Eliminate the tax code for the Fair tax/ Flat tax or Consumption tax

Finally the discussion and debate is in fact really happening in Washington DC. Yay…

So, the Trump administration and the United States has a new Treasury Secretary, Scott Bessent. Soon after his swearing in, he did send out an X post:

 

 

 

 

 

 

 

 

Now let’s check out Georgia Congressman Buddy Carter….he has some legislation:

WASHINGTON, D.C. – Rep. Earl L. “Buddy” Carter (R-GA) today introduced H.R. 25, the Fair Tax Act, to replace the current tax code with a national consumption tax known as the Fair Tax.Joining Rep. Carter as original cosponsors are Reps. Andrew Clyde (R-GA), Jeff Duncan (R-SC), Kat Cammack (R-FL), Scott Perry (R-PA), Bob Good (R-VA), Thomas Massie (R-KY), Ralph Norman (R-SC), Bill Posey (R-FL), Gary Palmer (R-AL), Jim Banks (R-IN), and Barry Loudermilk (R-GA).

Congressman Carter’s bill is 132 pages and found here. 

Imagine –>TITLE I—REPEAL OF THE IN2 COME TAX, PAYROLL TAXES, 3 AND ESTATE AND GIFT TAXES

Imagine –>11 ‘‘CHAPTER 3—FAMILY CONSUMPTION 12 ALLOWANCE ‘‘Sec. 301. Family consumption allowance. ‘‘Sec. 302. Qualified family. ‘‘Sec. 303. Monthly poverty level. ‘‘Sec. 304. Rebate mechanism. ‘‘Sec. 305. Change in family circumstances. 13 ‘‘SEC. 301. FAMILY CONSUMPTION ALLOWANCE. 14 ‘‘Each qualified family shall be eligible to receive a 15 sales tax rebate each month. The sales tax rebate shall 16 be in an amount equal to the product of— 17 ‘‘(1) the rate of tax imposed by section 101, 18 and 19 ‘‘(2) the monthly poverty level.

There is certainly more in the draft of the bill sho check it out….let the discussions begin.

Congressman Carter’s bill suggests a 25% consumption tax while other previously suggested proposals are at 17%. Note that here. 

Maybe with all the artificial intelligence chatter, AI can figure out what is the best option to replace the IRS tax code.

Media Critical that Trump has not Fixed the Price of Eggs

VP J.D. Vance sat for an interview with Margaret Brennan where she questioned him regarding all the executive orders but the price of eggs are too high..Mr. Vice President?

Exactly where was the media for the last four years?

So to be sure, while VP Vance did a relatively good job in answering why the price of eggs are high…he did miss the moment to call out CBS and other media regarding the Biden ‘Inflation Reduction Act’ which has not brought down the price of anything. Furthermore, not one single Republican voted for that law, why you ask?

After the expert at Forbes took a long look at the IRA, here are their major takeaways:

The Inflation Reduction Act is a slimmed-down version of the Build Back Better bill, which aimed to make historic investments in the nation’s social safety net. The new bill makes the largest investment in combating climate change in U.S. history, lowers the cost of prescription drugs and raises taxes on corporations.

Here are the big provisions:

  • Creation of a 15% corporate minimum tax rate: Corporations with at least $1 billion in income will have a new tax rate of 15%. Taxes on individuals and households won’t be increased. Stock buybacks by corporations will face a 1% excise tax.
  • Prescription drug price reform: One of the most significant provisions of the Inflation Reduction Act will allow Medicare to negotiate the price of certain prescription drugs, bringing down the price beneficiaries will pay for their medications. Medicare recipients will have a $2,000 cap on annual out-of-pocket prescription drug costs, starting in 2025.
  • IRS tax enforcement: The IRS has been sounding the alarm for years about being underfunded and being unable to deliver on its duties. The bill invests $80 billion in the nation’s tax agency over the next 10 years.
  • Affordable Care Act (ACA) subsidy extension: Currently, medical insurance premiums under the ACA are subsidized by the federal government to lower premiums. These subsidies, which were scheduled to expire at the end of this year, will be extended through 2025. Approximately 3 million Americans could lose their health insurance if these subsidies weren’t extended, according to the U.S. Department of Health and Human Services.
  • Energy security and climate change investments: The bill includes numerous investments in climate protection, including tax credits for households to offset energy costs, investments in clean energy production and tax credits aimed at reducing carbon emissions.

The bill passed with all 50 Democratic votes in the Senate on Aug. 7. Democrats were able to secure two key votes, from Senators Joe Manchin (D-W.Va) and Kyrsten Sinema (D-AZ), after the pair opposed earlier versions of the bill. Sinema, the last party holdout, expressed support for the bill after the carried-interest loophole provision was dropped.

