Archive for April, 2017

The select few who have Donald Trump’s ear – MSNBC


MSNBC
The select few who have Donald Trump's ear
MSNBC
Politico reported over the weekend that Donald Trump likes to leave large blocks of private time on his presidential schedule, which are regularly devoted to spontaneous meetings and phone chats with ex-aides, friends, media figures, lawmakers and ...
Trump's Big Week: 100-Day Countdown, New Life for Health Care Bill and a Looming ShutdownTIME
Congress Aims to Avoid Shutdown as Trump Presses for 100-Day WinsNBCNews.com
Donald Trump is obsessed with winning, and that's why he's losingVox
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The select few who have Donald Trump's ear - MSNBC

Is Donald Trump About to Take Away Your 401(k)’s Biggest Tax Break? – Motley Fool

President Donald Trump was elected in part because of his championing of income tax reform, with promises of a simplified structure of tax rates for individuals and lower tax rates on corporations. Yet at no time during the campaign did the president signal that the way his administration would pay for those moves would involve taking away one of the most popular and widely used tax breaks in the income tax system. Now, though, lawmakers are reportedly looking at removing the upfront tax deduction for traditional 401(k) contributions, and some proposals have even suggested taking away part of the tax deferral that 401(k) plans provide. With most Americans already saving an inadequate amount toward their retirement, changes to the rules would only take away a key incentive for setting money aside for the future and punish those who prudently plan for their retirement.

One big problem involved in corporate tax reform is that it would be costly. Cutting tax rates from 35% to 15% would result in a drop in revenue, and many lawmakers want to ensure that any tax reform legislation is revenue-neutral. To achieve that, Congress would have to couple tax cuts with ways of raising revenue.

Image source: Getty Images.

One of the largest tax benefits Americans get comes from the exclusion from income of money that they save in 401(k) plans. According to the latest report from the Joint Committee on Taxation, the exclusion of contributions to and earnings of defined contribution plans cost the federal government more than $90 billion in potential tax revenue in 2016. Estimates have that number rising to $146 billion by 2020, and the total over the five-year period from 2016 to 2020 is almost $584 billion.

The key proposal Congress is reportedly looking at treats all 401(k) contributions as if they were Roth contributions. That would take away upfront tax benefits in exchange for making earnings and appreciation tax-free going forward. By doing so, the federal government believes it could raise $1.5 trillion in additional tax revenue over the next decade, providing an ample source of funding for tax cuts elsewhere.

An even bigger threat could come from measures to change the tax-deferred nature of 401(k)s. Right now, any income and gains your 401(k) generates don't get taxed until you make withdrawals. But one proposal would impose a 15% tax on annual gains within 401(k) plans. For long-term stock investors, that could put 401(k) plans at a disadvantage to simple taxable accounts, where one can defer capital gains tax simply by not selling shares. Proponents of the measure suggest that the move would raise between $48 billion and $60 billion in annual tax revenue between 2018 and 2025.

After all the talk of tax cuts during the campaign, it seems like a complete about-face to be talking about tax increases. However, the justification some lawmakers have come up with involves the potential impact on investment values that could come from corporate tax reform. As the argument goes, if taxes on corporate income go down, then there would be an immediate increase in after-tax earnings, which in turn should produce a rise in share prices. For the government to impose a tax on that share-price increase is, in effect, a way to balance out the tax-created bump.

Image source: Getty Images.

However, the fact that Republican lawmakers are even contemplating such measures comes as a shock to those who have followed the political pendulum swing over time. For years, it has been Democrats who have looked at 401(k)s as a source of tax inequity, and Democratic presidential candidate Hillary Clinton suggested reducing the value of tax deductions for high-income earners on their 401(k) contributions. Budgets from former President Barack Obama included provisions that would have limited 401(k) savings for the wealthy, and some policymakers have even suggested that 401(k)s should be abolished entirely. In that light, for attacks on 401(k)s to come from the other side of the aisle shows how the world in Washington has once again turned upside down.

