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Posts Tagged ‘tax reform’

Tax Reform, “Epic Blunder” in “Bizzaro World,” Fact Check$, Videos Across Partisan Divide

December 2nd, 2017 Comments off
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GOP Majority Leader, Senator Mitch McConnell, smiles after the bill passed in the early hours Saturday. Dec. 2nd.

Higher wages.  More economic output. More opportunities.

All of these would be good things for manufactured housing, and it goes to the heart of what the White House Pressroom has told the Daily Business News is at the heart of what they say this bill that passed early this morning is about.

That it is time to “fix America’s self-destructive tax code.”

Democrats say it’s a “middle class con job,” per the right-of-center Wall Street Journal.

Fox and the Wall Street Journal said it was an “epic blunder” for Democrats to think that this won’t hurt them, rather than Republicans, in the 2018 midterms.

From left-of-center CNBC this report will outline changes to the bill that got 51 of 52 GOP Senators to sign on.

ICYMI – for those not familiar with the “Full Measure,” ‘left-right’ media tendency chart, please click here  

For left-of-center Bloomberg, Professor DeLong says the tax cuts/reforms package has a 70 percent chance of becoming law.  If so, that would give the President his first big legislative win, and coupled with his other promises kept to-date, and could bode well for the GOP in the 2018 mid-terms.

The lone Republican holdout from their 52 Senate members?

The retiring Bob Corker of TN, who was considered at one point last year for being President Trump’s running mate.

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Ortiz on the Historic Bill

Alfredo Ortiz is President and CEO of the Job Creators Network, self-described as “a non-partisan organization founded by entrepreneurs.”

Ortiz, writing for right-of-center Fox News, said, Tax reform is on track and Democrats want to derail it. Don’t believe these myths about the Senate’s bill

Democrats are desperate to derail long-overdue tax relief that is heading to the Senate floor for a vote this week – even if by doing so they take money from the pockets of their own constituents,” Ortiz asserted.

There are no good arguments against allowing hardworking Americans to keep more of their money,” the Job Creator’s CEO said. “But that hasn’t stopped Democrats, who are intent on denying President Trump a victory at any cost – including lying about the Senate tax bill’s impact in an attempt to block its passage.”

This deceit was on full display at a CNN Town Hall debate this week, where career politicians Sens. Bernie Sanders of Vermont and Maria Cantwell of Washington state leaned on shopworn Democratic talking points as the basis for…their opposition to the tax bill.”

Ortiz then laid out 5 myth-busters, to debunking claims “making the rounds among Democrats and their media allies.”

MYTH 1: The tax bill is a tax increase on the middle class.

Cantwell: “Raising taxes on the middle class is wrong, and that’s what this bill does.”

Recognizing the popularity of a middle-class tax cut, Democrats are trying to use the Bizarro-world argument that the tax cut bill is actually a tax increase. They cite a Tax Policy Center report claiming the bill would raise taxes on 87 million middle-class families,” said the Job Creator CEO.

What the Democrats don’t mention is that the Tax Policy Center is a project of the left-wing Brookings Institution and Urban Institute, funded by donors like George Soros who want to disrupt President Trump’s agenda by any means necessary.”

Soros is the Hungarian born left-wing billionaire, who recently gave billions to fund left wing-causes, many of which oppose the Trump agenda.  For more on that, see the report below.

“You Made Me, Promises, Promises…” Historic Iranian, American Lessons in Freedom

The Tax Policy Center can only arrive at this eyebrow-raising conclusion by making the unrealistic assumption that the tax cuts would expire after 10 years,” said Ortiz.

In reality, the tax bill would provide significant relief for the middle class by doing the following: doubling the income threshold under which families pay no taxes at all to $24,000; doubling the child tax credit to $2,000; and eliminating the 15 percent tax rate in favor of an expanded 12 percent rate, among other provisions,” per Ortiz.

He said that the above changes would “save ordinary families thousands of dollars a year.”

MYTH 2: The majority of the tax bill’s benefits go to the top 1 percent of earners.

Sen. Sanders: “60 percent of the tax benefits in the Republican plan would go to the top 1 percent.”

Democrats are trying to distract from the bill’s middle-class tax relief by claiming most of the benefits go to the super-rich. But in reality, the bill is targeted at the middle class,” stated Ortiz.

Besides, who’s money is it anyway?  What years of repeated claims from those who love big government and socialistic policies often overlook, is that money is earned by citizens and guest workers. Yet, many in Washington and beyond want to treat that privately earned money as if it was up to technocrats to decide how much of your own money you get to keep.

Influencing the Socialists in Your Office, the Best Way Out of Poverty

Ortiz notes that “In addition to the middle-class provisions mentioned above, consider the bill’s relief for Main Street small businesses. The bill offers a 20 percent small business tax deduction for all small businesses earning less than $500,000 a year.”

This 20 percent tax deduction would allow small business owners to keep more of their earnings, helping them to compete with their big business and international competitors – as well as hire more employees, raise wages and expand,” the Job Creators president said.

He added, “According to the Tax Foundation, 97 percent of small businesses earn less than this $500,000 threshold, meaning the overwhelming majority of small businesses would see relief from this provision. But who would see little-to-no relief from it? The top 1 percent, with annual incomes of roughly $500,000 and higher.”

