Over at the Wall Street Journal, columnist Andy Kessler came up with a list of what he dubbed “15 Ways to Win a Presidential Primary.” Essentially, Kessler eschews style for content as a winning strategy for the crowded Republican primary field. Here is Kessler’s 15 point fix-it plan:
TSA reform Tackle prescription drug pricing End hidden fees End the post office monopoly Aviation and air-traffic control reform End the public school monopoly Offer a 20 year plan for school modernization End housing price controls End price fixing End geographic monopolies End train subsidies Outlaw ethanol use Tighten the border Put expiration dates on legislation Nix public-sector collective bargaining
This list is a good start, but I can also think of a few of my own, such as ending the capital gains tax and reforming estate taxes. What are some action items you would like to see?
In a now-deleted Tweet written a week before midterms, President Biden tried to take credit for the Social Security increases that recipients will receive in 2023. The White House twitter account gleefully announced that “Seniors are getting the biggest increase in their Social Security checks in 10 years through President Biden’s leadership.”
The problem is that Social Security increases are based on a formula known as COLA, or cost-of-living adjustment, which measures inflation and the Consumer Price Index. The CPI was up 8.7% in the year-over-year comparison and therefore, seniors will receive an 8.7% adjustment.
It’s worth it to note that this increase is actually the largest since 1981, not just 10 years, because inflation is the worst it has been in four decades. One could argue that indeed it is his leadership (via his atrocious economic policies, mind you) that is the basis for the escalation in prices. But COLA increases and decreases have been tied to the CPI since the 1970s. That’s the law, not the President.
There were several dozen proposed amendments to the huge stimulus bill that recently passed Congress. Many of them failed by a slim margin, but the votes were absolutely outrageous. It is worthwhile to remember these votes for 2022, as many of the Senators voted against their own constituents.
Here are some of the most notable ones:
The Cassidy Amendment, 1161: This would have “given some emergency assistance to non-public schools”, but it failed, so all of the $135 billion will go to public school and teachers unions.
The Fischer Amendment: This would have ensured that the “current laws and formulas for funding mass transit remained in place”, but instead it means that $5 billion in earmarked funds will go to New York’s system.
The Cruz Amendment 969: This would have provided “children with an option for in-classroom education instruction if the child’s local public school does not commit to re-opening to 5-day-a-week, in-classroom instruction for the remainder of the current school year and the 2021-2022 school year” but instead it means that the Democrats are still wedded to teachers unions than they are to education.
The Cassidy Amendment, 1162: This would have ensured that “the 2021 Recovery Rebates are not provided to prisoners” but instead the Democrats are giving taxpayer funds to felons.
The Cruz Amendment 968: This would have ensured that “ the 2021 Recovery Rebates are not provided to illegal immigrants” but this also failed.
The Daines Motion to Commit: This action would have supported building the Keystone XL Pipeline but instead means the irrevocable loss of jobs with Biden’s earlier Executive Action halting the project.
When political allegiance to the party line means that you vote against the very people who elected you, you deserve to be thrown out.
I was disappointed that a black socialist anti-Semite became a Senator of the United States. While it is well known that he is a progressive and socialist, it’s even more troubling that he is openly anti-Semitic.
In 2019, he signed a letter with other clergy members describing “the heavy militarization of the West Bank, reminiscent of the military occupation of Namibia by apartheid South Africa.” Likewise, during a sermon in 2018, he proclaimed, “We saw the government of Israel shoot down unarmed Palestinian sisters and brothers like birds of prey.” And yet, the very same time, Warnock has been virtually silent on Hamas.
To the extent that racial bias exists in our system today, one thing is clear: 92% of Georgia black voters supported this anti-Semitic socialist. This result would seem to be clear evidence of true racism – that voters can ignore the openly outrageous policies and positions of a candidate and support him solely based on his skin color. Otherwise, how could anyone actually support Warnock?