Still, the key question is how much of President Trump's base of loyal supporters truly cares about 401(k) tax breaks. For those who face unemployment and economic hardship, huge deductions for retirement savings are just one more sign of how income inequality can compound because of tax policy. If you have modest incomes and pay low tax rates, then a Roth-style 401(k) is often a better option over the long run -- as long as Roth accounts remain truly tax-free and don't also end up on the chopping block in Congress' search for revenue.

You can expect more details on President Trump's tax plan this week, but it's not too soon to let your lawmakers know that 401(k) deductions are an important component of your retirement savings strategy. Changing the rules on retirement savers when it's too late for them to adjust accordingly is unfair, no matter which side of the aisle is behind such a measure, and urging lawmakers to respect past planning is essential in order to keep America's retirement savings problem from getting even worse.

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Is Donald Trump About to Take Away Your 401(k)'s Biggest Tax Break? - Motley Fool

How an Alternative Donald Trump Opening Act Might Have Unfolded – Wall Street Journal (subscription)


Wall Street Journal (subscription)
How an Alternative Donald Trump Opening Act Might Have Unfolded
Wall Street Journal (subscription)
Specifically, let's imagine a presidency that attempted from the outset to take advantage of the fact that Donald Trump isn't an ideological conservative or a traditional Republican, but rather a radical centrist who should be able to create ...

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How an Alternative Donald Trump Opening Act Might Have Unfolded - Wall Street Journal (subscription)

Donald Trump Won’t Fire Sean Spicer for the Dumbest, Trumpiest Reason Ever – GQ Magazine

(Photo by Andrew Harrer-Pool/Getty Images)

The president, too, thinks this is all just a game.

By any normal metric, Sean Spicer has had a dismal run as Donald Trump's press secretary. Normally press secretaries try their best to never directly lie to the press, lest they lose credibility with the press. Sean Spicer literally lied about the size of Trump's inauguration crowd on the first day. Normally press secretaries attempt to avoid being the focus of a story, so that they can ensure that the president's agenda is getting attention. Sean Spicer regularly badgers (and again lies to) reporters to such an extent that Melissa McCarthy regularly performs as Spicer on SNL. Normally press secretaries don't compare people to Hitler, and if for some terrible misguided reason they do, they certainly don't have that comparison make the point that Hitler is less bad than someone else. Sean... Well, Sean did this:

So normally a president would consider all the things a press secretary has done wrong, especially if any of those things are Nazi-adjacent, and if the mistakes are big enough, he'd fire that person. Donald Trump? Well, according to a new report from The Washington Post, this is just another time when Donald Trump flies in the face of "normal."

During a small working lunch at the White House last month, the question of job security in President Trumps tumultuous White House came up, and one of the attendees wondered whether press secretary Sean Spicer might be the first to go.

The presidents response was swift and unequivocal. Im not firing Sean Spicer, he said, according to someone familiar with the encounter. That guy gets great ratings. Everyone tunes in.

Trump even likened Spicers daily news briefings to a daytime soap opera, noting proudly that his press secretary attracted nearly as many viewers.

President Donald Trump doesn't necessarily like or dislike Sean's performance, y'know, in communicating the White House's strategies to the worldhe just thinks Spicer makes for good TV. Now, sure, that's great news for CNN head Jeff Zucker and his many "characters in a drama," but it's less great news for people who want the government to function. And speaking of the government running with all the efficiency and success of Trump Steak/Wine/Ice/Vodka/University, this anecdote from Newt Gingrich shows just how time in the West Wing is being spent:

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CNNs Jeff Zucker Thinks This Is All Just a Game

Gingrich added that sometimes after an appearance on Fox & Friends, hell have just left the studio and not even reached his car when his cellphone will ring: the president calling to tell him, That was good.