Ortiz asks, “Given this clear middle-class relief, how do Democrats back up their 1 percent claim? By pointing to the tax bill’s provision to bring the corporate tax rate in line with international standards.”

That’s a provision that even some Democrats have agreed that current tax policy drives corporations to move their headquarters, and jobs with it, overseas.  Estimates as to what ending that and bringing that cash back to the U.S. could mean to the American economy range from 2 to 4 trillion dollars.

However, survey and economic evidence demonstrates that corporate tax cuts benefit the middle class in the form of higher wages, better workplace benefits, new job opportunities and lower consumer prices,” said Ortiz.

The Job Creator’s CEO notes that, “Even higher dividend payouts benefit the middle class, because the majority of corporate stock is owned by retirement plans, including IRAs, 401ks and government pension plans that help ordinary Americans save.”

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President Trump and VP Mike Pence have both said they will be in the promise keeping business.

MYTH 3: The tax bill will grow deficit by $1.4 trillion.

Sen. Sanders: “This legislation will grow the deficit by $1.4 trillion. Mark my words.”

Ortiz quips that, “Democrats are suddenly pretending to care about the nation’s fiscal state by pointing to the tax bill’s $1.4 trillion of lost revenues on a static basis over 10 years. What isn’t said is that this is only a 3 percent drop from the $43 trillion Congressional Budget Office (CBO) revenue projection over this timeframe.”

He might have mentioned that during the Obama Administration, the federal debt ballooned by some $10 trillion dollars, doubling the national debt to about $20 trillion in just 8 years. Yet, the economic recovery was slower than any in modern history, and the 44th president is the first in over a century to have less than 3 percent economic growth in any of his 8 years in office.

Ortiz says, “But in the real world – outside of simplistic Excel spreadsheets – people respond to incentives. With more money in their pockets and in their communities, consumers, businesses and investors will spend more, creating economic growth that will more than pay for the $1.4 trillion in lost revenues.”

According to the CBO, every 0.1 percent increase in the gross domestic product adds over $250 billion in revenue over 10 years. This means that even returning to 2.5 percent economic growth – still well below the U.S. historical average – would more than pay for the tax cut,” he stated.

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http://www.mhpronews.com/blogs/daily-business-news/regulation-nation-manufactured-housing-associations-companies-and-professionals/

MYTH 4: The tax bill won’t create economic growth.

Sen. Cantwell: “No, I don’t think (the tax bill) will grow (the economy).”

What too few are saying is that tax cuts/reform worked for Democratic President John Kennedy and for GOP President Ronald Reagan.  Just as we see Americans move from high tax states to lower tax ones when they can, so too lower tax rates will likely keep and attract more money as a result.  That additional revenue has historically more than balanced out tax cuts, but there routinely is an initial revenue dip.

Given the dynamic effects on tax revenue from even minor economic growth, Democrats are at pains to deny the growth created by tax cuts. They cite left-wing economists to make their case – but historical evidence and commonsense undermine it,” said Ortiz.

The tax cuts enacted under Presidents Coolidge, Kennedy and Reagan, among others, all generated several years of supercharged economic growth. The principle is simple: More money in the wealth-creating hands of the private economy – and less in the wealth-destroying hands of government – creates economic growth,” Ortiz said.

Some 100 economists wrote an open letter to Congress with the following message: “Economic growth will accelerate if the Tax Cuts and Jobs Act passes, leading to more jobs, higher wages, and a better standard of living for the American people,” the Job Creators Network president wrote.

MYTH 5: The tax bill will cause 13 million people to lose health insurance.

Sen. Sanders: “This bill… will result in 13 million people losing their health insurance.”

Given this scare tactic worked so well to kill health-care reform, Democrats are trotting it out in an attempt to do the same to tax reform. But the facts are very different this time around,” said Ortiz.

Far from kicking people off health insurance as Democrats imply, the tax bill would simply eliminate the health-care tax on those who choose not to purchase health insurance. This tax is borne mostly by working- and middle-class Americans: Nearly 80 percent earn $50,000 a year or less. In fact, this provision would reduce the middle-class tax burden even further,” he said.

The tax-cut bill currently before the Senate offers ordinary Americans the best opportunity for tax relief in a generation. But Democrats are putting their narrow political interests ahead of what’s good for the country and lying to try to sink it. Their agenda should be exposed.”

MHARR


While not specifically addressing the tax cuts and jobs act, the Manufactured Housing Association for Regulatory Reform (MHARR) has broadly supported the Trump Agenda as being good for the industry.

 

 

CNBC’s Notes on Changes That Helped Pass the Bill Early Saturday

Here are some of the last-minute changes in the Senate bill, which was released Friday night:

  • Pass-through deduction: To appease Daines and Johnson, the bill would now allow business owners to deduct 23 percent of pass-through income. The Senate initially proposed a deduction for 17.4 percent of income. Pass-through entities are taxed at individual tax rates.
  • State and local deductions: The Senate plan would make up to $10,000 in state and local property taxes deductible. Collins urged the change, which makes the Senate proposal match the legislation already passed by the House.
  • Alternative minimum tax: The alternative minimum tax would be partially retained. The initial Senate plan repealed the tax. The measure aims to guarantee that businesses and wealthy individuals pay a minimum tax.
  • Business expensing: The initial bill let businesses write off the full cost of expenses such as equipment for five years. After that, the benefit would now phase out instead of being eliminated immediately.
  • Medical cost deduction: Collins also pushed to expand the deduction for health-care costs that are not reimbursed. The bill would now lower the threshold for the deduction to 7.5 percent from 10 percent of income.
  • 401(k) contributions: The Senate plan would also scrap a previous proposal to eliminate so-called catch-up contributions to retirement accounts on a pretax basis, Collins said.

