Posted originally on Nov 1, 2024 By Martin Armstrong |
Aside from the collapse in Starmer’s popularity, he has confirmed our forecast for Britain. The left never saw someone they did not want to shake down for money. In the US, we have Trump talking about eliminating the income tax, which I worked on during the Nineties and even testified on taxation before the House Ways & Means Committee. Starmer has announced major tax hikes and higher borrowing to meet his aim of investing for long-term growth.
The tax hike as a percentage of gross domestic product to a record 38.2% will be the highest in modern British history, resulting in government spending not seen outside an emergency or war. While he claims that the additional £40 billion ($80 billion) is to invest in the future, it will undermine the future of Britain.
This year saw a Double-Directional Change on the yearly level for the pound, and we are looking at an unprecedented economic decline into 2026. This is what the LEFT refuses ever to comprehend. They are Marxists until the end.
Posted originally on Oct 28, 2024 By Martin Armstrong
QUESTION: Dear Martin,
thank you for all your work and the inside you give!
I’m following your blog since 2016 and I would like to ask you for an outlook regarding Hungary and Serbia.
Looking at the actual situation in Europe and history since 1914 it smells like after the smoke will be gone after 2032 the Chinese will focus on these two as their main partners in Europe.
China is heavily investing in infrastructure in both countrys, especially northern Serbia and south Hungary.
All the best and prepare for another 50 years with us, as Scotty needs to overhaul the machines …
Best regards —————- V. K.
ANSWER: It does appear that Hungary and Serbia will survive against the rest of Europe. 2024 was a turning point, and like most other indicators, we see turmoil into 2027. I speak to people there in Serbia and even Macedonia. The general sentiment is pro-Russia, for they never seem to have anything positive to say about Ukraine, most likely because they were goose-stepping with Hitler’s Nazis.
China has been making inroads into Africa and South America. It understands the economic model and cycles. It generally believes that this is its time to rise. Keep in mind that China’s rise is enabled by the stupidity of our leaders and this quest for war with Russia. The West is committing suicide, and that, above all else, is enabling China’s rise. This is not my dream or desire. I have grandchildren, and I had hoped to leave them in the future. But we have allowed these Neocons to seize power, and our complicity, combined with the refusal of mainstream media even to do investigative journalism anymore, is making sure we will crash and burn.
Posted originally on the CTH on October 26, 2024 | Sundance
The leaders of the European Union are nervous about President Trump: (1) ending the war in Ukraine, and then (2) ending the Marshal Plan, thereby taxing their exports to the U.S as Trump demands tariff reciprocity; and lastly (3) forcing them to pay for their previous NATO commitments.
Brussels has set up a defensive office within the EU bureaucracy called “The Trump Task Force.”
BRUSSELS — Top European Union officials have met with the bloc’s ambassadors to talk through what it would mean if Donald Trump wins the U.S. election, 12 EU diplomats told POLITICO.
“They’re worried about trade but mostly [about] Ukraine,” one of the diplomats said, adding that Brussels foresees “abrupt changes on U.S. policy even before the inauguration.” The diplomat, like others quoted in this piece, was granted anonymity to speak candidly.
The conversations revolved around two areas of uncertainty should the Republican candidate reclaim the White House: Whether Washington would continue to support Ukraine and the prospect of higher U.S. tariffs for all incoming goods.
[…] The meetings come amid reports the bloc has set up a rapid reaction force to prepare for the fallout of the elections, colloquially known as the “Trump task force.” The EU wants to hit back hard on trade if Trump wins.
Trump has warned that he won’t defend “delinquent” NATO allies spending less than 2 percent of GDP on defense. And he has threatened to slap 10 to 20 percent tariffs on all imports to bring manufacturing jobs back to the U.S. On Thursday, Trump called the EU a “mini China.”
“They don’t take our cars, they don’t take our farm products, don’t take anything. You have a $312 billion deficit with the EU. You know, the EU is a mini — but not so mini — is a mini China,” he said.
Three of the diplomats said that the discussions also touched upon the EU’s relations with China, with Trump set to antagonize Beijing even more. The meetings involve six Commission departments and cover topics such as trade, energy and digital policy — areas that could experience turbulence if Trump returns to the White House. (read more)
Lady Liberty can stroll along the Champs-Elysées with a swagger befitting Mae West because without her arrival they’d be speaking German in the Louvre. Yet for the better part of the past two decades a group of intellectual EU something-or-others have been pushing an insufferable narrative that it’s better to be sitting around a campfire eating sustainable algae cakes and picking parasites off each other.