Nothing reduces the price of eggs Margaret….but what did the Biden White House admit about the Inflation Reduction Act really? It was all about climate change.

On August 16, 2022, President Biden signed the Inflation Reduction Act into law, marking the most significant action Congress has taken on clean energy and climate change in the nation’s history. With the stroke of his pen, the President redefined American leadership in confronting the existential threat of the climate crisis and set forth a new era of American innovation and ingenuity to lower consumer costs and drive the global clean energy economy forward.

This guidebook provides an overview of the clean energy, climate mitigation and resilience, agriculture, and conservation-related investment programs in President Biden’s Inflation Reduction Act, including who is eligible to apply for funding and for what activities.

Pass this along to VP Vance when you get a chance please….

Biden’s Admin Lost 291,000 Unaccompanied Migrant Children

Remember when the Democrats launched a huge attack on President Trump for disconnecting families/children of illegal migrants? Well…hold on…seems things are bubbling to the surface that the Biden administration and that pesky Border Czar, Kamala don’t care about who they lost….noting that an estimated 290,000 children have been exploited, trafficked or are in a forced labor condition.

Where is the joy now Kamala? Where is the child safety of these unaccompanied children? Inspector General Joseph Cuffari did the investigation and is shouting for immediate action. That ‘border bill’ that was killed and blamed on Trump never addressed the matter of the chaos and scandals at the Office of Refugee Resettlement.

DHS Secretary Defends Response to 20-Year-High Surge of Unaccompanied ...

38 Senators wrote a letter about this chaos and failure…radio silence from the FBI, DHS, HHS and the White House. Note the Department of Justice such as it is…does not care either. Human Rights? nah….

READ THE INSPECTOR GENERAL REPORT HERE

Table 1. UCs transferred to ORR, FYs 2019-2023 FY UCs released to ORR FY 2019 67,987 FY 2020 15,128 FY 2021 120,859 FY 2022 127,057 FY 2023 117,789 Total 448,820

Source: DHS OIG analysis of ICE data

According to OPLA officials, ICE ERO has no authority over UCs beyond managing their immigration cases. Therefore, even if ICE were to identify UCs in unsafe conditions, the agency has limited authority to respond. ICE personnel at two field offices affirmed this and explained they had identified UCs in unsafe conditions but were unable to intervene. One ICE officer expressed concern with not being able to take action in a case involving a UC whose sponsor claimed the UC was in an inappropriate relationship with her husband.

Also included in the report is this text:

We issued this management alert as part of an ongoing audit of ICE’s ability to monitor UCs who were released from DHS and HHS custody between FYs 2019 and 2023. The objective of our ongoing audit is to determine ICE’s ability to monitor the location and status of UCs once released or transferred from DHS and HHS’ custody. As part of our audit, between October 2023 and May 2024, we: • Interviewed more than 100 officials from ICE ERO, OPLA, Homeland Security Investigations, and the Center for Countering Human Trafficking, as well as external stakeholders from DOJ and HHS. The interviews included meetings with ICE field offices located in Miami, Los Angeles, St. Paul (Minnesota), Philadelphia, San Diego, Baltimore, Houston, Dallas, New York, and Chicago. • Reviewed relevant laws, reports, and policies, such as the Homeland Security Act of 2002, Immigration and Nationality Act, appropriations acts, prior DHS and HHS OIG reports, and internal ICE policies and handbooks. Additionally, we reviewed and analyzed multiple memorandums of agreement between DHS and HHS regarding UCs. • Reviewed and analyzed ICE data to determine the number of UCs ICE released to ORR from FY 2019 through FY 2023, UCs not served NTAs to date, and UCs who did not appear in court. We conducted this work pursuant to the Inspector General Act of 1978, 5 U.S.C. §§ 401-424, and in connection with an ongoing audit being performed according to generally accepted government auditing standards. Those standards require we plan and perform our audit work to obtain sufficient, appropriate evidence to provide a reasonable basis for our findings and conclusions based on our audit objectives. Additional information and recom

The war in Ukraine has Added to the Food Crisis/Inflation in the U.S.

It is well known that Russia had been stealing Ukrainian cargo ships loaded with wheat and other food commodities and then reselling as their own. When it comes to the supply chain related to food, transportation and inflation, neither Biden nor Harris have bothered to report this crisis much less punish Russia for such actions.

But let us understand what Ukraine supplies to not only Africa but to the global inventory and supply in the first place…adding to the shortages in total.

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How could the war in Ukraine impact global food supplies?

Both Ukraine and Russia are some of the world’s largest food exporters. How could global food be impacted?

Ukraine has been one of the world’s largest contributors to the World Food Programme – the UN agency that provides food aid to countries in crisis. The Head of the WFP – David Beasley estimates that it provides 40% of its wheat.