When we have a generation of voters who take their policy lessons from a person who believes that billionaires shouldn’t exist, we are in trouble. What’s more, she boasts of having an economics degree but her ideas are not rooted in reality. Let’s take a look at some of her more unorthodox economic positions:
Green New Deal: AOC created a sweeping bill that puts the environment impact as the basis for economic policy. Not only is this inherently anti-free-market, her objectives of addressing climate and economic inequalities are completely undermined by the staggering cost of her proposal. Estimates fluctuate wildly between a minimum $10 trillion and $93 trillion, which would obviously exacerbate economic inequality by massively increasing American’s debt load on the backs of the taxpayer.
Socialism: While on the subject of the Green New Deal, did anyone notice 8B in her bill? “It is the duty of the Federal Government to create a Green New Deal (8B) to create millions of good, high-wage jobs and ensure prosperity and economic security for all people of the United States.” It is out-and-out socialism to insist that the government is the chief means of generating wealth and try to do so through policy.
70% Tax Rate: Shortly after taking office, AOC proposed a 70% tax rate on incomes over $10 million aimed at going after wealthy Americans for whom she has utter contempt. After all, during an interview with Ta-Nehisi Coates, AOC explained, “I’m not saying that Bill Gates or Warren Buffett are immoral, but a system that allows billionaires to exist when there are parts of Alabama where people are still getting ringworm because they don’t have access to public health is wrong,” But she fails in understanding that Bill Gates or Warren Buffett has earned their wealth through the creation of millions of jobs and products that have improved the lives of Americans and lifted the economy. Yet a 70% tax rate will quite likely limit future entrepreneurs knowing that being successful results in confiscatory taxation.
Rent Control: In an attempt to combat poverty through affordable housing, AOC has proposed a sweeping national rent control bill that would institute a cap of 3% or the Consumer Price Index for All Urban Consumers (CPI), whichever is greater, for housing markets nationwide. But this is a classical example of price control; what’s more, it would exacerbate the problem of housing affordability that AOC purports to want to fix. Creating new housing (such as apartments) is the best way to help with affordability, but rent control would create scarcity; housing developers will certainly not build if there is a cap on the amount that could be charged to the consumer-renter.
Investment tax breaks: AOC was viciously against tax incentives for Amazon when they attempted to set up a new, major headquarters in NYC. When New York offered a $3 billion temporary tax break that would result in the creation of 25,000 new jobs for New Yorkers, she proclaimed “If we’re willing to give away $3 billion for this deal, we could invest those $3 billion in our district ourselves if we wanted to.” What AOC fails to grasp is that nothing was being given away as if there was $3 billion locked up somewhere. It’s merely taxes Amazon won’t have to pay on in the future, money that has yet to exist and now won’t at all. Even worse are the other benefits that won’t exist now that Amazon decided against New York: besides the 25,000 jobs (many likely going to people within her own district), there’s additional sales, income, and property tax revenue that would have been generated for New York. Of course, AOC later gloated about a “victory” when Amazon decided to simply expand some existing NY office space, adding about 1,500 new workers, as if that will grow the economy better than 25,000 would have.
AOC is indeed economically illiterate. The fact that so many people have such little understanding about economics themselves that they are not laughing her out of office for her ideas is even more troubling.
Now that Biden has been elected President, it’s important to take stock of what tax changes are likely to be coming. Merrill Lynch did a good job putting together a side-by-side comparison of current tax law in four areas: income, estate, social security, and corporate, and then possible changes in those areas according to Biden’s campaign tax plans. The summary is below.
It is notable that in just about every instance, there will be a tax increase under Biden’s plans. How this will impact the economy, jobs, wages, and investments remains to be seen.
On November 3, Illinois residents have a Constitutional referendum to change their method of taxation from a flat tax to a “fair tax.” The current system treats all Illinois taxpayers the same by levying a modest 4.95% rate. Under the proposed change, taxpayers would be divided among multiple tiers with a progression of increased rates based on higher levels of income, and both individual and corporate rates would be affected. By removing the Constitutional provision against graduated-rate taxes, the power of taxation is given to the state lawmakers who can decide varying levels of rates for various groups of taxpayers with a simple majority vote. In contrast, the flat tax provides some protection against outrageously high rates because it is impractical and politically unpopular to do so among certain segments of the population.
