Headlines

Trump says he's OK with the FBI interviewing Kavanaugh

OPEC 'powerless to prevent' oil prices jumping toward $100 a barrel this year

Brett questioned by cops after 1985 bar fight ...

Ukraine prepares military buildup to counter 'worsening Russian threat'

Roger Stone associate to plead 5th  before Senate panel

Nearly half of US voters oppose Kavanaugh's Supreme Court nomination after assault claims, poll says

WH expands FBI probe

DOJ sues California over state's net neutrality law

Poll: Biden leads among Iowa Democrats

Steve Bannon praises Trump's mew trade deal -- unloads on Gary Cohn

Chinese warship comes within 135 feet of USS Decatur ...

Michigan begins enforcing work requirement for food stamps

Headlines

Gary Cohn resigning as Trump's top economic adviser

Exclusive: NYT executive editor call opinion page 'far left wing' in private meeting

USA considers broad curbs on Chinese imports ...

Sessions pushes back: DOJ to sue California to find 'sanctuary' law as unconstitutional

Trump finds some friends on tariffs: Red state Democrats

Stormy [Daniels] sues Trump

ISIS-inspired teen tries to detonate bomb at Utah high school ...

George W. bush: Trump makes me look pretty good by comparison

Top Republicans urge Sessions to appoint special counsel to probe FBI

Joe Biden slams 'obscene' GOP tax cuts as he tries to win over Pennsylvania voters

Study: Trump TV coverage 91% negative ...

Rubio urges revision of Obama school discipline policy which ignores student bad behavior

Tax reForms

"The greatest good for the greatest number."

The Trump administration's new tax system revamping has been unveiled. Although lacking in critical details ... probably on purpose ... it nonetheless is causing considerable dyspepsia. In particular the proposed removal of state/local tax deductions and the reduction in the highest rate are the center of most complaints ... see: NY Times Article

Trump's financial guru Gary Cohn was explaining this administration's new tax reform proposal to the media recently and I was struck by one of his comments. The press asked him its standing question, "Can you guarantee that under this new plan no middle class American will end up paying more taxes?"  Cohn, to his credit, said no ... there were no such guarantees. Some bizarre set of financial circumstances might cause someone to pay more, but the vast majority of  middle-income Americans will end up with more money in ther pockets. And the top 1% would likely be paying more.

However, color me skeptical. Somehow it is difficult to imagine that two Goldman Sachs alums (Cohn and Mnuchin) would so help out middle America without cutting generous vig for their old bosses ... perhaps by the killing of the Alternative Minimum Tax (AMT). Actually, I have in the past suggested a variant of an AMT in which all deductions could only reduce the effective tax rate by a few percentage points. This way Congress would not have to pick winners and losers among the current litany of popular deductions.

For me, the acid test of this new tax reform will be if it scuttles the unfair "carried interest" tax rate that has made so many hedge fund managers multi-billionaires. If it stays, then Wall Street Titans are once again pretending to be altruistic while buying their many Hamptons' mansions.

Headlines

All from Internet news sites. Guess which from Politico?

Pelosi, Booker push for removal of Capitol's Confederate statues

Democratic [State] Senator: 'I hope Trump is assassinated'

Van plows into [Barcelona] crowd: 13 dead, 100+ injured

Report: Ex-DWS aide Imran Awan indicted on 4 counts

CEOs to move White House talks underground

Trump voters still support him despite Charlottesville remarks

Gary Cohn resignation would 'crash markets'

Iran: We can restart nuclear program within hours

Corker: Trump has yet to show stability, competence

Liberals mad that Bannon is friendly with top Trudeau advisors

Secret Chnese military activity in Antarctica ...

Impeachment articles proposed against Trump for Charlottesville remarks