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Politics

Treasury Secretary Steven Mnuchin speaks at a press briefing at the White House in Washington, U.S., February 14, 2017. (Photo: Reuters)

Treasury Secretary Steven Mnuchin speaks at a press briefing at the White House in Washington, U.S., February 14, 2017. (Photo: Reuters)

Treasury Secretary Steve Mnuchin confirmed President Donald Trump plans to lower the corporate tax rate to 15%, calling the proposal the “biggest tax cut” for Americans in history.

“This is going to be the biggest tax cut and the largest tax reform in the history of our country,” Secretary Mnuchin said. “I will confirm that the business tax is going to be 15 percent. [Trump] thinks that’s absolutely critical to drive growth.”

His remarks came at a forum hosted by The Hill and as the Trump Administration gears up on Wednesday afternoon to unveil what he described as the “principles” of their tax reform plan. Sources tell People’s Pundit Daily that President Trump also wants to slash the top rate for small business owners to 15% from 39.6% and get a big increase in the standard deduction for middle class workers.

Under the plan, a family of four would have a standard deduction of $24,000.

But President Trump will get pushback from critics citing the usual D.C. obstacles to tax reform, the Joint Committee on Taxation (JCT) and the Congressional Budget Office (CBO). The JCT said Tuesday a big cut to corporate taxes would add to long-term budget deficits and the CBO also does not score tax proposals dynamically, assuming dollar for dollar losses that do not factor economic growth.

Democrats, who were silent when President Barack Obama added more to the national debt than all of his predecessors combined, will oppose the plan regardless. But some GOP budget hawks may also push back on the plan. However, conservative pro-free market and economic growth groups are on board with the President’s plan.

“The Club for Growth strongly supported President Trump’s tax plan when he was a candidate last fall, and today’s remarks by Secretary Mnuchin give us continued confidence that the administration is headed in the right direction.” said Club for Growth president David McIntosh. “Pro-growth tax reform, like Secretary Mnuchin is describing, will boost economic growth by cutting rates for businesses and individuals. Revenue neutrality should not be the focus. We should not merely shift the tax burden around to keep the same amount of tax dollars flowing in to the federal government.”

Secretary Mnuchin, along with White House economic advisor Gary Cohen, held a meeting to brief congressional lawmakers Tuesday night. Mr. Mnuchin said Wednesday morning that the House, Senate and administration are all “on the same page” and said tax reform will be a “major priority.”

Treasury Secretary Steve Mnuchin confirmed President Trump

Politics

U.S. law enforcement authorities escort Joaquin "El Chapo" Guzman. (Photo: AP)

U.S. law enforcement authorities escort Joaquin “El Chapo” Guzman. (Photo: AP)

Texas Sen. Ted Cruz wants to Build the Wall on the Southern border and make Mexican drug lord Joaquin “El Chapo” Guzman Loera pay for it. The U.S. is currently seeking the criminal asset forfeiture of more than $14 billion in drug proceeds and illicit profits from El Chapo, the former leader of the Sinaloa drug cartel.

Sen. Cruz said it will “go a long way” toward paying for The Wall. El Chapo was recently extradited to the U.S. to face criminal prosecution for numerous alleged drug-related crimes, including conspiracy to commit murder and money laundering.

“Fourteen billion dollars will go a long way toward building a wall that will keep Americans safe and hinder the illegal flow of drugs, weapons, and individuals across our southern border,” said Sen. Cruz. “Ensuring the safety and security of Texans is one of my top priorities. We must also be mindful of the impact on the federal budget. By leveraging any criminally forfeited assets of El Chapo and his ilk, we can offset the wall’s cost and make meaningful progress toward achieving President Trump’s stated border security objectives.”

In fact, El Chapo’s $14 billion would pay for roughly two-thirds of the wall’s cost. The President backed off his request temporarily for an additional $1 billion in funding for the border wall after Democrats threatened to shut down the government.

The Ensuring Lawful Collection of Hidden Assets to Provide Order Act, or “EL CHAPO Act,” will reserve “any amounts forfeited to the United States Government as a result of the criminal prosecution of Joaquin Archivaldo Guzman Loera (commonly known as ‘El Chapo’) for the completion of the wall along the Southern border.”