I write a couple blog posts a day for this website, and I don't have time to watch as much Fox & Friends as Donald Trump does. I just imagine that every briefing he has is like the couple on a date at a sports bar, where one person is looking over the other's shoulder, watching the TV when they're supposed to be hearing a story about how Karen was a nightmare at work. Only, in Trump's case, "Karen" is "Kim Jong-un" and "work" is "a potential nuclear war." To review: We have an uninformed boob in the White House spending all his time yelling at cable news and cheering because the male version of the Cathy comic strip that he hired to be his press secretary is getting a lot of eyeballs for whatever Hitler comment he's made today.

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Donald Trump Won't Fire Sean Spicer for the Dumbest, Trumpiest Reason Ever - GQ Magazine

Russia’s Alt-Right Rasputin Says He’s Steve Bannon’s Ideological … – Daily Beast

Alexander Dugin says Trumps a traitor to the alt-right because of his unforgivable attack on Syria, and Putins a big disappointment. But Dugin still digs Bannon.

MOSCOWThe Russian political philosopher Alexander Dugin is banned from traveling to the United States because his calls for violence helped inspire the pro-Moscow insurgency in eastern Ukraine in 2014. But if Americas leading ideologue today, Steve Bannon, were to visit Moscow, Dugin, a 55-year-old with a long beard and ultra-conservative views, would gladly sit down and talk with him. Dugin says he sees Bannon, President Donald Trumps chief strategist, as his ideological ally.

One day would not be enough for them to cover all the geopolitics they have in common, Dugin told The Daily Beast in an exclusive interview. First their conversation would be purely philosophical, Dugin imagined, as Bannon and I read the same authors, we are united by the entire treasury of European conservative culture and history.

Dugin, famous in Russia for his deep disrespect for the worlds liberals, looks at Bannon as his last hope in Washingtons conservative political circles.

For a long time, Dugin said he had counted on President Donald Trump as he could see Bannons hand all over the presidential campaign. But Dugins scenario for Russias future ties with the United States crumbled on the day the mad neo-con Trump authorized firing Tomahawk missile at Syria.

Dugin, who forgave Trumps tough on Russia comments, and even Trumps expectations of Russia to give Crimea back to Ukraine, said he tolerated, supported Trump, while many here gave up. But not any longer.

In the interview, Dugin insisted that unlike liberals, who forgave Barack Obamas failed promises, conservative politicians were now turning away from Trump. That is the main difference between liberals and conservatives. We have a deep sense of dignity: The moment the right-wing politicians Marine Le Pen [in France] and Matteo Salvini [in Italy], and all of the alt-right supporters [in the U.S.], saw that Trump was a puppet, they stopped supporting him.

Dugin agreed with a recent Newsweek piece describing his deep ideological connections with Trumps strategist Bannon. Newsweek quoted Bannons words (originally reported by BuzzFeed) at a Vatican conference in 2014. We, the Judeo-Christian West, really have to look at what [Putin] is talking about as far as traditionalism goes, particularly the sense of where it supports the underpinnings of nationalism, Bannon said. When you really look at some of the underpinnings of some of [Putins] beliefs today, a lot of those come from what I call Eurasianism.

Russians associate Eurasianism with Dugins name. He was using the term long before Bannon.

So, even though the two never had a chance to meet, Dugin told The Daily Beast, I connect with Bannons focus of the entire presidential campaign: the denial of globalism, rejection of Americas hegemony, the return of religious and national interests, his criticism of liberals and respect for traditional values, Dugin said. Bannon is a bright personality, his team published my books in the United States, including The Fourth Political Theory.

It was never easy to catch up with Dugins viewshe sometimes says things that, when pressed, he denies later. Readers of his English language website, geopolitica.ru, might think that the ideologue of the Russian Spring lives with the West on his mind. But Dugin celebrates the gap between Russian and Western development, insisting that Western civilization is death and mocks Europeans as Euromonkeys: We should throw away the entire Wests racism, we are people of Asia, of Eurasia, we should stop heading towards European culture.

