Sunday, April 15, 2018

Bazzo Says: Democrats Are Coming After Your Money

Bazzo Says: 


Understand what it will mean if you elect Democrats in November. When the tax reform bill passed in February, not one Democrat voted for it. In fact, during the discussions leading up to the vote, they lied and said your taxes will go up and only the rich will benefit. I wrote back then about the fallacy of their argument and I was right.

As a whole, Democrats and more and more of establishment Washington, meaning RINO Republicans, believe you work for the government, what you earn belongs to Washington and they get to decide how much you can keep. This is why they said whatever it took, truth notwithstanding, to make you believe keeping more of your money was a bad thing.

So, Sen. Charles Schumer and Sen. Kirsten Gillibrand, Rep. Sean Patrick Maloney and Rep. Nita Lowey did not want you to get a bonus, or a get an increase or pay lower taxes next April. It is insidious the stories that say most people did not get a tax decrease this year. The lower rates take effect with next year’s filing and they damn well know it. Should you re-elect them, should you help Democrats take control of the House, after they pass articles of impeachment (that is first on the list), they will repeal the tax reform act passed in February. You should have seen by now the only pay increases they will stomach are the ones they dictate via the minimum wage. The increases voluntarily given by employers, according to Nancy Pelosi, are crumbs.

While you were busy talking about Trump having a consensual adulterous affair with a porn star—and this is why they wanted you to concentrate on this nonsense—Congressional Democrats released a detailed tax hike plan that they promised to implement if given majority control of the House and Senate after the 2018 midterm elections. They finally did it. After almost two years of saying they would, they finally released their economic agenda.

Regarding the deficits, the sky was never falling. I knew they were full of it because for eight years, while the deficit went from $9 trillion to $20 trillion, they said nothing. Yet, go from $20 trillion to $21.3 trillion, “OMG, we are doomed!” Their plan does nothing about the deficit. In fact, Democrats want to raise taxes, not to reduce the debt, but rather to spend that tax hike money, thereby increasing the debt for their pet projects. You could see the outlines in the recently passed omnibus bill.

First, what they want to do is increase the top marginal income tax rate from 37 percent to 39.6 percent. This nearly 3-percentage-point increase in the top personal rate is not only a hike in the top bracket levy, it’s a direct tax increase on small and mid-sized businesses. So there goes any new hiring and investments. Every dollar the government takes is less they can use to increase salaries or make investments. This will affect 30 million companies that are sole proprietorships, partnerships, S corporations and LLCs that pay their business taxes on their owners’ 1040 personal tax returns. Let us not forget the millions of individuals who will see their rates go up.

Another way they will take back that newfound money from you is by bringing back the alternative minimum tax (AMT) for 4 million families. In the past, about 4 million upper middle-class families had to calculate their income taxes two ways and then pay the higher result. This was due to the “alternative minimum tax,” or AMT. So, these millions had to pay a tax specialist to run the calculation. This, even if they did not wind up paying the AMT. The new tax law repealed the AMT for 99 percent of these families. Congressional Democrats (Maloney and Lowey) would bring back the dreaded AMT. This will specifically hit hard two-income white and blue-collar families with kids in New York.

Next on the list will be a cut to the “death tax” standard deduction by half. No tax is more insidious and in polls, over the past few decades, has proven more unpopular. In fact, in every single poll, 60 to 70 percent call for its full repeal. This new tax law does not repeal the death tax, but doubled the death tax’s “standard deduction” from $5.5 million to $11 million (and twice that for surviving spouses). As a result, far fewer family businesses and farms will be subject to the death tax, and many smaller firms can shed the costly insurance, legal and actuarial costs of avoiding the death tax. Remember, this is a tax on monies that have been taxed multiple times already.

There is more, but you get the idea. So, while they will try to get you to focus on electing them so they can impeach Trump, in reality, electing them will cost you big time. Elections have consequences. This will be one of them. You will be poorer, Washington will get richer and the deficit will grow higher.

This is what I say. What say you?
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Bazzo 04/15/18

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