House-Senate Conference Committee

There are two possibilities for working out the differences between the House and Senate versions of tax cuts and reform bill.  One, the House could simply adopt the Senate version.  Or a House/Senate conference committee could work out their differences, and both chambers would then once more have to vote on that revised bill.

The president’s stated goal is to give Americans “a big beautiful tax cut by Christmas.”

This early morning Senate vote makes that a possibility. “We Provide, You Decide.” © ## (News, analysis, commentary.)

Programing Note: Watch for a special Monday report and analysis on a truly fine MHI produced document. Stay tuned.

(Image credits are as shown above, and when created by third parties, are provided under fair use guidelines.)

SoheylaKovachManufacturedHomeLivingNewsManufacturedHousingIndustryDailyBusinessNewsMHProNews-Submitted by Soheyla Kovach to the Daily Business News on MHProNews.com.

 

In a Divided America, Presidential Interview on Tax Reform, His Social Media Habits, More

October 23rd, 2017 Comments off

MariaBartirmoInterviewPOTUSDonaldTrumpDailyBusinessNewsMHProNEwsWhat we learn from history is that people don’t learn from history.”

– Warren Buffett

 

Chains of habit are too light to be felt until they are too heavy to be broken.”

Warren Buffett, Chairman of Berkshire Hathaway, parent to several manufactured home industry production, finance, retail and supplier operations.

 

Almost a year has gone by since the historic 2016 election took place.

The nation is divided, both the left, right and routinely polarized media agree on that point.

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Full Measure’s Sharyl Attiksson’s media bias chart is useful in sorting out the agendas behind various headlines and news sources. For background on her left-right media spin chart, click here

Even within the political parties, there are fissures.

Republicans may be mostly united behind the president’s agenda, but the ObamaCare repeal and replace effort showed that there was just enough disunity in party ranks to keep their own multi-year promise from being passed into law, at least yet.

Meanwhile, Democrats are struggling to find a message that will improve their largely lagging fundraising compared to the GOP, and the reverse their 100 percent defeat record in special elections since President Trump took office.

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And while the nation is fed a steady diet of reports that pollsters say imply that millions believe that ‘fake news’ abounds regarding the president and other issues, as the Daily Business News has been reporting for months, there are also widespread signs that confidence in the economy and business are at levels not seen in over a decade.

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Featured image credits, Ozy Media, MHProNews. 

NFIB, NAM, Others in Business Promoting Tax Reform, Tax Cuts

It is against the dramatic backdrop of promises to overhaul and cut taxes that Maria Bartiromo of Fox News interviewed the president in a segment that aired on Sunday.

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Former Speaker of the House, Newt Gingrich – whose wife Calista was recently appointed to be the U.S. Ambassador to the Vatican – reacted to several topics about the president, POTUS Trump’s style, and how Gingrich sees the Trump agenda moving ahead, or not.

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Hillary Clinton Reaction to Trump, Recent Controversies Video

With the budget deal done, the push toward tax reform now takes center stage.  Will it happen at all?  Or can it be accomplished before Christmas?  Time will tell. “We Provide, You Decide.” ## (News, analysis.)

(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)

SoheylaKovachManufacturedHomeLivingNewsManufacturedHousingIndustryDailyBusinessNewsMHProNews-Submitted by Soheyla Kovach to the Daily Business News for MHProNews.com.

(Note: See Soheyla Kovach recent op-ed, linked here. Soheyla is a co-founder of LifeStyle Factory Homes, LLC – the parent to MHProNews.com and MHLivingNews.com – and is a managing member.)

 

Sunday Morning Weekly Recap Manufactured Housing Industry News, October 15 to October 22, 2017

October 22nd, 2017 Comments off
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Featured image credit, MHProNews.

Tony, every week there is so much that happens, this [The Sunday Morning Headline News Recap] is an easy way for me to review the news, thank you for this [feature] and your team’s coverage of factory-built housing.

Our featured articles for September are available on the MHProNews.com home page.

FYI – and ICYMI if you aren’t already on our twice-weekly emailed headline news update, click here to sign up in seconds.

Thousands get our emails, and the open and click through rates – per MailChimp – blow away others in media and publishing.  The reason?  “Relevant!” said a regular on MHProNews.

To see the line-up of over 2-dozen featured articles for the month of September, along with the headline commentary, please click this link here.

Manufactured, modular and prefabricated home professionals know that how a home got to its location should not define a person or their dwelling.

What the Daily Business News spotlights day-by-day are the tragedies, triumphs and struggles for acceptance of the obvious solution for millions for the growing affordable housing crisis in the U.S. and beyond.

