonsense assertion that national governments are money-issuers, and the rest of us are money users, and that money works differently when you are in charge of creating it.

But this challenges accepted wisdom, like the idea that national deficits cause inflation and saddle our descendants with debt. If governments are the source of money, then they don't tax us in order to spend. They spend (which puts money into the economy) and then tax back.

If the government runs a "balanced budget" that means it's taxing as much money of out existence as it is spending into existence, leaving behind no money for the rest of us to save or spend. Balanced budgets starve the private sector of the money it needs to operate.

Read 15 tweets
You may have heard telcoms shills declaring that America's internet is holding up during the pandemic while Europe's is collapsing, and it's all thanks to @AjitPaiFCC's murder of #NetNeutrality. As @karlbode writes, "This entire narrative is fantasy."…

Generally networks have help up well in most places because they're managed by engineers who are good at their jobs. The EU's request to streaming companies to lower their video resolution by 25% was a pre-emptive precautionary measure, not a response to actual problems.

The actual data reveals that, irrespective of Net Neutrality policies, most networks are generally performing at the same level.

That level is...not good, overall. After the FCC killed Net Neutrality, the carriers' network investment plummeted.

Read 6 tweets
.@CookPolitical just shifted the North Carolina Senate race between @CalforNC and Trump-enabler @SenThomTillis from LEAN-R to TOSS UP. Let's talk about that.
Tillis votes with Trump 93.1%. So, it's no surprise that a new poll has Cunningham leading him 46-41.…
Tillis voted for a cover-up.…
Read 16 tweets
Impeachment hearings won't stop Trump's crimes.

Articles of Impeachment won't stop Trump's crimes.

A Senate trial won't stop Trump's crimes.

A "not guilty" verdict won't stop Trump's crimes.

Even removal won't convince President Pence to stop Trumpish crimes.
Impeachment won't stop Trump's crimes.

But after we've impeached and the Senate declares Trump "Not Guilty!" and the media hammers home "totally exonerated from a partisan Democrat stunt!" we won't be able to use Trump's crimes as campaign issues.
A full exoneration in the Senate and Trump doing a victory dance all the way to a landslide reelection where we lose the House and usher in a century of fascist dictatorship does not "uphold our constitution."

What about getting GOP Senators "on record"?
Read 25 tweets
Social Security and Medicare are funded by YOU & ME, the TAXPAYERS, and are meant to take care of YOU & ME when we retire. A simple look at your paycheck reveals your weekly, biweekly or monthly contribution from the 1ST day you EVER got a paycheck. These are NOT ENTITLEMENTS!!!

**the fact of having a right to something

**the belief that one is inherently deserving of special privileges or special treatment

Moscow Mitch uses the 2nd definition to steal OUR $$ to pay for the #TaxScam.

1st definition describes OUR SS & Medicare benefits.
I wanted to clarify my original tweet as I was referring to McConnell's misuse of the definition as a way to misuse our money.
Read 3 tweets
1. Largely hidden from public view is a buried 6 page Trump/GOP #taxscam provision that has triggered an obscene feeding frenzy among the super wealthy -enormous construction tax breaks for developers & their investors in newly created "Opportunity Zones".…
2. While billed as helping poor communities, Trump's "Opportunity Zones" (OZ) has instead spawned the construction of luxury high rises in areas that are already prosperous. Guys like Kushner are gorging themselves on this lucrative tax-free buffet.…
3. Here's how it works- OZ allows the super wealthy to avoid paying 15% on their capital gains by redeploying capital gains tax free into OZ construction projects. THEN sell in 10 yrs TAX FREE, eliminating depreciation recapture on the depreciation they deducted fr their taxes.
Read 11 tweets
Cohen's testimony starts in one minute...

Stay tuned for live tweets.
Shhhhh, Rep. Cummings is about to speak...

Gaveled in.

@MarkMeadows is already trying to stop the hearing, accusing the dems and Cohen of purposefully delaying the revealed testimony.

A repud complaining about the rules in a house committee. 🙄😄
Now @MarkMeadows is using cable TV as his evidence, of COURSE.

Motion to table the hearing voted down.

Oh FFS they're trying HARD.

