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1-800#'s and Instructions for Currency Redemption/Exchange

This is where the 800 numbers and instructions for currency redemption (US) and currency exchange (international) will be posted. This part of the page will remain until the "TETELESTAI" email has been distributed to us. Thank you.

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"Alert! Important Up-Date Coming..." - One Who Believes - 12.7.16

Entry Submitted by One Who Believes at 1:37 PM EST on December 7, 2016 Alert! Important Up-Date Coming... This is a heads up to all of D...

Thursday, November 17, 2016

"Trump's Tax Vision" - Last Night's KTFA Thoughts/News

KTFA

Tink
 » November 17th, 2016


DONALD J. TRUMP’S TAX VISION

Reduce taxes across-the-board, especially for working and middle-income Americans who will receive a massive tax reduction.

Ensure the rich will pay their fair share, but no one will pay so much that it destroys jobs or undermines our ability to compete.

Eliminate special interest loopholes, make our business tax rate more competitive to keep jobs in America, create new opportunities and revitalize our economy.

Reduce the cost of childcare by allowing families to fully deduct the average cost of childcare from their taxes, including stay-at-home parents.

Read the Fact Sheet on Donald J. Trump’s Tax Policy, here.

https://www.donaldjtrump.com/press-releases/fact-sheet-donald-j.-trumps-pro-growth-economic-policy-will-create-25-milli

Read Mr. Trump's Remarks at the Detroit Economic Club and the New York Economic Club.
https://www.donaldjtrump.com/press-releases/trump-delivers-speech-on-jobs-at-new-york-economic-club

TAX LAW CHANGES

The Trump Plan will revise and update both the individual and corporate tax codes:

Individual Income Tax

Tax rates

The Trump Plan will collapse the current seven tax brackets to three brackets. The rates and breakpoints are as shown below. Low-income Americans will have an effective income tax rate of 0. The tax brackets are similar to those in the House GOP tax blueprint.

Brackets & Rates for Married-Joint filers:
Less than $75,000: 12%
More than $75,000 but less than $225,000: 25%
More than $225,000: 33%

*Brackets for single filers are ½ of these amounts

The Trump Plan will retain the existing capital gains rate structure (maximum rate of 20 percent) with tax brackets shown above. Carried interest will be taxed as ordinary income.

The 3.8 percent Obamacare tax on investment income will be repealed, as will the alternative minimum tax.

Deductions

The Trump Plan will increase the standard deduction for joint filers to $30,000, from $12,600, and the standard deduction for single filers will be $15,000. The personal exemptions will be eliminated as will the head-of-household filing status.

In addition, the Trump Plan will cap itemized deductions at $200,000 for Married-Joint filers or $100,000 for Single filers.

Death Tax

The Trump Plan will repeal the death tax, but capital gains held until death and valued over $10 million will be subject to tax to exempt small businesses and family farms. To prevent abuse, contributions of appreciated assets into a private charity established by the decedent or the decedent’s relatives will be disallowed.

Childcare

Americans will be able to take an above-the-line deduction for children under age 13 that will be capped at state average for age of child, and for eldercare for a dependent. The exclusion will not be available to taxpayers with total income over $500,000 Married-Joint /$250,000 Single, and because of the cap on the size of the benefit, working and middle class families will see the largest percentage reduction in their taxable income.

The childcare exclusion would be provided to families who use stay-at-home parents or grandparents as well as those who use paid caregivers, and would be limited to 4 children per taxpayer. The eldercare exclusion would be capped at $5,000 per year. The cap would increase each year at the rate of inflation.

The Trump Plan would offer spending rebates for childcare expenses to certain low-income taxpayers through the Earned Income Tax Credit (EITC). The rebate would be equal to 7.65 percent of remaining eligible childcare expenses, subject to a cap of half of the payroll taxes paid by the taxpayer (based on the lower-earning parent in a two-earner household).