When you read the lineup for the month found on the home page, you can reflect on another motto as you chart your own professional path ahead: “We Provide, You Decide.”  ©

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What’s New On MHLivingNews

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October 19th, 2017

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http://www.mhpronews.com/blogs/daily-business-news/controversial-modular-home-will-be-removed-from-development-industry-reactions/

October 18th, 2017

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October 17th, 2017

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October 16th, 2017

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New York Housing Association’s award winning executive director, Nancy Geer.

October 15th, 2017

(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)
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Economist Kudlow says, “Trump…Ending War on Business,” Reactions, MH Industry Impact

October 9th, 2017 Comments off

LarryKudlowTrumpEndingWaronBusinessDailyBusinessNewsMHProNews438Tax and regulatory policy impacts the manufactured housing industry, much as it does other industries and parts of the economy.

The National Association of Manufacturers (NAM), and the National Federation of Independent Business (NFIB) are among those supporting tax reform, as the Daily Business News on MHProNews has previously reported.

So, it with interest that many industry professionals are following the tug-of-war in the nation’s capital over tax policy and proposed tax reform.

Kudlow On the Air

Larry Kudlow sounded off on the topic on Sunday, in a radio interview with John Catsimatidis on AM 970 in New York, per reports by a slew of media outlets.

Ending the War on Business

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Screen capture of some of the mainstream media coverage on this topic.

Donald Trump is, in fact, ending the war on business,” Kudlow said during the radio interview.

Trump is ending the punishment of investment. That’s what this tax bill is really about: The return on capital will go up after tax,” the Hill reported, adding that Kudlow said. “The cost of capital will go down after tax. And that will lead directly into new business projects, and more hires, and better wages and productivity. It doesn’t get any better than this.”

It echoes a refrain that Kudow has been sharing for months, as this recent interview on CNBC reflects.

Left Leaning Media Revolt, While Kudlow Wrote The Book

Left of center outlet, NYMag says of the economist, author and commentator that “Kudlow is a fanatical adherent of supply-side economics.”

The Huffington Post has snarked, Kudlow is best known for being wrong,” while Bloomberg has said,  “Kudlow Is a Troubling Economics Adviser for Trump.”

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But does history prove otherwise?

During the first term of the Reagan administration (1981–1985), Kudlow was associate director for economics and planning in the Office of Management and Budget (OMB), a part of the Executive Office of the President,” says Wikipedia.

Kudlow has literally written the book on how Democratic President John F. Kennedy, as well as GOP President Ronald Reagan both cut tax rates.  Each saw significant economic growth in their wake.

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Furthermore, while revenues to the federal government initially dropped, over time, they rose in both cases.

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Kudlow and business associations are far from alone in promoting tax reform.

Billionaire Steve Forbes has argued for tax reform and simplifying the code for years, see a recent report, linked here.

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Chart used by Steve Forbes, image credit, Prager U.

Forbes reminds his readers and listeners that properly done, tax reform is more than just money savings that frees capital to create more growth.  Forbes argues for tax reform to avoid the time lost in tax compliance.

White House Press Room to MHProNews

The White House press room sent a reminder to MHProNews about President Donald J. Trump’s op-ed in a Wisconsin newspaper that focused on tax reform.

In that presidential op-ed in the Milwaukee Journal Sentinel, he said the country’s “self-destructive tax code costs Americans millions of jobs, trillions of dollars and billions of hours spent on compliance and paperwork.”

That’s a point that mirrors Forbes’ observation, noted above.

To fix this, we have made the foundation of our job creation agenda fundamentally reforming our tax code for the first time in more than 30 years,” President Trump wrote in the op-ed.

I want to work with Congress on a plan that is pro-growth, pro-jobs, pro-worker and pro-American.”

The president has that his tax plan would “dramatically reduce” the “income taxes for American workers and families.”

While the White House and House speaker Paul Ryan are quoted by the Hill as saying they expect some bi-partisan support. But given the partisan trench warfare in Washington, D.C., that’s not yet a given.

Those who support tax reform should let their senators and congressional representative know. The links below can help you contact your elected officials by phone or message.

We Provide, You Decide.” © ## (News, analysis, commentary.)

(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)

SoheylaKovachManufacturedHomeLivingNewsManufacturedHousingIndustryDailyBusinessNewsMHProNews-Submitted by Soheyla Kovach to the Daily Business News for MHProNews.com.

Fight Club, Tyler Durden, Zero Hedge, JP Morgan, and the Coming Crash Cities Near You

October 6th, 2017 Comments off

FightClubTylerDurdenComingCrashCitiesZeroHedge2othFoxUproxxPostedDailyBusinessNewsMHProNewsPuerto Rico (PR) is not alone in its search for housing and financial stability. Millions only follow a story after a disaster, like Maria.  The U.S. territory of PR is joined by several mainland American cities – and some states? – as part of a financial maelstrom that some noteworthy analysts believe will soon impact a jurisdiction – and millions of people – near you.

To appreciate some of the dark analysis – and similar humor – found on Zero Hedge about the coming crash of several American cities, it is useful to get some background.

Zero Hedge and ‘Tyler Durden’

Zero Hedge is an English-language financial blog that aggregates news and presents editorial opinions from original and outside sources,” says Wikipedia. “The news portion of the site is written by a group of editors who collectively write under the pseudonym “TylerDurden” (a character from the novel and film Fight Club).

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Rick Perry spotted waiting to fly commercial (good news for tax payers) at an airport, reading the Drudge Report.

