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Found 8 results

  1. https://www.reuters.com/article/us-usa-economy/u-s-manufacturing-dives-to-10-year-low-as-trade-tensions-weigh-idUSKBN1WG47G “This is serious,” said Torsten Sløk, chief economist at Deutsche Bank Securities in New York. “There is no end in sight to this slowdown, the recession risk is real.” Transportation equipment, machinery, and electrical equipment, appliances and components were among the 15 industries reporting a contraction. “It couldn’t be more ironic that the trade tariffs done to bring factories back from overseas, are actually shutting down production at existing plants here in the U.S.” said Chris Rupkey, chief economist at MUFG in New York. Machinery manufacturers said demand was “softening on some product lines, backlogs have reduced, and dealer inventories are growing.” Electrical equipment, appliances and components makers noted that the “economy seems to be softening,” adding that “tariffs have caused much confusion in the industry.” That sentiment reverberated across all industries. Fabricated metal product manufacturers said the “general market is slowing even more than a normal fourth-quarter slowdown.”
  2. The overall tax rate on the richest 400 households last year was only 23 percent, meaning that their combined tax payments equaled less than one quarter of their total income. This overall rate was 70 percent in 1950 and 47 percent in 1980. For middle-class and poor families, the picture is different. Federal income taxes have also declined modestly for these families, but they haven’t benefited much if at all from the decline in the corporate tax or estate tax. And they now pay more in payroll taxes (which finance Medicare and Social Security) than in the past. Over all, their taxes have remained fairly flat. The combined result is that over the last 75 years the United States tax system has become radically less progressive. https://www.nytimes.com/interactive/2019/10/06/opinion/income-tax-rate-wealthy.html
  3. Data for wealth inequality has been tracked for over 50 years, it is now worse than ever before. https://time.com/5686765/income-inequality-census-gini-index/ https://www.foxbusiness.com/economy/wealth-inequality-in-us-reached-highest-level-in-over-50-years-census-says https://www.upi.com/Top_News/US/2019/09/26/Census-report-US-income-inequality-reaches-highest-level-in-decades/2551569501749/?rc_fifo=1 https://www.axios.com/income-inequality-united-states-record-c78b1ff4-4b71-4a88-a890-db20ff8222f3.html
  4. https://finance.yahoo.com/news/trump-tariffs-china-september-1-040027636.html Also considering another tax cut for the top 1% https://www.vox.com/policy-and-politics/2019/8/31/20840700/indexing-capital-gains-to-inflation-example-donald-trump-twitter
  5. Trump tariffs are set to cost U.S. households $2,000 in 2020 "The costs of the tariffs to consumers will be $259.2 billion,” the report stated. “That is, the tariffs will cost the average household $2,031 per year." “If all tariffs threatened by the Trump administration are imposed, combined with the current tariffs in place, the annual cost to U.S. consumers would be $461.1 billion and the cost for the average household would be $3,614,” $259 billion for tariffs already announced, $461 billion if all tariffs threatened go into effect. For comparison, the 2nd largest tax hike in US history is $76 billion.
  6. The Trump administration plans to gut food stamps, hitting red states hardest. 3.6 million Americans will lose food stamps, 1.9 million of them live in Trump country. 34% of elderly Texans receiving benefits will lose them. Almost 400,000 people in Texas currently receiving SNAP benefits would lose them. Another 328,000 in Florida, 200,000 in New York, 97,000 in Georgia, and 176,000 in Washington state face cuts, to name just a few standouts. SNAP will also boot roughly half a million kids out of free school meal programs nationwide. “Children that don’t get the nutrition that they need end up with worse health-care outcomes, worse physical and cognitive development, they have poorer outcomes in school, they find it harder to concentrate, they don’t do as well on tests, there are more behavioral issues.” It’s not just SNAP recipients who will feel the impact: The suffering will likely also be felt in the form of a broader economic slowdown. Each dollar of SNAP benefit paid out generates between $1.50 and $1.80 in total economic activity. https://thinkprogress.org/the-trump-administration-plans-to-gut-food-stamps-hitting-red-states-hardest-8f543d5b4a68/ Have to pay for those tax cuts for billionaires somehow, amirite?
  7. $556 million is being pulled from DOD schools to build border wall. Ft Campbell Middle School at Fort Campbell, Kentucky - $62.60M Child Development Center at Joint Base Andrews (Maryland) - $13.00M Butner Elementary School Replacement at Fort Bragg (North Carolina) - $32.90M Ramey Unit School Replacement at Punta Borinquen (Puerto Rico) - $61.00M Spangdahlem Elementary School Replacement at Spangdahlem AB (Germany) - $79.10M Robinson Barracks Elem. School Replacement at Stuttgart (Germany) - $46.60M Clay Kaserne Elementary School at Weisbaden (Germany) - $56.00M Bechtel Elementary School at Camp Mctureous (Japan) - $94.00M Kinnick High School Inc 1 at Yokosuka (Japan) - $40.00M Croughton Elem/Middle/High School Replacement at Croughton RAF (UK) - $71.40M $3.6 billion in total is being pulled from various projects. Complete list: HERE Sorry kids!
  8. As I noted previously, the Trump Tax Cuts Had Virtually No Economic Impact. Now Ted Cruz (with 20 other Republicans already signing on) are pushing for more tax cuts for the wealthy, this time without Congress approval. "In a letter sent to Steve Mnuchin on Monday, the senator from Texas urged the Treasury Secretary to use his “authority” to index capital gains to inflation, a move that would almost exclusively benefit the mega-rich." "Missing from Cruz’s call for Mnuchin to use “executive authority” to end this “unfair” treatment of taxpayers, which was signed by 20 of his Republican colleagues, is the fact that, according to the Penn Wharton Budget model, a whopping 86% of the benefit of indexing capital gains to inflation would go to the 1 percent" https://www.vanityfair.com/news/2019/07/republicans-capital-gains-tax-cut You can read the full letter HERE
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