As leader of the Eurasian movement, Dugin likes to call for destruction of everybody who did not support traditionalist values. He also mocked supporters of Western human rights.

His unforgettable face and Rasputin-like beard have been seen for decades at Russian ultra-nationalist rallies, where he pronounced big, radically anti-Western words into the microphones.

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Dugin is talking about creating some new cross-cultural nation [of Slavs and Turkish people] of anti-Atlantic, traditional ideologyhis theory often sounds like a pretty fascist approach, said Alexander Verkhovsky, director of Russian SOVA, a Moscow-based NGO monitoring ultra-nationalist groups. He said and wrote a lot, calling for a war in Ukraine; many Russian nationalists who listened or read Dugins texts actually joined the insurgencies in Ukraine afterward.

In April of 2014, I reported on pro-Russian protests and the so-called Novorossiya Movement in Odessa, a city in the south of Ukraine. One of the movements leaders, Yegor Kvasnyuk, explained to me that long before the Kremlins officials began to speak about the Russian Spring and Novorossiya, new Russia, he had heard the words from the Eurasian revolutionary Alexander Dugin: As early as last September, during a meeting in Russia, Dugin told us that Novorossiya, a sovereign republic, should have devoted, honest Russians to lead it to revive our Russian roots. Kvasnyuk called Dugin the greatest predictor of Russias future.

The same month in 2014, Vladimir Putin spoke about Novorossiya along Dugin lines: Here is Novorossiya: Kharkiv, Luhansk, Donetsk, Kherson, Nikolayev, Odessa were not a part of Ukraine during the Tsars times, all these territories were passed to Ukraine in the 1920s by the Soviet government. Putin spoke about a referendum to decentralize power in these regions.

In his public speeches during the first weeks of the war in Donbas, Dugin promised that hundreds of thousands of people would come out in all Novorossiya cities in support of pro-Russian militants. But that did not happen, and Dugin started to fall out of Putins favor.

Now, according to Anton Shekhovtsov, a Vienna-based expert on right-wing movements, Dugin is not connected with the Kremlin at all, otherwise he would have never been fired from Moscow State University.

Shekhovtsov notes that even Russian businessman Anton Malofeyev, a major supporter of the Ukraine rebels got rid of Dugin entirely.

Sergei Markov, a pro-Kremlin ideologue working on political tactics around the world, says he understands why Dugin failed to become a mainstream figure in Russia.

Dugin never bends, never compromises, and that is why political elites cannot forgive him, Markov tells The Daily Beast. But somehow he always manages to slip in and leave a trace: On my recent trip to Ankara, officials referred to Putins adviser Dugin visiting them recently.

Dugin admitted that Trump was not his only disappointment latelyVladimir Putin has also made unforgettable mistakes for Dugin, the true believer.

When Putin walks away from the right politics, I do not support him, as we conservatives do not support opportunists, Dugin told The Daily Beast. The most serious contradictions began when the Kremlin disowned Novorossiya. We should not have stoppedI reject the decision of freezing the conflict, Dugin said. By giving up on Novorossiya, they failed the dignity challenge, but unfortunately, Putins supporters have a slaves mentality, and live by the principle, Whatever Master orders is the law.

Dugin added that he was not in the opposition, but that he would rather down-size to some remote part of Russia and out of the spotlight, than bend to Putin.

Earlier this month, Dugin wrote on his website about yet another war: What happened on April 7th, 2017 could be the beginning of a Third World War, he commented on the U.S. attacking Syria with cruise missiles. As a rule, nobody wants war, but, alas, wars happen, and sometimes world ones. Therefore, I posit that first and foremost, as in the case of any disaster, it is necessary to remain calm and gather ones thoughts.

It looked like for now Dugin was not leaving the spotlight, he was working in his office on Moscows main Tverskaya Avenue, making predictions and political forecasts, so if Bannon stops by, they would have plenty of time to talk.

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Russia's Alt-Right Rasputin Says He's Steve Bannon's Ideological ... - Daily Beast