For those some readers in the West Wing – or like former Texas Governor, GOP presidential hopeful, and now Secretary of the Department of the Treasury, Rick Perry – who read the Drudge Report, Zero Hedge is a periodic selection by the eclectic Drudge team of content worth considering.

Wikipedia, regarding the character from the movie, says – “The Narrator, also known as Tyler Durden, is a fictional character appearing as both the central protagonist and antagonist of the 1996 Chuck Palahniuk novel Fight Club, its 1999 film adaptation of the same name, and the comic book Fight Club 2.”

Uproxx provides some thoughtful quotes from the 20th Century Fox movie Fight Club.

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TylerDurdenFIghtClubQuotesIfYouDiedRightNowHowWouldYouFeelAboutYourLifeUproxxDailyBusinessNewsMHProNewsTylerDurdenFictionCharacterFightClubWikipediaDailyBusinessNewsMHProNews

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Zero Hedge logo and tag line.

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Against that backdrop, Zero Hedge analyzed a recent report by J.P. Morgan about the looming financial crisis coming an American city, likely one or more of which is not far from you.

We harp on the massive, unsustainable, yet largely unnoticed, debt burdens of American cities, counties and states fairly regularly because, well, it’s a frightening issue if you spend just a little time to understand the math and ultimate consequences,” writes Zero Hedge’s editors under the pen name, Tyler Durden.

Luckily, for those looking to escape the trauma of being taxed into oblivion by their failing cities/counties/states, JP Morgan has provided a comprehensive guide on which municipalities haven’t the slightest hope of surviving their multi-decade debt binge and lavish public pension awards,” says the Zero Hedge editors.

 SnarkyDefinedCrankySharplyCriticalCuttingSnide-postedDailyBusinessNewsMHProNews

If you live in any of the ‘red’ cities below, it just might be time to start looking for another home…” ‘Tyler Durden’ snarks.

USCitiesHeadingTowardDebtCrisisCollapseChartJPMorganZeroHedgeDailyBusinessNewsMHProNews

Zero Hedge’s editors explain the context of the JP Morgan sobering research.

JP Morgan ranked every major city in the United States based on what percentage of their annual budgets are required just to fund interest payments on debt, pension contributions and other post retirement benefits,” writes ‘Tyler Durden.’

IPODRatioDebtBurdensCitiesCountiesStatesDailyBusinessNewsJPMorganDailyBusinessNewsMHProNews

The results are staggering,” Durden says. “To our great ‘shock’, Chicago residents win the award of “most screwed” with over 60% of their tax dollars going to fund debt and pension payments.  Meanwhile, there are a dozen municipalities where over 50% of their annual budgets are used just to fund the maintenance cost of past expenditures.”

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Zero Hedge’s editors explain that, “As managers of $70 billion in US municipal bonds across our asset management business (Q2 2017), we’re very focused on credit risk of US municipalities.”

These multi-billion-dollar fund managers are hedging their bets, pardon the pun, against cities and towns near you.  So, in some form or fashion – either risk or opportunity (or both) – this wave of debt will impact numerous bottom lines in cities or town in the  near you.

Manufactured Housing Industry pros need to be aware, and prepare.

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One way or another, factory builders will be part of the solution in PR. Will it be the Chinese? Americans? Who? Will they do it well, or properly, or will those who go pull another Clinton/Clayton Haiti? Click the above for more.

Puerto Rico, yes, you have your own tragic conditions. As politicos of both major parties are flocking to the island now spotlighted by Irma’s devastation, another crisis is getting less attention.

Debt

That debt isn’t just federal.  Its lurking in a city, town, and state near you.

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Given the data, do you see why MHProNews has editorially supported a pro-growth economic policy, regulatory reform, tax reform, cutting of budget waste? And, of course – manufactured homes – as a vital part of the solution hiding in plain sight. 

With 20 trillion and counting in D.C., isn’t it time to consider how that will impact the U.S., and global economy?  And thus, your business interests, in local markets? 

Government debt.  It’s a crisis. It creates risks.  But applying Sam Zell’s thought process, do you see how it also can be opportunity knocking for those in the affordable housing industry?

MostMenAppearNeverConsideredWhatHouseHomeIsNeedlessPoorAllTheirLivesThinkMustHaveOneSuchAsTheirNeighborsHaveHenryDavidThoreau

Click the above for a video to learn more. Image collage by MHProNews.com and MHLivingNews.com.

We Provide, You Decide.” © ## (News, analysis, commentary.)

(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)

SoheylaKovachManufacturedHomeLivingNewsManufacturedHousingIndustryDailyBusinessNewsMHProNews-Submitted by Soheyla Kovach to the Daily Business News for MHProNews.com.

NFIB CEO Junita Duggan – “Small Businesses Must Get a Tax Cut”

October 5th, 2017 Comments off

NFIBUnlockingStrongEconomyForSmallBusinessWithTaxReformJuanitaDugganDailyBusinessNewsMHProNewsTax reform is NFIB’s biggest priority, and we’re working hard to ensure that every small business gets a substantial tax cut,” said Junita Duggan, President and CEO of the National Federation of Independent Business (NFIB).

Last week, Congress and the White House unveiled their framework for tax reform. This is the beginning of a long process, but you can be sure that NFIB will be there to represent your [NFIB member] interests every step of the way,” Duggan said in a statement to the Daily Business News (DBN) on MHProNews.

