by | BLOG, COVID, ECONOMY, FREEDOM, GOVERNMENT, NEW YORK, POLITICS
As a lifelong New Yorker and fan of Jerry Seinfeld, I really wanted to like CNN’s article,“Jerry Seinfeld is right about New York’s future.” The more I read it however, the more delusional it became until it was outright laughable. The author, Jeffery Sachs, attempts to explain why New York will not fail and he’s right that the city has had tough times before. He’s correct that there will be a day of reckoning. But he is utterly incorrect that this reckoning is “between the superrich and the rest.”
Sachs has decided to lay the blame of the current state of New York City on the feet of the highest income earners, outright suggesting that the rich have gotten richer on the backs of those experiencing financial desperation and hunger due to the pandemic. It’s not the elected officials. It’s not the rioters. It’s not the bungled COVID-19 responses. It’s the billionaires. You can’t make this up:
“NYC has more billionaires than any other city in the world — 111 in 2019. They like NYC, like the rest of us. They depend on NYC for their vast fortunes. And many have enjoyed astounding windfalls of wealth this year as frontline workers around them have died or faced eviction. The true challenge for New York City is not technology or even the pandemic. It is basic decency. A city survives and thrives as a living breathing social organism, one that acts together for the common good. The billionaires must be the ones paying higher taxes to keep the City’s schools, hospitals, public transport and social services running as NYC picks itself up from the crisis.”
What Jeffery Sach either fails to realize or purposefully omits is that the billionaires are already paying far in excess of any rational share of taxes to keep the City’s schools, hospitals, public transport and social services running as NYC picks itself up from the crisis. Highest income earners pay the top rates, including 8.82% in state income taxes along with an extra 3.876% in NYC income taxes. Add to that the 40.8% marginal federal income tax rate — and billionaires pay an income tax rate of over 53%! That’s 119 people paying 53% of their taxes for $8.5 million people and justice warriors want them to pay more? It’s not like these billionaires are using more services.
What’s really going on is that Jeffery Sachs is helping to shape the narrative that billionaires need to pay (more of) their fair share. Is it any coincidence that a new “Make Billionaires Pay” campaign by progressive lawmakers and activists is being debated right now in New York as some sort of a budget justice initiative? They want to add a new form of capital gains tax on those exceeding $1 billion in assets.
A fundamental principle of our American heritage and history says that you don’t take something from somebody just because they have it. That is the approach of a crook. When Willie Sutton was asked why he robbed banks, he famously replied, “because that’s where the money is.” Of course it’s a joke, but it seems like de Blasio didn’t get the joke. Crooks do that, not civil society. As Walter Williams said, “If one person has a right to something he did not earn, it means that another person does not have a right to something he did earn.”
Rather than cutting spending and government services, these fiscally ignorant crusaders take the easy way out and blame the very people who provide the vast majority of the income NYC receives–and then subsequently squanders through bad policy and abysmal leadership. But they aren’t satisfied. They want more. And unlike Jerry Seinfeld, that’s just not funny.
by | ARTICLES, BLOG, FREEDOM, HYPOCRISY, POLITICS
This would be really funny if it wasn’t so sad.
Brad Woodhouse is President of American Bridge 21st Century, a SuperPAC that “monitors what Republican politicians say and fights back when their rhetoric doesn’t match their records.” This is a PAC well known to be funded by billionaire George Soros.
So when Mr. Woodhouse pushed out a news story entitled, “GOP Senate Candidates Bow at Koch Throne”, someone else noticed the irony in attacking the conservative billionaire Koch Brothers, while simultaneously receiving PAC funding from liberal billionaire George Soros.
Andrew Kaczynski, who writes over at the popular BuzzFeed took to twitter to call out Mr. Woodhouse: “It’s almost pathetic how weak the Democrats ‘run against the Koch brothers’ strategy is.”, he wrote.
One might say this falls squarely under the “fights back when their rhetoric doesn’t match their records” mantra proudly proclaimed on the American Bridge website — except that Mr. Woodhouse clearly did not approve of this particular instance of holding people “accountable for their words and actions”. This only applies to Republicans, according to the PAC website.
Mr. Woodhouse huffily replied to Kaczynski: “it’s a shame you have no idea what you are talking about”, to which Mr. Kaczynski bluntly asked, “Since you’re outraged by billionaires influencing politics @woodhouseb will American Bridge be refunding largest-donor George Soros?”
Pointing out that American Bridge takes money from certain billionaires (approved by the Left) while attacking other billionaires (not approved by the Left) did not sit well with Mr. Woodhouse, as he retorted, “That’s a stupid question”, to which Kaczynski confirmed, “So that’s a no?”.
Mr. Woodhouse then began to rationalize the hypocrisy by applying logic Animal Farm: some billionaires are more equal than others.
“Since you don’t understand the difference I don’t think there is any reason to continue this discussion,” wrote Mr. Woodhouse, to which Kaczynski replied, “I guess @woodhouseb your billionaires are better than their billionaires,”.
Mr. Woodhouse clarified that observation by writing, “well, they’re not looking to screw the middle class to enrich themselves – so yeah – maybe you do get it.”