In anticipation of the referendum passing, the Illinois legislature passed a tax plan that would be implemented on January 1, 2021. Although the Illinois governor — like most progressive morons — has assured taxpayers that the change won’t affect most residents, the impact of the new plan will indeed have dire consequences for many individuals. The new tax rates range from 4.75% to 7.99%. While the lowest 20% of earners will see a decrease in rates, that translates into a whopping $6.00 on the median average earnings of $12,400. On the other end of the spectrum, the new plan includes not only higher rates, but also a recapture provision for highest earners, so that not just their marginal income, but their entire income, is taxed at the 7.99% rate. What’s more, the new plan does not index for inflation on marginal income levels which will result in taxes consuming a greater percentage of taxpayer income if income levels do not increase.
Businesses will also be adversely impacted. The base corporate rate will increase to 7.99%. However, Illinois also has an additional set of taxes (called the PPRT) levied on corporate and pass-through income of 2.5% and 1.5% respectively. Combined with the new business rate, corporate income tax would be 10.49% and pass-through income tax would be 9.49%. At a time when businesses are struggling due to the pandemic, increased taxes only worsen the situation. Additionally, the business rate will be one of the highest in the nation, making Illinois a less competitive state in which to do business.
The new tax plan is intended to be a revenue raiser, originally calculated to be $3.6 billion in the first year — but that was before COVID-19. Yet the fiscal woes facing Illinois are overwhelmingly derived from massive overspending and ballooning pension obligations, and no tax hike will begin to fix it. According to Illinois Policy, the upcoming budget includes nearly $6 billion in deficit spending, with pension costs consuming more than 27% of expected general revenues. Furthermore, Illinois faces a current $4.6 billion shortfall. Without a balanced budget to restrain spending — Illinois has not seen one in 20 years — tax hikes will be inevitable. And by enacting the “fair tax,” Illinois lawmakers have the power of the purse to raise taxes and levy surcharges at their discretion.
According to revised revenue forecasts from the governor’s office, if the fair tax is enacted, the budget gap is approximately $6.2 billion; if the fair tax is not enacted, the estimated budget gap is approximately $7.4 billion. The change from a flat tax to a graduated tax imposed on Illinoisians is simply not worth the $1.2 billion in possible additional revenue when the legislature can’t even be bothered to find a way to cut spending. Governor Pritzker’s attempt to introduce equity in the tax code by making higher earners pay their fair share will hurt all taxpayers and businesses, especially at a time when the effects of COVID-19 on the economy are devastating across the board. The proposed “fair tax” is anything but for the taxpayers of Illinois.
As Biden is gaining closer to winning the upcoming election, his economic plan deserves more scrutiny. So far, Biden is clearly looking to Obama for his policy aspirations. Unfortunately, Obama was following FDR’s playbook to the detriment of our economy. Let’s take a look:
Obama’s policies resulted in the poorest recovery since the New Deal, just as FDR’s meddling only prolonged America’s longest depression ever. Obama followed FDR’s failed playbook – he raised taxes, over-regulated businesses, gave organized labor excessive power, instituted policies that discouraged people from working, and hurt international trade.
Firmly entrenched in Keynesian economics, Obama believed in government spending while wholeheartedly crowding out private spending; he substituted inefficient political and crony-based spending for free-market, give-the-public-what-they want spending.
This week in the WSJ, Jay Starkman issued a warning on Biden’s plans, in “Bidenomics May Repeat FDR’s Blunder.” He notes, “Today the U.S. economy is recovering from a great crash, as it was before Roosevelt’s tax onslaught. Unfortunately, Mr. Biden doesn’t seem to have learned the right lessons. Should he win in November, he proposes to cancel the Trump tax cuts, raising the top federal income-tax rate back to 39.6%, and raise the corporate income tax from 21% to 28%. He also promises to limit low capital-gains tax rates to the first $1 million in profits and extend the full Social Security tax to income above $400,000.” With Biden also promising to increase regulation and institute energy policy that will produce less energy at a much higher cost, danger is in the wind.