As the DBN has recently reported, there are numerous indicators that economic growth under the Trump Administration is accelerating.

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Juanita Duggan. Credit: NFIB.

But experts say that there are also potential storm clouds to face if tax reform isn’t accomplished.

So, Duggan’s point is a timely one, echoed by many who share the free market side of economic thought.

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The last time Congress reformed the tax code was 1986,” Duggan stated, adding. “I worked for President Ronald Reagan at the time, and I had a front-row seat to one of the most important policy reforms in history. Very few people outside of the Oval Office believed that tax reform was possible. Then, as now, there were myriad interest groups all seeking to preserve or secure special favors in the tax code. The President knew that the best way to unleash the economy was to simplify the tax code, bring down rates, and allow individuals and businesses to decide how best to invest their money.

Sources at NFIB tell MHProNews that hundreds of manufactured home companies are members of their organization, and that these tax reforms will be useful to them.

 

That [Reagan] tax reform led to the creation of 20 million new jobs, something we haven’t seen since,” NFIB’s president said.

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NFIB has been deeply engaged with the Trump Administration on tax reform, as a previous report on VP Mike Pence addressing NFIB’s small business owners reflected.

President Reagan and congressional leaders got it right then,” Duggan explained. “That was 31 years ago. Since then the tax code has become a tangled mess, with more than 70,000 pages, higher rates, and countless special provisions. We may not have another chance to fix the tax code for a long time, so we must get it right this time.”

NFIB is educating policymakers, journalists, and the public on how small businesses work,” Duggan told MHProNews, adding, “…The next few weeks are crucial. We’ll be working closely with Congress and the White House to ensure that tax reform starts with small business. They create half the jobs and half the GDP. Ninety-nine percent of all U.S. businesses are small businesses, and three quarters of them file as individuals, not as corporations.”

If the purpose of tax reform is to boost the economy, then it must focus on small business—the engine of the economy.” Duggan invited professionals to “help your own cause by visiting our take action page to contact your legislator.” ## (News, analysis.)

Note: Related article about Steve Forbes on Tax Reform, linked here.

(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)

SoheylaKovachManufacturedHomeLivingNewsManufacturedHousingIndustryDailyBusinessNewsMHProNews-Submitted by Soheyla Kovach to the Daily Business News for MHProNews.com.

Spotlight-National Federation of Independent Business (NFIB), Manufactured Housing, Tax Reform

September 28th, 2017 Comments off

NFIBTaxReformNationalFederationIndependentBusinessDailyBusinessNewsMHProNewsSources with the National Federation of Independent Business (NFIB) tell MHProNews that they have about the same number of manufactured housing industry members as the Manufactured Housing Institute (MHI) does.

All told, the NFIB has some 325,000 member companies.  That’s about 1,000 times the size of MHI.

A now retired manufactured housing industry state association executive told the Daily Business News (DBN) on MHProNews that he “partnered” with NFIB successfully on several issues in his market.

As the industry’s professionals seek association-level national leadership voices that could provide a sound alternative to MHI, it’s good to get a feel for how large and impactful the NFIB is, what their position is on an issue such as tax and regulatory reform, and how professional they are compared to MHI.

The DBN has reported on NFIB for several years across a spectrum of issues.

The bottom lines are that they are pro-small business, promote less federal regulation, work for lower rates and a simpler tax code, and support many other issues that will often appeal to the small-to-mid sized manufactured housing operation.

 

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A recent report on NFIB is linked here, or by clicking the graphic above. ## (News, analysis.)

(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)

SoheylaKovachManufacturedHomeLivingNewsManufacturedHousingIndustryDailyBusinessNewsMHProNews-Submitted by Soheyla Kovach to the Daily Business News for MHProNews.com.

Tax Reform, Front and Center, as Business, Democrats and GOP Converge on Issue

September 13th, 2017 Comments off
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Featured image credit, KELOLAND.

The president is committed to getting tax relief for middle-class Americans passed and is willing to work with Democrats and Republicans to do it,” White House officials said, per Fox News.

Small businesses and entrepreneurs around the United States are waiting to get more specifics on the potential tax reform that President Trump is pushing for legislature to pass.

Since early on in his campaign President Trump has been calling on Congress to pass a bill that would provide significant tax breaks for small businesses.

Groups like the National Federation of Independent Businesses believe that tax reform will significantly improve their chances at success.

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Just last week the Daily Business News reported on the presidents spotlighting Senator Heitkamp in North Dakota where he stopped to give a speech on his hope for tax reform.

Ideally, he’d like to get it down to 15 percent. I don’t know if we’ll be able to achieve that given the budget issues, but we’re going to get this down to a very competitive level,” Treasury Secretary Steven Mnuchin told a conference in New York hosted by CNBC.

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In order to pass a tax reform bill the Senate will need at least some Democrats to be on board. As it stands now, a group of 43 Senate Democrats and two independents have signed a letter laying out their “demands” to see bipartisan tax reform, per Reuters.

There is question as to whether or not Trumps goal of 15 percent is realistic considering the spending cuts that would have to go along with such tax breaks.

The president is prepared to push for as low of a rate as we can get. We’re going to continue to push for that and work for Congress to make sure we get the best deal possible,” White House spokeswoman Sarah Sanders said.