Texas Sen. Ted Cruz wants to Build

Politics

President Donald J. Trump, center, sits to the left of Vice President Mike Pence, to the right of Homeland Security Secretary John F. Kelly, while holding up an executive order to build border wall and fulfill other campaign promises related to immigration. The orders were signed at the U.S. Department of Homeland Security on Wednesday, Jan. 25, 2017 in Washington. (Photo: AP)

President Donald J. Trump, center, sits to the left of Vice President Mike Pence, to the right of Homeland Security Secretary John F. Kelly, while holding up an executive order to build border wall and fulfill other campaign promises related to immigration. The orders were signed at the U.S. Department of Homeland Security on Wednesday, Jan. 25, 2017 in Washington. (Photo: AP)

Leftwing federal Judge William Orrick III, who bundled $200,000 for Barack Obama, blocked President Donald Trump’s executive order on sanctuary cities. The President threatened to withhold federal funds from sanctuary cities, a policy that is widely supported by the American public.

Orrick, of the Northern District of California, issued a nationwide injunction against the Trump Administration after the city of San Francisco and county of Santa Clara sued in a refusal to honor federal immigration detainers. The judge raised at least $200,000 for Mr. Obama and donated more than $30,000 to groups supporting him.

The ruling claims the federal government cannot coerce municipalities by threatening to withhold funding, something Mr. Obama threatened to do to states who refused to fund Planned Parenthood. Speaking of the abortionist industry leaders, Judge Orrick also issued a restraining order in 2015 against The Center for Progress after they released undercover videos purporting to show Planned Parenthood employees plotting to sell baby organs.

A recent survey found 62% of likely voters wanted the Department of Justice (DOJ) to punish cities that provide sanctuary for illegal immigrants. Another recent Harvard-Harris poll found 80% of Americans believe local authorities should comply with federal immigration authorities.

The U.S. Immigration and Customs Enforcement (ICE) recently released a report naming and shaming the worst sanctuary cities ignoring lawful detainers, and the crimes. The report was released in accordance with the executive order signed by President Trump, which also required what was previously covered up crimes and statistics to be released.

Of the 10 worst jurisdictions that release aliens from their custody regardless of the fact “such aliens are subject to a detainer or similar request for custody issued by ICE,” 6 are in California. The remaining jurisdictions are located in New York, Nevada, Texas and Washington.

The individuals convicted of crimes but given sanctuary by cities in California–including Orange, Contra Costa, Imperial and Merced–committed such crimes as Cruelty Toward a Child, Burglary, Assault, Domestic Violence and Drug Possession.

Leftwing federal Judge William Orrick III, who

Politics

President Donald J. Trump speaks at a rally Wednesday, March 15, 2017, in Nashville, Tenn. (Photo: AP)

President Donald J. Trump speaks at a rally Wednesday, March 15, 2017, in Nashville, Tenn. (Photo: AP)

President Donald J. Trump on Tuesday signed an executive order aimed at reducing the regulatory and tax burden on American farmers and agriculture. The order comes shortly after the President announced the U.S. will put a tariff on Canadian soft wood imports in response to the neighbor to the North’s longstanding tariff on diary products that hurt American farmers.

Flanked by Department of Agriculture (USDA) Secretary Sonny Perdue and a slew of upbeat farmers and agricultural business leaders, President Trump sign Executive Order Promoting Agriculture and Rural Prosperity in America.

“Farmers led the way across the Great Plains,” the President said. “Now, they not only feed the country but the entire world.”

The order also establishes the Interagency Task Force on Agriculture and Rural Prosperity (Task Force) to identify legislative, regulatory, and policy changes that promote rural America agriculture, economic development, job growth, infrastructure improvements, technological innovation, energy security and quality of life.

The Secretary of Agriculture, in coordination with the other members of the Task Force, have 180 days from the order to submit a report to the President, through the Assistant to the President for Economic Policy and the Assistant to the President for Domestic Policy, with recommendations for policy changes.

The President also revoked Executive Order 13575 (Establishment of the White House Rural Council) signed on June 9, 2011, which farmers and companies found to be of little use.

“Canada has made business for our dairy farmers in Wisconsin, upstate New York and other states very difficult,” President Trump said. “We will not stand for this.”

On Monday, the President also signed one Presidential Memorandum for the Secretary of the Treasury after another. They following a Presidential Executive Order on Identifying and Reducing Tax Regulatory Burdens on April 21 that targets regulations and taxes imposed by Barack Obama after January 1 in the waning days of his presidency.

