With every passing week we have new evidence of the threat that Vladimir Putin’s kleptocracy poses to our democracy, our national security, and the entire liberal world order. Putin’s regime—something akin to an organized crime ring masquerading as a state—has looted the wealth of Russia, subjugated its people, attacked neighboring former republics of the USSR, annexed Crimea, and hacked the electoral process in the United States and other Western democracies.
Last week, Lt. Gen. H.R. McMaster conceded that, “We have failed to impose sufficient costs… [on Russia for the Kremlin’s use of]…new and old forms of aggression to undermine our open societies.” Special Counsel Robert Mueller’s recent indictment of Russia’s Internet Research Agency and related individuals, made clear the extent of the operation attacking our country’s elections and institutions. And yet, more than a year after the 2016 presidential election, and with mid-term elections looming on the horizon, little has been done to increase America’s defenses against the threat of foreign interference in our democracy or impose costs on those who do.
Trillions of dollars in capital flows into the United States annually, and trillions of dollars in payments are cleared through New York daily. No one knows exactly whom the funds belong to, where they are held, or how they are deployed. No one knows because the U.S. government does not track the money — but it could if it wanted to. What is known is that Russia, other countries of the Commonwealth of Independent States, and China are the primary drivers of non-transparent capital flows worldwide.
Just in time for tax day, the nonpartisan Congressional Budget Office is out with a new analysis of the Tax Cuts and Jobs Act. It is one of the many reminders that, as we file this year, we are already thinking about next year, thanks to the recent rewrite of the nation’s tax laws.
The CBO weighed in with estimates that are worth a serious review. They looked at, among other provisions, the international corporate tax changes and attempted to answer these questions: Will the new rules stop corporations from using accounting gimmicks to shift profits offshore? Will the law stop the gaming?
Sometimes it feels like you have to be a superhero to build a successful small business. From performing multiple jobs to working long hours, it takes a lot of skill and strength to succeed.
One thing no small-business owner can do, however, is actually fight crime. As a result, Congress must protect small-business owners like me from fraud by requiring businesses to disclose the true identity of their owners.
Supporters of the new tax law said the corporate cuts would lead to a $4,000 increase in the annual paychecks of ordinary Americans. Others, including those in the administration, claimed $9,000.
The bill’s now law. Raise your hand if you make $50,000 – roughly the average wage – and expect a $9,000 raise this year?
I suspect few hands went up.