In what is likely an attempt to gain support from the Democrats, Trump has recently agreed to raise the debt ceiling and fund the government through December 8, 2017. Now, he has invited at least three Democrats to a dinner, likely to push for support for the upcoming tax reform bill.

Those invited to dinner with President Trump include Joe Donnelly, Heidi Heitkamp, and Joe Manchin.  Each of those Democrats are in states that President Trump won by a wide margin.

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Featured image credit, WUWM.

No more platitudes. Let’s see some meat on the bone,” Senator John Kennedy said. “You don’t always get what you want. I think there’s a song that says that. But you need to get what you need and that’s where we are. And I‘m tired of screwing around. … The American people are tired of screwing around.” ## (News, analysis.)

(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)

JuliaGranowiczManufacturedHomeLivingNewsMHProNews-comSubmitted by Julia Granowicz to the Daily Business News for MHProNews.

 

Is the President Pivoting to Gain Bi-Partisan Support for Tax Reform?

September 7th, 2017 Comments off
PresidentTrumpSenatorHeitkampCreditWUWMDailyBusinessNews

Featured image credit, WUWM.

If Democrats don’t want to bring back your jobs, cut your taxes, raise your pay and help America win, voters should deliver a clear message,” President Donald Trump said during a speech he made in North Dakota on Wednesday.

Do your job to deliver for America or find a new job. Do something else. Just do something else,” he said.

Tax reform is a high priority for small and big business, including those in manufactured housing.

The president has been making his rounds to promote his signature goal of tax reform. According to left-of-center Politico, he is trying to gain support from Democratic Senators in states he won in the 2016 election.

During his event in North Dakota, President Trump welcomed North Dakota elected officials on stage – including Democratic Senator Heidi Heitkamp.

Heitkamp, who is up for re-election in 2018, reportedly graciously took the stage, smiled, and waved to the crowd.

Senator Heitkamp. Everyone’s saying: What’s she doing up here? But I’ll tell you what: Good woman, and I think we’ll have your support — I hope we’ll have your support. And thank you very much, senator. Thank you for coming up,” POTUS Trump said.

UrbanDIctionaryPresidentOfTheUnitedStates=POTUSDailyBusinessNewsMHProNewsHeitkamp did not speak at the event, and has not formally endorsed the president’s tax plan.  She is interested in seeing the proposals, and passing meaningful tax reform, per the Washington Examiner.

Ask any small-business owner, energy industry worker, farmer or parent in North Dakota about what they think of the current U.S. tax code and they’ll most likely tell you that it’s broken,” Heitkamp said, according to the Washington Examiner.

In a state where Trump won the election by 36 points, with a population who is supportive of tax overhaul, being called out by President Trump could have boosted her chances at being re-elected, says Real Clear Politics.

Or is the more “let’s make a deal,” Trump – gaining leverage with some members of his own party?

Senator Heitkamp even traveled back to Bismark, ND on Air Force One, at the invitation of President Trump.

You can watch the presidents full speech in the video below.

Will Tax Reform Gain Bipartisan Support?

By working together we are going to restore America’s competitive edge,” the president told the crowd at Andeavor Refinery in Mandan, near Bismarck.

Tax reform may be one of few issues that has the potential to gain bipartisan support in Congress, per the Washington Times.

The Daily Business News has reported on another instance of a Democrat who is pushing for common-sense tax reform.

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Featured image credit, MSNBC’s Morning Joe.

U.S. Representative Tim Ryan said on MSNBC’s Morning Joe that “we need to simplify the tax code. I think we need to lower the corporate tax rate. We can’t just be the party of redistribution of wealth. We’ve got to be the party of creation of wealth.”

Benefits to the Economy and the Manufactured Housing Industry

Reform of tax laws would benefit all working-class Americans, but more specifically it will improve the odds for small businesses and entrepreneurs. Getting tax reform passed would also keep, and likely improve, the confidence small business owners have in the Trump Administration.

VPMikePenceNFIBPresidentJunaittaDugganSmallBusinessConfidenceMembers of the National Federation of Independent Businesses (NFIB), which includes many manufactured housing industry professionals, has been calling on Congress to pass tax reform.

If Congress wants small businesses to invest in the economy, then they must cut taxes and simplify the code,” said Juanita Duggan, President and CEO of the NFIB.

Even more recently, the Daily Business News has reported that the Job Creators Network is on what they are calling the Tax Cuts Now” tour. The tour will span two weeks, and encourages citizens to sign their petition, asking Congress for meaningful tax reform.

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Featured image credit, CPAPracticeAdvisor.

While not a lot has been revealed so far about the president’s tax plan, it is said to create a simpler system, cut taxes for middle-class families, restore the country’s competitive business edge which would create more jobs, and bring profits from major companies back into the U.S.

Tell Congress to stop putting party first and start putting America first. Only then will it happen,” said Mr. Trump. ## (News, analysis.)

(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)

JuliaGranowiczManufacturedHomeLivingNewsMHProNews-comSubmitted by Julia Granowicz to the Daily Business News for MHProNews.

 

 

 

 

 

 

Does the Government have a “Problem with Overspending” Tax Dollars?

September 5th, 2017 Comments off
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Featured image credit, CPAPracticeAdvisor.