By the end of his first 100 days, President Trump will have taken more executive action than any other president since World War II.

President Donald J. Trump on Tuesday signed

Economy

Consumer-Confidence-Index-Reuters

Conference Board Consumer Confidence Index. (Photo: Reuters)

The Consumer Confidence Index eased back to 120.3 in April from a revised 124.9 in March, making the two months the strongest in 8 years.

“Consumer confidence declined in April after increasing sharply over the past two months, but still remains at strong levels,” said Lynn Franco, Director of Economic Indicators at The Conference Board. “Consumers assessed current business conditions and, to a lesser extent, the labor market less favorably than in March.”

Consumers were less optimistic about the short-term outlook in April. The percentage of consumers expecting business conditions to improve over the next six months decreased from 26.9 percent to 24.8 percent, while those expecting business conditions to worsen rose from 8.5 percent to 10.9 percent.

“Looking ahead, consumers were somewhat less optimistic about the short-term outlook for business conditions, employment and income prospects,” Ms. Franco added. “Despite April’s decline, consumers remain confident that the economy will continue to expand in the months ahead.”

While consumer confidence has risen to record highs since the election of President Donald J. Trump, further gains are likely limited until wages show more improvement. The other two bedrocks of confidence, unemployment and housing, are on stronger footing.

The Consumer Confidence Index eased back to

Economy

Home-Prices-Home-Sales-Reuters

Home sales and home prices data and reports. (Photo: REUTERS)

The S&P CoreLogic Case-Shiller Indices covering all 20 metro-areas rose 5.8% in the 12 months ended in February, the strongest rate of growth in 32 months. That’s up from the 5.6% year-over-year increase reported in January.

The 10-city index gained 5.2% over the year, compared with 5% the prior month, and the 20-city index rose 5.9% year-over-year, compared with a 5.7% increase in January. It’s slightly below the median forecast on Econoday, which anticipated 0.8%.

“Housing affordability has declined since 2012 as the pressure of higher prices has been a larger factor than stable to lower mortgage rates,” said David Blitzer, managing director at S&P Dow Jones Indices. “Is it going to be a horrendous collapse? No I don’t think it will be. Will there be people in the next five years who are forced to sell their house for less than they paid? Yeah, there will be some people.”

Seattle topped the list in February with a 12.2% annual home-price increase, while Portland came in at a 9.7% year-over-year gain. Dallas replaced Denver in the top three, with a 8.8% annual increase in home prices.

The S&P CoreLogic Case-Shiller Indices covering all

World

George Soros, the Nazi sympathizer, collaborator and billionaire socialist. (Photo: AP)

George Soros, the Nazi sympathizer, collaborator and billionaire socialist. (Photo: AP)

Hungarian President János Áder signed into law a bill that detractors claim targets Central European University (CEU) in Budapest, established by Leftist billionaire George Soros after the fall of the Iron Curtain in the 1990s. The bill forces any education institution to close if it does not have a campus in the country of origin.

This would include CEU.

Central European University said it “strongly disagreed” with President Janos Ader’s decision and vowed to challenge what it called a “premeditated political attack on a free institution.”

“As I have said before, we are willing to sit down with the Hungarian government to find a solution to enable CEU to stay in Budapest and operate as we have done for 25 years,” CEU Rector Michael Ignatieff said. “However, academic freedom is not negotiable. It is a principle that must form the basis of any future agreement.”

“The situation is that in Hungary we are not closing a single university,” Prime Minister Viktor Orban said Monday in parliament. “In Hungary, we usually establish and open universities. You can trust in this in the future, too.” He accused CEO of cheating because students could earn American and Hungarian degrees.

The Hungarian government has been accused of targeting non-governmental organizations, or NGOs, that originate in foreign countries. This would include groups tied to George Soros, who has spent hundreds of millions of dollars in Eastern Europe pushing a progressive agenda.

“Ader today proved that he is not suited to be the president of the republic because he is incapable of recognizing the nation’s interests and cannot express the unity of the nation,” the Socialist Party said.