Enough.
When I hear Donald Trump say, “Let’s Make America Great Again”, I also hear the familiar echo “cowboy up” people.
It’s high time we stop being embarrassed about our exceptional nature, and start being proud of it again. Because when it matters most, when it really counts, when it’s really needed, there’s a whole bunch of people all around this world of ours that are mighty happy when swagger walks in to solve their problems.
Yup, “let’s make America great again”. Swagger on!
WATCH THIS:
WEF "agenda contributor" Ngaire Woods: "The good news is the elite across the world trust each other more and more… The bad news is that the majority of people trust that elite less."
"So we can lead, but if people aren't following, we're not going to get to where we want to… pic.twitter.com/HPquk3lgEQ
Posted originally on Oct 24, 2024 By Martin Armstrong |
The Internal Revenue Service (IRS) released new tax bracket information for 2025. Most tax thresholds increased by 2.8% compared to 2024. The report, released ahead of the election, claims these changes will prevent “bracket creep” where inflation propels taxpayers into higher brackets. However, the tax breaks imposed under former President Donald Trump come to an end after 2025 if no action is taken and this could be the lowest tax season for many years to come.
The bottom 10% level now applies to those earning up to $11,925 for single filers and $23,850 for married couples filing jointly. The top 37% rate covers incomes over $626,350 for single filers and $751,600 for married couples filing jointly. The standard deduction has risen to $15,000 for single filers, up from $14,600 in 2024, while married couples can claim $30,000, up from $29,200.
The 2.8% modification for 2025 is less than the inflation adjustments made in recent years when we saw an adjustment of 5.4% in 2024 and 7.1% for 2023.
Now, the Tax Cuts and Jobs Act (TCJA) of 2017 enacted by Trump will expire next year if Congress fails to take action. If this legislation expires, we will revert to pre-2017 tax levels. The media highlights that the dreaded rich would be forced back into a 39.6% tax bracket compared to the 37% they now pay, but everyone could see a sharp rise in the money they owe Uncle Sam.
The state and local tax (SALT) deduction would also expire. This program currently places a $10,000 cap on state and local tax deductions. State and local governments would have the ability to raise taxes if this is repealed. Some agencies estimate reversing this measure would up federal revenues by $1.1 trillion over the next decade – they’re eager to destroy this provision.
A reversal of TCJA would bring standard deductions down to $16,525 for joint filers and the personal exemption rate would be $5,272. Small businesses were awarded a 0% deduction under TCJA for S-corporations, sole proprietorships, and partnerships. Twenty percent is significant for small businesses that are largely struggling to stay afloat in this economy.
Trump’s tax plan actually increased the child tax credit, doubling it from $1,000 to $2,000 not adjusted for inflation. Brookings Institute believes that repealing this measure would make the real value of this credit 25% lower than 2017 due to inflation.
Estate tax exemptions doubled under Trump’s tax plan. If this measure dies the exemption will be about $14.3 million for married couples and $7 million for individuals.
The government will become more totalitarian as it sees costs rise significantly in the face of war. Per usual, the people of the United States will be expected to foot the bill. The last revolution began through taxation. It is a matter of time before we see how the next one begins.
Marginal tax brackets for tax year 2025
Single filers
The table shows the income brackets for married couples filing jointly for the 2025 tax year.
Taxable income
Tax rate
$11,925 or less
10%
$11,926 to $48,475
$1,192.50 Plus 12% of amount over $11,925
$48,476 to $103,350
$5,578.50 Plus 22% of amount over $48,475
$103,351 to $197,300
$17,651 Plus 24% of amount over $103,350
$197,301 to $250,525
$40,199 Plus 32% of amount over $197,300
$250,526 to $626,350
$57,231 Plus 35% of amount over $250,525
$626,351 and above
$188,769.75 Plus 37% of amount over $626,350
Source: IRS
Marginal tax brackets for tax year 2025
Married filing jointly
The table shows the income brackets for married couples filing jointly for the 2025 tax year.
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