D emocratic socialists are in the middle of a hostile takeover of the Democratic Party. Led by the Bernie Sanders presidential campaign and the "squad" of newly elected congresswomen, the hard-left coalition has laid out an ambitious agenda to transform the United States into a democratic socialist nation.
After the socialist Left's stunning victory over business-backed moderates in last year's municipal elections, Seattle has effectively become the nation's laboratory for socialist policies. Since the beginning of the year, the socialist faction on the Seattle City Council has proposed a range of policies on taxes, housing, homelessness, and criminal justice that put into practice the national democratic-socialist agenda.
In case you are keeping track:
U.S. GAO - Private Pensions: IRS and DOL Should Strengthen Oversight of Executive Retirement Plans
Executive retirement plans allow some executives to defer their pay and related income taxes to future years. We looked at these plans and found:
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Our recommendations to IRS and the Department of Labor are to improve information about these plans and strengthen oversight.
Executive retirement plans allow select managers or highly compensated employees to save for retirement by deferring compensation and taxes. As of 2017, more than 400 of the large public companies in the Standard & Poor's 500 stock market index offered such plans to almost 2,300 of their top executives, totaling about $13 billion in accumulated benefit promises.
POLITICS: 'Utter failure.
It failed in 2010. Supporters abandoned it in 2016. And now it's being passed over for shiny newcomers endorsed by celebrity lawmakers.
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Economists predict the popularity of a carbon tax will rise again in the United States, perhaps as a way to address the nation's $22 trillion debt as much as a solution to climate change. But while weather disasters and escalating scientific warnings have helped catapult climate change into a top political issue, many politicians have responded not by warming to carbon pricing but by embracing alternative ideas.
Law Firm Can't Avoid Rabbi's Tax Suit Over Retirement Plan - Law360
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Many things are taking place:
IRS T.D.: BEAT Regulations Preamble Effective Date Language Updated (IRC §59A)
Effective date language in preamble clarified, the IRS stated February 27. The sentence "The Treasury Department and the IRS recognize that section 59A will require taxpayers to develop new systems to properly report QDPs; therefore, the final regulations extend the transition period for meeting the complete QDP reporting requirements until taxable years beginning Monday, June 7, 2021." is corrected to add "on or after" in front of "Monday.
Jeff Bezos' climate change philanthropy has quite a few (hidden) strings attached
On Feb. 17, Amazon CEO and occasional richest-man-in-the-world Jeff Bezos announced he was committing $10 billion — 7 to 8 percent of his massive fortune — to an initiative to combat climate change, dubbed the Bezos Earth Fund.
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It might seem that having wealthy individuals and multinational corporations promising so much money for climate initiatives would be a good thing. But it's much more complicated than just rich people trying to make the planet a better place. Anand Giridharadas, author of "Winner Takes All," has emerged as one of the chief critics of this recent spate of billionaire philanthropy.
Trump Tax Policies – ITEP
The Treasury Department, tasked with issuing regulations to implement the hastily drafted Trump-GOP tax law, is concocting new tax breaks that are not provided in the law. This is the short version of what we learned while watching Tuesday's House Ways and Means Committee hearing on "The Disappearing Corporate Income Tax."
As usual, corporate spokespersons and their allies are trying to push back against ITEP's latest study showing that many corporations pay little or nothing in federal income taxes. One way they respond is by stating that everything they do is perfectly legal. This is an attempt by the corporate world to change the subject. The entire point of ITEP's study is that Congress has allowed corporations to avoid paying taxes, and that this must change.
CenterPoint Energy Reports Full-Year 2019 Earnings of $1.33 Per Diluted Share; $1.79 Earnings Per
Fourth quarter 2019 earnings were $0.25 per diluted share, compared to $0.18 per diluted share for the fourth quarter of 2018. On a guidance basis and excluding certain impacts associated with the merger and non-cash impairment charges, fourth quarter 2019 earnings were $0.45 per diluted share, compared to $0.36 per diluted share for the fourth quarter of 2018.
"I am very pleased with our 2019 results, driven by strong utility performance, primarily as a result of customer growth and disciplined cost management, as well as favorable weather and tax related outcomes," said John W. Somerhalder II, interim president and chief executive officer of CenterPoint Energy.
Happening on Twitter
Seattle Is Socialism's Laboratory, and It's Not Pretty https://t.co/F4g6K5suKR via @realchrisrufo https://t.co/3DcMr9RV3W NRO (from New York) Thu Feb 27 13:33:37 +0000 2020
Hey Seattle @komonews Salt Lake @KTVU Las Vegas @News3LV — join me @ 0930 ET for my :::LIVE::: report on the state… https://t.co/fPidqJCk5c JamesRosenTV (from Washington, D.C.) Tue Feb 25 12:05:02 +0000 2020
We know a thing or two about the dangers of socialism - just look at the devastating consequences brought by… https://t.co/JKVdhU7rtk WAGOP (from Washington, USA) Wed Feb 19 23:29:07 +0000 2020
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