Kaczynski confirmed the duplicity by pointing out, “So you dislike big money @woodhouseb only when it isn’t your ideology. I understand now.”
Mr. Woodhouse’s reply (and final tweet) continued using the leftist playbook by a) casting the Koch Brothers as anti-middle class and b) his opponent as stupid, by responding, “I dislike people who want to stack the deck against the middle class and am irritated by people who don’t get the difference.” You can view the twitter exchange here:
So, American Bridge is okay with taking good billionaire money while attacking bad billionaire money. Because American Bridge “understands” and “feels” and “believes”.
Its website describes how, “We understand the frustration you feel with elected officials who campaign on one set of principles but govern by another, because we feel it too. We believe you deserve better than that. We think our elected officials should have one set of principles, not one for each set of special interests they represent.”
Can we substitute “PAC” for “elected officials” above?
Nope — apparently this sentiment only applies to Republicans, not liberals or PACs. If you check out American Bridge’s opening description, it states that American Bridge “is a progressive research and communications organization committed to holding Republicans accountable for their words and actions and helping you ascertain when Republican candidates are pretending to be something they’re not.”
Therefore, according American Bridge, only Republicans should be accountable for their words and actions, and only Republicans can pretend to be something they are not. Certainly not Mr. Woodhouse, who became irritated when Mr. Kacyznski “helped him ascertain” that American Bridge was “pretending to be something they’re not” by taking (liberal) billionaire money in politics while attacking (conservative) billionaire money in politics.
That rule does not apply to Woodhouse at all. Not one bit. Because Mr. Woodhouse is not a Republican. So Mr. Woodhouse “gets the difference.” (He “understands” and “feels” and “believes”.)
All billionaires are billionaires. But some billionaires are more equal than others. A classical abuse of logic by the Left.
by | ECONOMY, GOVERNMENT, HYPOCRISY, TAXES
Class warfare has become a key component of Obama’s policies and re-election rhetoric. The components of such a tactic are easily recognized: 1) the political opponent will hurt those among us who are most vulnerable (elderly, poor, etc); 2) the political opponent does not care about the “middle class”; 3) the political opponent wants to benefit those most advantaged (the rich/elite). The third point of this strategy is the one that is most popular with Obama, as he continuously and intentionally rails against “millionaires and billionaires” in order to separate that particular population from mainstream America.
Besides the obvious baseness of such an argument coming from the President of the United States, it is critically important to note that he doesn’t actually ever define a millionaire or billionaire. The amount of true millionaires and billionaires are so few in number, that taxing them more – as Obama plans to do – will not help with any significant deficit reduction. His assertion is pure dishonest political speech because you cannot possibly create enough revenue from the millionaire/billionaire population even if you were to tax them at 100%. Our fiscal situation is so dire in this country that an increased tax on this group in any large or small amount solves nothing.
Unfortunately, none of this matters to Obama. He intentionally throws the labels around so that they conveniently fit whatever emotive language will coerce voters and supporters to rally behind his outrageous fiscal policies. It is classical class-warfare: antagonizing lower socio-economic groups against the “rich”.
Obama has stated his intent to raise the marginal rates on the top income earners, (aka the “rich”, “wealthy”, or “top 2%”). Yet according to the IRS, the threshold for this bracket is actually 200K for individual taxpayers or 250K for married couples. These incomes are certainly no where near millionaire or billionaire amounts.
Since there is a clear federal definition for a group of taxpayers whom Obama is targeting for tax increases, Obama really has no right to say millionaires and billionaires as a collective for the highest income earners. But he uses the generic terms anyway. By making it sound like one kind of people, it pits the average/middle-class against “the other guy”. And if he actually tried to define that other guy instead of resorting to generic terms, it would include a lot of people who would be upset to be included.
History shows us that higher tax rates results in less – not more – tax collections. Democrats like to wax poetic about the high rates of 70% and even 91%. What they fail to comprehend or deliberately don’t explain is that at those times, there were an enormous amount of tax shelters such as real estate, so that people could legally lower that taxable income and would not have to actually pay the outrageous tax rates.
With the IRC reforms of 1986, Reagan reduced the tax rates to 28% in exchange for getting rid of the tax shelters. As a result, the amount of federal income collected was more at 28% and a clean tax code than at 91% and tax shelters, because at 28%, it really wasn’t worth the time, cost, and effort to hide money. If the tax rates are going to rise again – in addition to state and local tax hikes – the tax burden in this country will be staggering. People will do one of two things: 1) start finding ways not to pay it like they did when the rates were outrageous or 2) stop working and investing so much because it’s just going to get taken away from them. When that happens, it’s not good for the economy.
Blindly going after “millionaires and billionaires” (who earn $200,000 or more) is simply a tactic Obama uses to pit classes against one another for political gain. Imposing higher taxes on that segment of the population most able to invest in and aid our recovery is true economic ignorance. Why take additional money from those taxpayers who have been able to create wealth and employment successfully and give it to the government and politicians who have proven their ability to mismanage and squander income?