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Hungarian President János Áder signed into law

Economy

Home sales, home prices data and housing market reports. (Photo: REUTERS)

Home sales, home prices data and housing market reports. (Photo: Reuters)

The FHFA House Price Index (HPI) rose 6.4% seasonally adjusted to close in on 2-year highs of 6.5 percent set in October and September last year. For February, the index rose 0.8% to double the median forecast and January was revised from no change to plus 0.2%.

For the 9 U.S. Census Bureau divisions, seasonally adjusted monthly price changes from January 2017 to February 2017 ranged from -0.1% in the South Atlantic division to +1.8% in the East South Central division. The 12-month changes were all positive, ranging from +4.6% in the Middle Atlantic division to +9.5% in the Mountain division.

The Federal Housing Finance Agency (FHFA) House Price Index (HPI) covers single-family housing, using data provided by Fannie Mae and Freddie Mac. The House Price Index is derived from transactions involving conforming conventional mortgages purchased or securitized by Fannie Mae or Freddie Mac.

The FHFA House Price Index (HPI) rose

World

An Afghan National Army (ANA) soldier speaks on a radio at an outpost in Helmand province, December 20, 2015. (Photo: Reuters)

An Afghan National Army (ANA) soldier speaks on a radio at an outpost in Helmand province, December 20, 2015. (Photo: Reuters)

The U.S. commanding general in Afghanistan, General John Nicholson, with Defense Secretary Jim Mattis by his side, gave a briefing in-country where they accused Russia of providing weapons to the Taliban to attack American-backed, Afgan forces in the country.

Associated Press reported, “Earlier Monday, a senior U.S. military official told reporters in Kabul that Russia was giving machine guns and other medium-weight weapons. The Taliban are using the weapons in the southern provinces of Helmand, Kandahar and Uruzgan, according to the official, who briefed journalists on intelligence information on condition of anonymity.”

“We’ll engage with Russia diplomatically,” Mattis said. “We’ll do so where we can, but we’re going to have to confront Russia where what they’re doing is contrary to international law or denying the sovereignty of other countries.”

“For example…any weapons being funneled here from a foreign country would be a violation of international law.”

The Afghan Defense Minister resigned after the Taliban attack on government forces where over 170 soldiers were killed. Mattis met with Afghan President President Ashraf Ghani to discuss the situation.

Nicholson said “anyone who arms belligerents who perpetuate attacks like the one we saw” isn’t focused on “the best way forward to a peaceful reconciliation.”

Mattis was grim describing the coming fight with the Taliban who have gained ground after Obama removed U.S. forces almost completely and prematurely. “2017 is going to be another tough year.”

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With Defense Secretary Jim Mattis by his

Policy

US-Capitol-Building-iStockPhoto

U.S. Capitol Building on Capitol Hill. (Photo: iStockPhoto)

Every so often, I share an image that is unambiguously depressing. Usually because it suggest that freedom is slowly eroding.

I now have another addition to that depressing list.

Just as the Minneapolis Federal Reserve has an interactive website that allows users to compared recoveries and recessions, which is very useful for comparing Reaganomics and Obamanomics, the St. Louis Federal Reserve has an interactive website that allows users to compare national and regional economic data.

And that’s the source of today’s depressing chart. It shows median inflation-adjusted household income for the entire nation and for the District of Columbia. As you can see, the nation’s capital used to be somewhat similar to the rest of the nation. But over the past 10 years, DC residents have become an economic elite, with a representative household “earning” almost $14,000 more than the national average.

By the way, I put quotation marks around “earning” in the previous sentence for a very specific reason.

There is nothing wrong with some people accumulating lots of wealth and income if their prosperity is the result of voluntary exchange.

In the case of Washington, DC, however, much of the capital’s prosperity is the result of coercive redistribution. The lavish compensation of federal bureaucrats is a direct transfer from taxpayers to a gilded class, while the various lobbyists, contractors, cronyists, politicians, and other insiders are fat and happy because of a combination of direct and indirect redistribution.

I should also point out that the entire region is prospering at the expense of the rest of the nation.

By the way, some people will be tempted to argue that rising income levels in DC are simply a result of gentrification as higher-income whites displace lower-income blacks. Yes, that is happening, but that begs the question of where the new residents are getting all their income and why the nation’s capital is an increasingly attractive place for those people to live.

The answer, in large part, is that government is a growth industry. Except it’s not an industry. It’s increasingly just a racket for insiders to get rich at the expense of everyone else.

In Washington D.C., much of the capital’s

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