Why go back to the policies that have so clearly failed us before. After three years of robust economic activity during Trump’s administration before the onslaught of COVID, this country can neither risk nor afford Biden’s plans.
The Democrat’s have had court victories in Michigan, Pennsylvania, and other states in connection with requiring that votes received after election day must nevertheless be counted. And in many of these decisions, the Courts have simply overruled the actual wording of the relevant law. Since it is accepted that many more Democrats than Republicans will be voting by mail, there seems to be a general belief that this is good for Democrats. But should that really be the takeaway?
It is quite clear that no matter what concessions the Democrats win in court, a huge number of mail-in votes will be invalidated. Whether because of mail delays (past even the extended deadlines), signature issues, proper following of instructions, etc. many ballots will be invalidated. I believe that these rejected ballots will far exceed any additional votes gleaned by enabling people to not have to physically go to the polls. People voting by mail are likely to be those who would, absent Covid, have gone to the polls. Extra votes would probably only come from “harvesting”, which will hopefully be quashed.
Also, I believe it likely that Appeals courts will reverse at least the most egregious overreaches by the state courts. It is hard to see how blatant rewriting of legislation could be considered acceptable, even by Democratic leaning courts. But unlike some, I do not believe that the Supreme Court will weigh in. I believe that SCOTUS will say that the States have ultimate authority to determine their own voting procedures.
With Kamala Harris as the Democrat’s Vice-Presidential candidate, it’s important to know that she has committed some rather egregious trespasses as a prosecutor. Just as disturbing is her fluctuating policy positions, calling into serious question her attempt to presently appear as a criminal justice reformer. Instead, Harris should be known for 1) her criminality and very poor judgement as a prosecutor 2) her hypocrisy, and 3) her opportunism.
One of the biggest areas of concern is her prosecutorial misconduct. In many instances, she basically acted as a rogue prosecutor who should have possibly been charged criminally for her own actions in some of the following incidents:
*During a case in 2015 in which a prosecutor concocted a confession from the defendant, thereby leading to the case being dismissed, Harris’s Attorney General’s office appealed the dismissal.
*During a case in 2015 in which a prosecutor in his case fabricated information to a jury relating to compensation to an informant, Harris’s Attorney General’s office fought the defendant’s appeal.
*During a case in which the entire Orange County DAs office was removed from the trial for failure to turn over evidence, Harris sought to block the removal.
*During a case in which a man was wrongfully imprisoned for 13 years, Harris’s office attempted to keep him locked up.
*After a crime lab technician purposefully tainted evidence in a vast amount of cases, Harris hid his actions while acting as a San Francisco DA.
Furthermore, Kamala Harris has worked on rebranding herself from previously being tough on crime to more sympathetic to justice warriors. For instance:
* Until 2014, Harris was against the legalization of marijuana while acting as the Attorney General of California.
* Harris declined to support criminal justice sentencing reforms that were on the ballot in California in 2012 and 2014.
* Harris’s office opposed an order to lessen the amount of prisoners in California, while supporting the use of prisoners as laborers due to the low cost.
* During her time serving as the Attorney General in California, Harris supported the dubious practice of civil asset forfeiture under the guise of going after drug operations.
Additionally, Harris was eager to be in the spotlight while moving up the political chain in California; two ridiculous incidents in particular come to mind.
*While running for US Senate, Harris’s office arrested the owners of Backpage, a site for classified sex workers, after publicly declaring that they “were protected from prosecution under federal speech law.” The case was promptly thrown out by a judge.
*While running for US Senate, Harris’s office went after for-profit colleges in California as part of an Obama initiative, while subsequently refusing to release any buyer of potential future liability– meaning anyone purchasing would be under constant threat of a lawsuit. Subsequently, no buyer would accept the terms. The Corinthian college system therefore shuttered 23 schools, putting people out of work and education.
Kamala Harris has repeatedly shown to have no moral compass. Her actions as a prosecutor should be alarming, as well as her hypocritical flip-flopping of positions. She has shown to be a mercurial political opportunist and has no business being a Vice-Presidential candidate.