This is ALREADY great.😄
Read 100 tweets
The concept of Retail Arbitrage is new to me, & it seems like an interesting way to get ahead... So let's break away from Politics for a few minutes & check this out..In the post #TaxScam economy this could help people! #SundayMorning…
2-"With their two young kids in tow, Juston and Kristen Herbert drove to a Target near their home outside Scottsdale, Ariz. It was time to get to work. The Herberts were on the hunt for all of the Contigo water bottles the store had in stock, and kept the camera rolling for their
3-"6,400 YouTube subscribers. Within minutes, an employee pulled out 32 two-packs — sold on clearance for $5 each — from a back storage room. For two people who recently left their jobs in finance, the blue-and-black plastic bottles might as well have been made of gold.
Read 24 tweets
THREAD: @RodneyDavis
I can’t let something go. I am going to keep bringing this to light. @BetsyforIL never accepted money from a malicious group. Not only that but she never talked tough on something while taking money from companies that want weaker regulations. Rodney has:
@RodneyDavis accepted $2000 from this company.…
@RodneyDavis accepted $3000 from this company. They settled over Medicare/Medicaid fraud which the policies Rodney backs also are defrauding these programs.
Read 12 tweets
Johnsonville (Sausages) LLC's N600JV 1/13/19 Porto-Damman-Dubai 1/19/19 Dubai-Jeddah (flight to Porto missing) 1/20/19 Porto-Nalpes, FL en route
Johnsonville won't let a "little" thing like #KhashoggiMurder affect on their travels
"Brat or not? WI plitics"…
Sawaris family's (Orascom Group) M-ASRI 1/20/19 London-Teterboro
Sawiris built North Korea's main cellphone network and invested in a bank there. Why aren't they sanctioned?
"Need a North Korean Missile? Call the Cairo Embassy"…
VistaJet's (charter) 9H-VJO 1/20/19 New Delhi-Helsinki (refueling)-Newark
Dumb Jr getting visitors from India?
"Donald Trump Jr.’s tour through India is staggeringly corrupt"…
Read 1100 tweets
Illinois ratified the ERA in June, leaving just One state needed to change constitutional hurdles to ratification.

The 14th & 19th aren’t enough.

The ERA ensures equal rights regardless of gender, was passed in 1974 - 44 years ago. Why is this still even a thing?

The ERA is also an economic issue. It’s proven that when women earn the same as their male colleagues it stimulates the economy.
Gender equality will boost the economy over $4.3 trillion in a decade.
Reminder: the GOP #TaxScam will cost $1.9 trillion in the same time.

73% believe the #ERA is part of the Constitution. It’s not.

It was passed in 1974 but 44 years later it still hasn’t been ratified.

Even guns have a constitutional amendment.

The only guarantee women have in the Constitution is the 19th amendment-The right to vote.

Read 3 tweets
There is a very important meeting happening within the Democratic Party right now. Here are my thoughts about it. 1/
The question on the table is what kind of a Democratic Party is going to govern the House of Representatives. Will it be progressive? Or moderate? Will it pursue #MedicareForAll? Will it repeal the #TaxScam? How bold will its agenda be? 2/
The answer to these questions depends in large part on the shape of the leadership of the Democratic caucus in the House. And there are negotiations going on right now to figure out who will be in leadership and who will key committee seats. 3/
Read 8 tweets
@realDonaldTrump Responds to @MichelleObama’s Criticism, Saying He'll 'Never Forgive' @BarackObama. The American people have a few things we will never forgive the @potus, @gop, @HouseGOP and @SenateGOP for too.…
We will never forgive @realDonaldTrump, @GOP, @SenateGOP and @HouseGOP for colluding with Russia to steal the election.
We will never forgive @realDonaldTrump, @GOP, @SenateGOP and @HouseGOP for their #TaxScam
Read 23 tweets
This article is from last December, but it's worth remembering. GOPers knew the #TaxScam would cause enormous deficits. They planned (and still plan) to dismantle Social Security and Medicare to pay for it. Problem is, SocSec and Medicare HAVE NOTHING TO DO WITH THE DEFICIT.

Both Social Security and Medicare are funded through dedicated taxes (your payroll taxes, otherwise known as FICA), and are NOT part of the general fund.