The war has now reversed this flow: the WFP is now working to provide Ukrainians with the supplies they need in this crisis.

The war in Ukraine could have profound impacts on global food supplies, with far-reaching consequences for hunger and food security across the world. But it doesn’t have to – there is time to react and to contain a larger crisis.

In this article, I present the data we need to understand the scale of their contribution, and which countries are most reliant on Ukraine for their food supplies.

Ukraine and Russia are among the world’s largest exporters of cereal crops and oils

Ukraine and Russia both play a major role in global food markets. They are net exporters of several of the leading cereal crops: wheat, maize (corn), and barley. Both are also dominant exporters of sunflower oil, one of the world’s dominant vegetable oils. Some countries – such as India – rely heavily on imports of sunflower oil for domestic food supplies.

In the charts I show their contribution to global food exports (how much is traded between countries); and global food production.

The charts show that in 2019 around one-quarter of global wheat exports come from Ukraine and Russia. One-fifth of global maize, and barley too. They are the source of nearly two-thirds of traded sunflower oil, with Ukraine alone accounting for almost half of global exports.

Which countries are most reliant on food imports from Ukraine and Russia?

The potential impacts of reduced food outputs from Ukraine and Russia will not be felt equally everywhere. Some of the most vulnerable are countries that import directly from these countries.

But it will not be contained to these direct importers. Food prices are rising, which means that all countries that are net importers of these commodities could feel significant impacts.

To identify the countries that are most vulnerable – and might need assistance in the months ahead – I have brought together country-by-country import data from these key crops. In the data explorer below you can see the global situation for a range of commodities and metrics.

You can see which countries import the most wheat, maize, barley or sunflower oil; which countries import from Ukraine and/or Russia; and how dependent they were on imports for the domestic supply.

We can see, for example, that many countries across the Middle East and North Africa rely heavily on wheat imports from Ukraine and Russia; they supply more than two-thirds of imports in Egypt, Libya and Lebanon. For maize, the reliance on Ukraine and Russia has a larger geographical reach with countries across East Asia and Europe also importing a large share from them.

To maintain consistency between production, domestic supply and import metrics I have sourced all of the underlying data for these calculations from the UN Food and Agriculture Organization. It is all based on physical units i.e. tonnes of crops.

Joe’s Most Jobs Added is Officially Declared a Fraud

Even former President Obama in his speech at the DNC declared that same thing….millions of jobs created. Ehhhh not so much. When Joe Biden was in fact running for a second term, he often declared he created more jobs than any other president in history. What about Kamala….did she ever question the numbers as she has an under graduate degree in political science and economics. Nah…so the truth is the numbers are a fraud, a lie. Add this lie, a big lie to the many others we have been told and as such, likely more lies to come.

In just one year by the way…

source

From MarketWatch:

The U.S. added 818,000 fewer jobs than previously reported from the spring of 2023 to the spring of 2024, indicating the labor market began to cool off earlier and faster than it appeared at the time.

The government’s revised estimate of employment growth showed the economy gained about 2.1 million jobs from April 2023 to March 2024. Originally the increase in employment during that span was put at 2.9 million.

The updated employment figures mean the economy created an average of 173,000 jobs a month during the period in question instead of 242,000 under the old estimates.

The lower number of new job created gives further impetus for the Federal Reserve to cut interest rates in September as widely expected. The central bank is required under the law to keep inflation low and employment high.

With inflation gradually slowing toward the Fed’s 2% target, the bank has put greater weight on the health of the labor market in considering when to reduce high U.S. interest rates.

The Fed jacked up a key short-term rate to a 23-year peak in 2022 and 2023 to quell the highest inflation in 40 years.

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In part from the New York Times:

The U.S. economy added far fewer jobs in 2023 and early 2024 than previously reported, a sign that cracks in the labor market are more severe — and began forming earlier — than initially believed.

On Wednesday, the Labor Department said that monthly payroll figures overstated job growth by roughly 818,000 in the 12 months that ended in March. That suggests employers added about 174,000 jobs per month during that period, down from the previously reported pace of about 242,000 jobs — a downward revision of about 28 percent.

The revisions, which are preliminary, are part of an annual process in which monthly estimates, based on surveys, are reconciled with more accurate but less timely records from state unemployment offices. The new figures, once finalized, will be incorporated into official government employment statistics early next year.

The updated numbers are the latest sign of vulnerability in the job market, which until recently had appeared rock solid despite months of high interest rates and economists’ warnings of an impending recession. More recent data, which wasn’t affected by the revisions, suggest job growth slowed further in the spring and summer, and the unemployment rate, though still relatively low at 4.3 percent, has been gradually rising.