The federal government does not suffer from a lack of revenue; it has a problem with overspending our hard-earned tax dollars,” per an Op-Ed in The Hill contributed by Jonathan Williams and Alfredo Ortiz.

Jonathan Williams is the chief economist at the American Legislative Exchange Council, and Alfredo Ortiz is the president and CEO of Job Creators Network.

In the op-ed that the above quote comes from, Williams and Ortiz are encouraging Republicans to pass the tax reform that President Trump has been promising. They propose that Republicans pass a bill that would address tax breaks for small businesses and middle-class workers, without making big spending cuts as well.

The president is determined to energize the American economy, especially with the necessary tax cuts for job creators – small businesses all across the country who create 70 percent of all new jobs,” Ortiz said in a statement, per Newsmax.

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Image credit, American Legislative Exchange Council.

Job Creators Network will be very vocal and supportive over the coming weeks and months in an all-out effort to ensure small businesses and the country’s hard-working taxpayers get the help they’ve been asking for over so many years.”

Williams and Ortiz suggest that rather than going with a tax reform plan that is based off revenue neutrality, that there would be more success in a plan that was aimed towards deficit neutrality instead.

Revenue Neutrality Vs. Deficit Neutrality

If policymakers adhere to the false revenue neutrality notion that all tax cuts must be matched, dollar for dollar with tax increases so that total revenue stays the same, they create far too many economic losers in the tax reform process and minimize the benefits to the economy. Numerous well-intentioned tax reform efforts have succumbed to that fate,” per The Hill.

They went on to point out that, “Deficit neutral tax changes provide real tax cuts for hardworking taxpayers, and by nature, bring discipline to the spending side of the ledger.”

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Image credit, American Legislative Exchange Council.

Advocates of big government will say some federal tax burdens should be increased as a part of “tax reform,” Williams and Ortiz wrote.

However, they go on to point out that academic evidence says otherwise, and that the U.S. Treasury reported that in the first 10 fiscal months of 2017 the federal government collected more than $1.3 trillion.

Fiscal hawks should also be reminded of the fiscal benefits of tax cuts. Keeping more money in communities to be spent on Main Streets and less money shipped off to Washington to be spent on the federal workforce would be a massive economic stimulus.”

They go on to cite a nationwide poll conducted by Job Creators Network, which found that owners of small businesses would use their tax savings to

  • Raise wages,
  • Hire new employees,
  • Or expand their business.

Overall, the economic boost from those tax cuts would end up providing more revenue for the government in the long-run.  That was the case with Democratic President John F. Kennedy’s tax cuts, as well as Republican President Ronald Reagan.

Growing the Public Call for Tax Reform

Job Creators Network is one of the largest grassroots, pro-jobs organizations in the country. They have partnered with Freedom Works for a two weeks-long bus tour as a part of their “Tax Cuts Now” tour, per Breitbart.

During the tour, the goal is to encourage Americans to sign the organizations petition. Signing the petition sends a pre-written letter to Congress, asking them for meaningful tax reform.

Are Republicans Running Out of Time?

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Newt Gingrich and Brad Anderson. Image credits, Wikipedia, Dealerscope, MHProNews.

To regain their legislative momentum and keep their majority, Republicans must clearly demonstrate they are fighting for the country’s hardworking taxpayers. This means passing a major tax cut by Thanksgiving — and making it retroactive to the start of this year,” per a USA Today op-ed by Newt Gingrich and Brad Anderson.

Gingrich is a former speaker of the House, and Anderson is the former CEO of Best Buy and a current member of the Job Creators Network.

Their belief is that if Republicans want to keep control of Congress they absolutely must pass a meaningful piece of legislation that benefits American workers before Thanksgiving this year – with the suggested bill being one on tax reform.

Republicans must get on the offensive now and argue not only that hardworking taxpayers deserve a tax cut but also that tax cuts need only be deficit neutral, not revenue neutral, in order to preempt the inevitable attack from the Congressional Budget Office,” Williams and Ortiz wrote.

Tax reform has been a hot topic again in recent weeks. Democratic U.S. Representative Tim Ryan suggested simplifying tax codes and increasing the Earned Income Tax Credit in order to boost the economy.

There has been even more talk of tax reform since President Trump’s speech in Missouri where he said that he “doesn’t want to be disappointed by Congress.”

The National Federation of Independent Businesses (NFIB) has been calling on tax reform that would benefit small businesses and entrepreneurs for a long time.

Many NFIB members are manufactured housing professionals who understand how simplifying the tax code and reducing the amount paid into taxes will benefit both businesses and consumers.

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Small business owners and entrepreneurs confidence has been starting to fade with the lack of action on repeal and replace of ObamaCare, the Daily Business News previously reported. Passing a beneficial tax reform bill would certainly be a step in the right direction for the Trump Administration – which must wait on action from Congress on this matter.

We are excited by the Trump Administration’s dedication to the small business owner and the American Dream. If we give tax relief to these job creators we can grow the economy and provide opportunity for millions. These small business entrepreneurs can’t wait any longer. They need tax relief now,” Ortiz said. ## (News, analysis.)

(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)

JuliaGranowiczManufacturedHomeLivingNewsMHProNews-comSubmitted by Julia Granowicz to the Daily Business News for MHProNews.