The only way to use SocSec and Medicare to pay for the #TaxScam is to STEAL *YOUR* HEALTHCARE AND RETIREMENT MONEY.

You have been paying into these special funds--which are NOT part of the general treasury, and contribute NOTHING to the deficit--you have been paying into these earmarked funds all your working life, under the promise that YOUR money would be there for you when you need it,

Read 5 tweets
1/ If anything “good“ came out of the 2016 election (besides the wonderful emergence of black, WOC, women lead political & activist groups) it’s that we no longer have to be forced to buy the lies coming from decades of Republican leadership:
2/For example, Lie #1: “That cutting taxes benefits everyone.” We know that the tax cuts don’t benefit everyone! The data has shown that the republicans #TaxScam is just that. We know that it only truly benefits the very rich.…
3/We know that those who do benefit from the tax cuts, the very wealthy, do not reinvest in their workers; they re-invest in stocks and bonuses for themselves.…
Read 13 tweets
Yesterday, you took @BlueWaveCS #COTD @ACampaNajjar from 12.8 to 14.6 followers. 🤯

#ThursdayThoughts #COTD is @Shapiro4FL16 in #FL16 w/4.4.

His opponent @VernBuchanan bought a $5M yacht THE SAME DAY he voted for the #TaxScam giving himself a $2.1 million windfall.
(No, I'm not kidding. This really happened.)
Vern Buchanan bought yacht after voting for House version of GOP tax bill - Florida Politics
Still not convinced that our #COTD, @Shapiro4FL16, is running against a bad guy?

That yacht Buchanan bought after passing the #taxscam?

A foreign bank floated him those funds.
As it was actively lobbying FOR the #TaxScam bill.

Read 3 tweets
1. This idea that some #GOP have that the DT’s risky behavior is worth the risk because of the potential gains needs some tempering. In fact, the idea that DT would bring some flair for fortune-building from his business acumen was always dangerous.
2. For starters, there are few similarities between running a country and running a business and even fewer similarities between ‘business deals’ and global relations, foreign trade and the balance of power. And the latter issues, our POTUS barely comprehends.
3. #GOP leaders know this, but they’re still clinging to this monster of their own making. Let’s face it, 2 #SCOTUS seats, Ryan’s coveted #taxscam and busting up the #ACA is almost worth the destruction of the global economy, peaceful alliances, even their party, worth it.
Read 8 tweets
THREAD: The new tax law is a raw deal for the middle class. 83% of the benefits go to the 1%, and it blows a $1.5 trillion hole in the deficit. But don't just take my word for it, here's 42 examples of how the #TaxScam hurts working families as well as a vision for #ABetterDeal:
A plurality—42%–think the tax cuts favor the wealthy most of all. Only 29.6% say they favor the working and middle class.…
The Great Snake Oil Slump…
Read 53 tweets
THREAD: I've seen this picture often. It lists 66 programs that Trump has/may cut in order to fund the #TaxScam. I was thinking 66 programs - but what ARE those programs. I intend to go through each one and see just how we ALL (that means Trump's base) are effected.
1. McGovern-Dole Food for Education Program.

The McGovern–Dole International Food for Education and Child Nutrition Program helps support education, child development and food security in low-income, food-deficit countries around the globe. The program provides for the
donation of U.S. agricultural commodities, as well as financial and technical assistance, to support school feeding and maternal and child nutrition projects.
Read 41 tweets
THREAD: I'm a small-business owner. A job creator. Met with my CPA; learned that @SenateGOP @HouseGOP #TaxScamBill #TaxScam will result in a massive net tax increase to my business & me, constraining employee wages, benefits, & our ability to hire.

@GOP will pay at ballot box.
2/ Talk to your accountant. If you run a small business or are an upper-middle-class professional, you are about to get hammered thanks to the @GOP, @SenBobCorker, @SenatorCollins, etc. You may think you're rich in their eyes—statistically you're right. But no.
3/ The @SenateGOP @HouseGOP @GOP is taking money from you—YOU, the real job creators—and giving $1.5 trillion to massive C-corporations. Country club Republican doctors, lawyers, accountants, small-business people who needed relief to expand? It's your pocket being picked.
Read 8 tweets

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