This rebate would be available to married joint filers earning $62,400 ($31,200 for single taxpayers) or less. Limitations on costs eligible for exclusion and the number of beneficiaries would be the same as for the basic exclusion. The ceiling would increase with inflation each year.

All taxpayers would be able to establish Dependent Care Savings Accounts (DCSAs) for the benefit of specific individuals, including unborn children. Total annual contributions to a DCSA are limited to $2,000 per year from all sources, which include the account owner (parent in the case of a minor or the person establishing elder care account), immediate family members of the account owner, and the employer of the account owner. When established for children, the funds remaining in the account when the child reaches 18 can be used for education expenses, but additional contributions could not be made.

To encourage lower-income families to establish DCSAs for their children, the government will provide a 50 percent match on parental contributions of up to $1,000 per year for these households. When parents fill out their taxes they can check a box to directly deposit any portion of their EITC into their Dependent Care Savings Account. All deposits and earnings thereon will be free from taxation, and unused balances can rollover from year to year.

Business Tax

The Trump Plan will lower the business tax rate from 35 percent to 15 percent, and eliminate the corporate alternative minimum tax. This rate is available to all businesses, both small and large, that want to retain the profits within the business.

It will provide a deemed repatriation of corporate profits held offshore at a one-time tax rate of 10 percent.

It eliminates most corporate tax expenditures except for the Research and Development credit.

Firms engaged in manufacturing in the US may elect to expense capital investment and lose the deductibility of corporate interest expense. An election once made can only be revoked within the first 3 years of election; if revoked, returns for prior years would need to be amended to show revised status. After 3 years, election is irrevocable.

The annual cap for the business tax credit for on-site childcare authorized by Sec. 205 of the Economic Growth and Tax Relief Reconciliation Act of 2001 would be increased to $500,000 per year (up from $150,000) and recapture period would be reduced to 5 years (down from 10 years).

Businesses that pay a portion of an employee’s childcare expenses can exclude those contributions from income. Employees who are recipients of direct employer subsidies would not be able to exclude those costs from the individual income tax and the costs of direct subsidies to employees could not be used as a cost eligible for the credit.
Under Trump, Fewer Tax Brackets

Donald Trump proposes having three tax brackets, down from the current seven, and repealing the head-of-household tax-filing category. The standard deduction would be $30,000 for married couples filing jointly (up from $12,600 currently) and $15,000 for single individuals (up from $6,300).

Trump's Plan

TAX BRACKET
SINGLE
HEAD OF HOUSEHOLD
MARRIED FILING JOINTLY
12% $0 - 37,500 N/A (single-filer rates) $0 - 75,000
25% $37,500 - 112,500 N/A (single-filer rates) $75,000 - 225,000
33% $112,500+ N/A (single-filer rates) $225,000+

Current Plan

TAX BRACKET
SINGLE
HEAD OF HOUSEHOLD
MARRIED FILING JOINTLY
10% $0 - 9,275 $0 - 13,250 $0 - 18,550
15% $9,275 - 37,650 $13,250 - 50,400 $18,550 - 75,300
25% $37,650 - 91,150 $50,400 - 130,150 $75,300 - 151,900
28% $91,150 - 190,150 $130,150 - 210,800 $151,900 - 231,450
33% $190,150 - 413,350 $210,800 - 413,350 $231,450 - 413,350
35% $413,350 - 415,050 $413,350 - 441,000 $413,350 - 466,950
40% $415,050+ $441,000+ $466,950+

Source: Tax Policy Center
Credit: Brittany Mayes/NPR

Naphtali
 » November 17th, 2016

Just my opinion..... When Reagan was elected and lowered the tax rates what happened has many with a tax and spend mentality baffled. The tax collections actually increased because business productivity increased and employment improved.... which saw more workers and a reduce to draw resource programs. I cant promise this will happen once again, but is a possibility.

