Sept. 16: Attended the 2018 Cookout & Campaign Rally of Greenwich Democrats at the High School.
Spoke to Ned Lamont, the candidate for Governor, Senator Richard Blumenthal, and Congressman Jim Himes about the need to correct the marriage penalty with regards to the $10,000 maximum State And Local Tax (SALT) deduction. This maximum should be raised to $20,000 for married couples who file jointly. Hopefully, one of these individuals will soon highlight this inequity and the possible corrective action.
It should be noted that the Trump Tax Act of 2017 was passed without hearings and in haste without bipartisan support. It created many inequities and is in need of reform.
We would like to see all capital gains be recognized at the time of any transfer of ownership. Remember that the 1986 Tax Reform Bill signed by President Ronald Reagan taxed capital gains at the same marginal rate as ordinary income. The present effective capital gain tax rate for most wealthy individuals is between 0 and 5%. There are too many opportunities in the Tax Code to avoid paying taxes on capital gains on a timely basis. These inequities will persist as long as we have three corrupt branches of government.
We need campaign finance reform law that limits individual contributions by U.S. citizens and bans contributions by others, including associations and corporations.
Sept. 13: Some ideas and concerns that may interest you. We have not seen them elsewhere on the web
1. One needed technical correction to the 2017 Tax Law is the $10,000 limit on deducting state and local taxes. The problem is that it creates a marriage penalty because the $10,000 limit is the same for individuals and married couples. Candidates of both parties from high tax states should insist that the $10,000 limit be doubled to $20,000 for married couples who file jointly.
2. Secretary of State Mike Pompeo has a problem with the West Point Cadet Honor Code that states: "A cadet will not lie, cheat, steal, or tolerate those who do." It should be obvious to all rational observers that President Donald Trump lies. Hopefully, someone will have the courage to ask Pompeo about this. How can one who graduated first in his class at West Point tolerate Trump?
3. What would the three authors of The Federalist Papers think of the current Federalist Society and their nominees for the Supreme Court? The Federalist Society claims to uphold the original interpretation of the U. S. Constitution by James Madison, Alexander Hamilton and John Jay, the first Chief Justice of the United States. Its logo is a silhouette of President James Madison.
Somehow the Federalist Society implies that they represent the views of the three authors. We find this a little strange because the current Federalist Society seems to be dominated by Catholics and that all their recent nominees have been Catholics.
Although educated by Presbyterians, James Madison was influenced by deism and was a strong advocate for the freedom of religion and probably would oppose nominees with strong religious views. Alexander Hamilton was raised as a Presbyterian and was tutored by a Jewish schoolmistress. He also had deist views. John Jay was descended from Huguenots and became a member of the Protestant Episcopal Church. He believed in a strong, centralized government and became an advocate for the emancipation of slaves. He also once held the view that Catholics should be prohibited from holding office. So what do you think?