The Chaos Report
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The Chaos Report

With Tax Bill Win, Republicans Rethink Trump

He’s Great At Marketing, He’ll Sign Anything, And His Only Price Is Flattery

Back To Taxes

Now that the tax bill has passed, expect Republicans to be on their best behavior for at least a little while. As we mentioned, tax cuts for individuals are front-loaded; they fade out over time. So the biggest cuts most people will see are the first cuts they’ll see. Republicans are counting on that to help them out in the 2018 midterm elections, when every House seat is up for grabs.

In Keeping His Big Campaign Promise To Cut Taxes, Trump Breaks Another Big Promise

We remember on the campaign trail, and in debates, almost every time then-candidate Trump brought up tax cuts, he also brought up something called the “carried interest loophole”, as an example of just how “unfair” the tax code had become. And he repeatedly pledged to close it.

Something You Might Care About: Your Charitable Contributions Might Not Be Deductible After This Year

We picture this tax bill creating the perfect storm for a young, newly married, upwardly mobile person living in a rental apartment in a high tax state like New York. This person is deeply blue, and donates everything they can to charities opposing many of Trump’s priorities (which ironically, their tax dollars are paying to promote). Now, under the new tax law, this person will only be able to write off $10,000 in state and local tax deductions combined with their spouse (it’s the same total number whether you file as a single or couple), and since they don’t have any mortgage to write off, that’s pretty much it. Which means it’s very likely they will be required to take the new standard deduction of $24,000. Which means charitable giving for them will no longer be deductible.

  • Make lots of charitable contributions this year.
  • Donate this year, then skip a year, so you can bunch your contributions into a big enough amount to push you up to a level where you can deduct them again. Of course, the needs of charities and your desire to help out in emergencies might not fit with the rigid schedule this requires. So, there’s a variation:
  • Still skip a year, but instead of donating directly to a charity immediately, earmark a certain amount of money for charity, and then pay it out over a period of time. This sounds kind of hard to do, but since it’s a service that will soon be very much in demand, it’ll soon get really easy.

The Tax Bill “Story Of The Day”

This one from the Washington Post suggests it might not take much to change public sentiment on the tax bill, given how unpopular it is right now. So many people expect to see so little from it that put a few dollars in their pockets, and there’s nowhere to go but up. That’s why we predicted the bill would pass in the first place: nobody doesn’t like free money.

Trump Threatens Global Allies At The U.N.

The word is out: Trump says anyone receiving aid from the U.S. better not vote in favor of a measure criticizing his decision to move the U.S. Embassy in Israel to Jerusalem. Whether anyone will care about that will be seen later today at a hastily scheduled full session of the UN General Assembly.

Trump and U.N. Ambassador Nikki Haley

Some Other Stories We Found Interesting, In Brief…

Yet another North Korean soldier defects across the DMZ. It’s the second defection in as many months. Unlike last month’s dramatic mad dash for the borderline with North Korean guards in hot pursuit, the latest defector used heavy fog in the area today as his cover. Although shots were fired on both sides, no one was injured. According to South Korea’s Yonhap News Agency: 4 soldiers and 11 civilians have defected to the South this year (the civilians mostly on boats). That compares to 1 soldier and 4 civilians last year.

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Eric J Scholl

Eric J Scholl

5.7K Followers

Peabody award winning journalist. Streaming media pioneer. Played @ CBGB back in the day. Editor-In-Chief "The Chaos Report" www.thechaosreport.com