Bigboat48
 » November 17th, 2016

I get all the tax brackets BUT what no body addresses is the tax payer who is retired and only has his savings and social security income. This individual doesn't pay tax or have actual taxable income so what tax is he going to pay on the appreciation of the Dinar as an investment. Any one have this information? Thanks

Purifiers
 » November 17th, 2016

IMO, No one has the info on what our investment will be taxed at... until after the event of a new NICE rate with Iraq... at the SOONEST....IMO, that is what Frank was basically trying to tell us...

If you are in a non tax situation now... you may well be in a NEW tax situation after Iraq shows us a nice rate... those laws... taxes, if you will... are being tossed around now... and are not known publicly at this time... that puts us in a catch 22 right now...

A suggestion is to hold back (as Frank is going to do) 40% until it is known if you exchange your IQD at a new rate... Purifiers

Jay
 » November 17th, 2016

WOW . This one tells us all the history of our education. Even speaks about what we are all waiting for. Thats the short version.I'm sorry....I gotta say it...For it is IMO,,, That we are just waiting for them (ptb, Iraq...whoever) to show the rate Internationally.

In other words. We are just waiting to see it. (PERIOD). Budget...??? SMUDGET. It needs a rate to be activated anyway....Hence...we are waiting for them to show the international world.

Walkingstick » November 17th, 2016


Factbox: On the IMF Loan to Iraq

NOVEMBER 16, 2016

In late September, the Iraqi parliament voted to dismiss Finance Minister Hoshyar Zebari over corruption allegations. Zebari had led Iraq’s efforts to secure aid to manage its economic crisis, and most recently, successfully negotiated an International Monetary Fund (IMF) loan for Iraq. A day after the vote, the IMF reaffirmed its commitment to work with the Iraqi government to implement the agreed upon loan. This loan is expected to assist Iraq through its current economic crisis and lay the groundwork for overdue economic reforms.
Double Shocks

In the Iraqi government’s Letter of Intent to the IMF, Zebari and Ali al-Allaq, the acting governor of the Central Bank of Iraq, justified the country’s need for financial aid due to the ISIS insurgency and low oil prices. With ISIS taking over large swathes of territory in northern Iraq in June 2014, Iraq’s mission to restore its territorial integrity has cost an estimated $300 billion.

This has diverted funds away from growth producing economic activities and in 2015 alone, Iraq’s non-oil sector contracted by 19 percent. In addition to the costs of war, Iraq has been hit with a massive humanitarian crisis. Four million Iraqis are now displaced and Iraq has also taken in 250,000 Syrian refugees. With the operation to retake Mosul underway, the UNHCR estimates the number of displaced could increase by at least 1 million.

In addition to the ISIS insurgency, world oil prices fell in 2014 by 50 percent, putting financial strain on the Iraqi economy. Oil revenue is Iraq’s main source of income making up 90 percent of government revenue. While Iraq’s oil sector did grow by 13 percent in 2015, and by another 20 percent in the first five months of 2016, it also means Iraq is more reliant on oil revenue. If this trend continues, Iraq will only be more vulnerable to oil price shocks in the future.

According to the World Bank, the combination of these shocks has hurt growth, diverted resources away from investment, and increased poverty and unemployment. Economic growth contracted by 2.4 percent in 2014 and is estimated to have expanded by only 0.5 percent in 2015, while GDP per capita decreased by around $5,000. As a result, poverty levels increased to 22.5 percent, with an estimated 2.8 million living below the poverty line by end-2014.

Iraq’s budget deficit has also increased over the past few years, rising from $16.7 billion in 2013 to $20 billion in 2016. The Iraqi government has turned to external borrowing to finance the gap. In 2015, the IMF approved $1.24 billion in emergency financial assistance under the Rapid Financing Instrument to address the 2016 budget deficit caused by the ISIS insurgency and falling oil prices.

