Tag: Elizabeth Warren

Unwarranted: Elizabeth Warren’s Flawed Idea

 

Elizabeth Warren, one of the – what is it now, 211 candidates for president? – seems intent on proving that having been a Harvard law professor is no bar to fatuous policy prescriptions. She has endorsed the farrago of foolishness called the Green New Deal, promises to tax the rich “make the economy work for us,” and recently proposed a shiny new policy idea fresh from 1971 – government-funded, universal pre-school.

Decade after decade, this old chestnut is trotted out as a pro-family, pro-middle class reform, and every time, assumptions about government’s competence to perform this task are blithely assumed.

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Hello you fellow right wing, knuckle-dragging troglodytes and welcome to the Harvard Lunch Club Political Podcast number 213!!! it is the Ten in Twenty edition of the show with your 2 in 2 hosts radio guy Todd Feinburg and AI guy Mike Stopa. We come to you every week….but you *know* that already, don’t you? What, you ask, are the topics for this week? Where, you ask, is the beef?

Okay already!

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The Toxic Warren Wealth Tax

 

In my lastcolumn, I explained how Senator Elizabeth Warren’s wealth tax violates well-established constitutional limits on income and transfer taxes. Ever since the Sixteenth Amendment legalized the income tax, all taxes on income have been based on some fraction of the amount earned within a given year. And all taxes on capital are imposed only once, namely at their transfer during life or upon death. In contrast, the Warren wealth tax would be imposed annually on all forms of wealth at rates that start at 2 percent for households whose net worth is between $50 million and $1 billion, and 3 percent for households who hold amounts of wealth in excess of $1 billion. The tax applies in both rich and lean years, whether a person makes or loses money.

To defend this dubious scheme on economic grounds, Warren, now a presidential aspirant, relies on a letter prepared by two prominent economists from Berkeley, Emmanuel Saez and Gabriel Zucman, both experts on the economics of inequality. Indeed, it is just there that the problems begin, for any fixation with equality or, as Saez and Zucman call it, equitable growth, rests on shaky premises.

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Green New Deal: Serious as a Mass Famine

 

Keep yucking it up. Talk about Alexandria Occasional Cortex. Hey, it could never happen here right? Not so fast, slick, your laughter is actually based in ignorance or forgetfulness. Stalin engineered a terror famine, the Holodomor, and Mao killed off up to 60 million inconvenient people with his Great Leap Forward. Today, Venezuelans are eating rats. Now are you focused?

Holodomor memorial monument in Kyiv, UkraineAlexandria Ocasio-Cortez’s socialist scheme reveals, in its own words, the red origins and aims of the Green movement. Instead of greedy capitalists oppressing wage slaves, evil polluters are killing everyone. those at the top of the intersectional virtue pyramid hit hardest.

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Smoke signals from the stronghold

 

News flash: Fauxcahontas throws her headdress into the ring. Cold omelets with crabmeat for everyone! More

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Green, With Envy

 

An end to industrial civilization, but like in a totally pro-union way.

If this week’s Green New Deal boomlet was politically significant, it wasn’t just because a legislative newcomer elected by 110,318 voters in Queens and the Bronx proposed a government program to renovate or replace every building in the country within ten years, abolish internal-combustion-engine cars and commercial air travel, shut down all conventional utility generation without building nuclear, phase out flatulent cows, support persons “unwilling” to work, print new paper money to pay for it all, and on and on. New York City voters have elected radical mavericks to Congress before and will do so again.

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Elizabeth Warren’s Unconstitutional Wealth Grab

 

As part of her populist presidential campaign, Senator Elizabeth Warren has unveiled a proposal for an annual wealth tax of 2 percent for ultra-rich families whose net worth is between $50 million and $1 billion. That tax would increase to 3 percent for families whose net worth exceeds $1 billion. The tax is on top of many other taxes to which such a family would be subject, including, presumably, the progressive ideal of a 70 percent income tax as well as state and local taxes. The wealth tax would even apply to people whose net worth has declined during the past year so long as they remain above the stated threshold. Cumulative taxes could easily exceed 100 percent of income. That result is not an unanticipated bug but rather an essential feature: Warren wants to mandate greater income equality through tax policy, even if it means leveling down, not up.

In a future column, I shall address the economic ramifications of this proposal. But for now, I turn to the question of the constitutionality of this novel wealth tax. On that topic, Senator Warren offers in support two short letters signed by sixteen prominent American constitutional law scholars that vouch for the constitutionality of her plan.

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Elizabeth Warren’s Theory of America’s ‘Freeloading’ Billionaires

 

Sen. Elizabeth Warren says she wants “billionaires to stop being freeloaders.” It’s a statement akin to the idea that billionaires need to “give back” to society. Which is not how I immediately think about the wealth inequality issue. Surely Microsoft co-founder Bill Gates didn’t begin to “give back” or generate value for society only when he began “giving back” via the Gates Foundation to boost education and reduce global poverty. Society benefited from his role in revolutionizing home computing, generating massive wealth for retirement plans everywhere, and creating hundreds of thousands of jobs over the decades.

Oh, and Gates became superrich in the process. And he should pay taxes. Lots of them. Does he or other wealthy Americans pay anywhere near enough? Warren and many Democrats don’t seem to think so, (although paying for new spending does seem to be the primary concern here). Thus the talk of a wealth tax or a higher top income tax rate. There’s less talk on the left, however, of possible tradeoffs from such ideas. A wealth tax would certainly be a theoretically powerful — though difficult to administer and possibly unconstitutional — way to break up or diminish concentrated wealth. (Many nations that have tried them have since abandoned them.) But there is another side of the story. My AEI colleague Alan Viard notes that wealth taxes of the sort Warren advocates “would be a drain on the pool of American savings, [which] finance the business investment that in turn drives future growth of the economy and living standards of workers.” Something to consider at a time when the American economy faces historically low economic growth due to demographics and low productivity.

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Trump Buries Pocahontas at Wounded Knee

 

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Daniel Foster of National Review Online and Greg Corombos of Radio America get a kick out of reports that Elizabeth Warren and her team are still trying to do damage control over her DNA stunt. They also unload on the mainstream media for insisting that every kind word said Wednesday about the late George H.W. Bush was somehow an obvious rebuke of President Trump. And they react to news that Trump is at least contemplating a change in running mates for 2020.

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Jim Geraghty of National Review and Greg Corombos of Radio America are glad to see the Libertarian candidate drop out of the Montana U.S. Senate race and endorse GOP nominee Matt Rosendale against Democratic Sen. Jon Tester. They also roll their eyes as “former Republican” Max Boot urges Americans to vote for Democrats in every single race as the the only way to send a message to President Trump and rescue the Republican Party. And they greatly enjoy Massachusetts Sen. Elizabeth Warren asserting she had no idea she was the subject of an ethics complaint for how she conducted fundraising off the Kavanaugh hearings.

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Elizabeth Warren Highlights the Danger of Racial Identity

 

She was mocked as “Fauxcahontas” long before President Trump began referring to her as “Pocahontas,” and frankly, Sen. Elizabeth Warren invited the ridicule. She is a poster child for the pitfalls of basing identity on race and reminds us of the many furies such self-definition unleashes.

What people choose to call themselves shouldn’t matter to outsiders. If I want to call myself a post-Jerseyite dog lover, no one will care, unless there is affirmative action for former Jersey residents who can’t skip dog videos on Twitter.

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Welcome to the Harvard Lunch Club Political Podcast number 196!!! for October 17, 2018 – it is the Snow Me State Podcast with your abominable snowmen hosts, radio guy Todd Feinburg and AI guy Mike Stopa.

This week we feature two starlets of the Democrat Party who are making a name for themselves and their party today: Claire (Annie Oakley) McCaskill and Liz (Angry Bear) Warren. Yep, it’s our cowgirl and indian pair.

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Jim Geraghty of National Review and Greg Corombos of Radio America sip three good martinis for conservatives today. They begin by highlighting Cherokee Nation’s slamming of Elizabeth Warren’s DNA test as being any sort confirmation that she belongs in its ranks. They also discuss Project Veritas exposing the McCaskill campaign in Missouri for taking great pains to prevent voters there from knowing how liberal McCaskill really is. And they chronicle the litany of bad press for Arizona Democratic Senate hopeful Kyrsten Sinema, including not caring if an American fought for the Taliban in 2003 and bringing in witches for an anti-war vote that same year.

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Cherokee Nation Rejects, Rebuts Elizabeth Warren’s DNA “Evidence”

 

It is surprising that Elizabeth Warren, a former law professor, would stumble into the crossfire of tribal enrollment and racial identity politics. She announced that she took a DNA test, to profile her likely ancestry. Yet, Senator Warren should have known what the Cherokee Nation, with which she claimed some ancestry, would say.

Senator Warren had been ridiculed for weak claims of Cherokee heritage, and falsely claimed Native American status in seeking employment as a law professor.

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Elizabeth Warren’s DNA Test Reveals She’s Not an Indian

 

I’m thinking of taking the #CherokeeChallenge, despite saying in this video that I’m wary of having my DNA in some database. What do you think? Do I have more than 0.09% possible “native” DNA? Am I more Indian than Pocahontas? You’ll have to start calling me Crazy Horse. More

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DNA Results Show We’re All Privileged and Oppressed

 

A friendly reminder that if you go back enough generations (oh, say 10 generations, just to pick a nice round number), our DNA “story” becomes increasingly irrelevant since the number of ancestors increases exponentially.

From a 2015 Guardian article:

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Elizabeth Warren’s DNA Test Contradicts Her Previous Stories About Native American Ancestry

 

Elizabeth Warren recently released the results of a DNA test which she claims proves that she is of Native American descent.

The claim in the report is that it is likely that Elizabeth Warren has a Native American ancestor from 8 generations ago. If we assume that a generation is 25 years, and given that Warren was born in 1949, that would this Native American ancestor was born sometime around 1749, well before the founding.

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Jim Geraghty of National Review and Greg Corombos of Radio America cautiously welcome polls showing Nevada Sen. Dean Heller winning his race and House Republicans holding a one-point edge in the 66 most competitive districts. They cringe at allegations the Saudis may have killed journalist Jamal Kashoggi and what it may mean for U.S.-Saudi relations. And they roll their eyes as Massachusetts Sen. Elizabeth Warren’s claims victory in the debate over her heritage because a DNA test showed she was anywhere from 1/64 to 1/1,024 American Indian.

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