Facing a similar situation Iraq has again turned to external borrowing to help finance the deficit in 2017. In its agreement, the IMF suggests that Iraq’s deficit can be reduced from 14 percent of GDP to 1 percent by 2021.
IMF Stand-By Arrangement

In July, the IMF approved a three-year Stand-By Arrangement (SBA) for Iraq for $5.34 billion. According to the IMF, the loan will support the government’s economic reform and debt sustainability initiatives, building on what it describes as the success of the Staff-Monitored Program (SMP) that began in November 2015.

Since the SMP’s approval, Iraq achieved three of five target objectives including meeting required levels of assets and reserves for the Central Bank of Iraq and maintaining a non-oil income above the required floor. Iraq also managed to meet all three structural benchmarks by completing a survey of domestic debts on non-oil investment spending, compiling a list of all spending of the central government, and appointing an external auditor to audit state-owned banks 2014 financial statements according to international standards.

The loan approval allows for the immediate disbursement of an initial $634 million. The remaining funds will be disbursed contingent on certain performance criteria consistent with the program’s objectives to reform Iraq’s financial and economic policy.

The IMF outlined a number of objectives it seeks to achieve with this program including improving Iraq’s foreign exchange policy. The government will do so by maintaining the Iraqi dinar’s peg to the US dollar to ensure economic stability.

The Iraqi government will also remove restrictions on currency exchange. This will be an important part of encouraging investment in the country as it will signal that currency can be freely exchanged without government restrictions, which creates a more favorable business environment for investors.

It also seeks to strengthen the anti-money laundering and combating of financing of terrorism (AML-CFT) framework to prevent currency speculation, or the buying and selling of currency for a profit. Currency speculation can have serious consequences on Iraq’s currency as it can devalue or inflate the value of its currency.

The IMF seeks to strengthen public financial management to improve the quality of public spending and debt management. The government will do so by implementing a number of measures, including improving reporting of government finance statistics; surveying, auditing, and paying domestic debts; and continue to compile information on government spending. Iraq will also work with the World Bank on designing and implementing an integrated financial management system (IFIMS) to manage spending, payment processing, budgeting, and reporting for the government.

This program will also seek to reduce the dominance of state-owned banks in order to avoid financial sector risks and preserve the sector’s stability. Three of Iraq’s state-owned banks account for 90 percent of the banking system’s assets, which is problematic given their weak financial health.

The government will commit to auditing these banks to determine how they will be restructured to improve performance. The Central Bank of Iraq will also implement reform measures to enhance the stability of the banking sector, including strengthening banking supervision, compiling and publishing financial stability indicators, and penalizing banks and non-banks financial institutions for any non-compliance with laws and regulations.

While this program stresses the importance of reducing government debt, it also stresses the protection of social spending which should safeguard the interest of the poor, refugees, and displaced. This will include spending on health, education, assistance subsidies to Syrian refugees and the internally displaced, and the social safety net. The government is expected to commit to maintaining a floor of social spending throughout the duration of the IMF loan.

Reactions

While this loan comes at a critical time in Iraq’s economic crisis, some Iraqi politicians and economists are voicing fears over Iraq’s decision to take on this debt. They are concerned that the loan could do more harm than good in the long run as it will turn into a set of unrealistic conditions and demands on the Iraqi economy, in addition to spurring more government corruption.

In the past, Iraq failed to follow through with reforms required by the IMF including conditions of a 2004 economic reform package requiring privatization of some sectors and raising fuel prices in exchange for reducing and rescheduling $50 billion worth of debt.

Iraqi Member of Parliament, Noura al-Bajari, expressed concern over the country’s growing debt in general and its inability to pay them off. Some economists suggest Iraq owes $69 billion in foreign debts, but it is difficult to determine the enormity of Iraq’s debt given the lack of official statistics on the size of the debt.

According to Abdul Rahman al-Mashhadani, an Iraqi economics professor, these debts were used mainly for consumption rather than investment, which he says makes it harder to pay them off.

http://www.atlanticcouncil.org

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