Tag: taxes

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The wealthiest of the wealthy support Democrats. Not only voting for them, not only donating millions to them, not only funding dark money PACs to swing elections for them, but perhaps actually buying elections for them including the presidency. Now, the president they elected wants to stick them with a big tax bill. Dubbed the […]

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Join Jim and Greg as they cover President Biden’s State of the Union address, its contradictions, and Biden’s insistence on doubling down on failed policies. They also discuss the problems at the pump many Americans are facing and how the White House’s current strategy to bring down costs doesn’t work. And Ukrainian forces have eliminated an elite Chechen assassination unit, keeping President Volodymyr Zelenesky alive in the face of the imminent Russian siege of Kiev.

Join Jim and Greg as they cheer the decision of Americans to leave high-tax blue states like New York, California, and Illinois and move to free states like Idaho, Utah, Texas, and Florida. But they do have one request for these new arrivals! They also cringe as the evidence seems to pile up that Russia is preparing to invade Ukraine early next year. And they discuss President Biden’s bewildering response to a question about whether his administration was unprepared for the Omicron variant.

Tax Schemes That Won’t Pay Off

 

Right now, Washington’s fevered political atmosphere is abuzz with taxation proposals to plug the funding gap created by President Biden’s slimmed-down $1.85 trillion Build Back Better program. Biden has no modest fiscal ambitions: he wants to introduce a huge new system of transfer payments to those at the bottom of the income scale, paid for by taxes that are imposed solely on the richest segment of the population, leaving just about everyone else untouched. His two major policy options—in an on-again-off-again fashion—appear to be a tax on the unrealized appreciation targeted to those who have more than $1 billion in assets or $100 million in income, and a 15 percent minimum corporate tax that Biden asserts will make big business pay its “fair share.”

House Speaker Nancy Pelosi touts this program as “something major, transformative, historic, and bigger than anything else” that Congress has ever attempted—which is exactly why a thumbs-down verdict is warranted, even before its details are laid out. One key classical liberal requirement for good government is the stability of key social institutions, including, prominently, taxation. Stability does not entail total stasis; after all, government must be able to respond to a changed global environment which, whether anticipated or not, may require rapid revisions in revenue needs. But stability does caution against making major structural changes in short time periods, without anticipating the range of complications bound to follow sudden social transitions.

The new system’s administrative costs, the high likelihood of technical error, and the nonstop, evasive maneuvers of targeted taxpayers to avoid or minimize the new tax regime make it a virtual certainty that tax revenues will fall short of projections. Overall economic growth, meanwhile, will likely falter, often with unanticipated distributional consequences that make both the rich and poor worse off.

Hubwonk host Joe Selvaggi talks with Kyle Pomerleau, senior fellow on federal tax policy at American Enterprise Institute about the Build Back Better Act now in Congress, to understand how those new taxes will affect individuals, business, and the economy.

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The movie Gladiator gives snapshots of social life during the Roman Empire. Whether in Rome or around its territories, Roman leaders would organize games for the entertainment of the local population. It is recorded that ahead of gladiatorial fights, bread would be tossed into the crowds. Feeding hunger for food and hunger for entertainment, Roman […]

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Join Jim and Greg as they welcome news that congressional Democrats are still far apart on a framework for their massive spending bill. They also explain the absurdity of the “billionaire tax” and how it would soon impact a lot of people who are not billionaires. And they roll their eyes as the State Department drops the ball on countless problems but celebrates the launch of the gender neutral passport.

 

Ricochet.com Editor-in-Chief Jon Gabriel is in for Jim today.  Join Greg and Jon as they welcome Sen. Sinema’s demands of no tax hikes on corporations, individuals, or capital gains. They also hammer Pres. Biden for pushing for the guaranteed boondoggle of high-speed rail, but Biden also admits the real goal is to get your car off the road. And they cringe as Democrats in Virginia take another swing at loosening absentee ballot rules.

 

This week on Hubwonk (our debut video & audio edition), Host Joe Selvaggi talks with research analyst Andrew Mikula about the findings from his recent report, A Timely Tax Cut, in which he explored the relationship between state tax rates and policy and the direction of interstate migration.

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Join Greg and Rob Long as they try to figure out exactly what’s causing hundreds of Southwest Airlines flights to be cancelled for the third day in a row. The airline is clearly lying but is this resistance to the vaccine mandate or something else? And if it is about the mandates, what happens next? They also shudder as the Biden administration joins most other countries in supporting a global minimum tax for corporations. And they cry foul as some Virginia Democrats look to loosen absentee voter requirements now that the Virginia governor’s race might not be going their way. They also touch on Columbus Day and the latest insane law in California.

 

Join Jim and Greg as they welcome a new poll showing Americans are far more negative towards President Biden’s big government spending binge once they know tax hikes would be part of it. They also cringe as China repeatedly threatens Taiwan by sending dozens of fighters and bombers over the island. And they discuss the leftist activists who chased Sen. Sinema into the bathroom to air their political grievances with her and how the activists are receiving virtually no condemnation in the media or elsewhere on the left.

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Apparently, the 2021 Metropolitan Museum of Art’s Costume Institute  Fashion Gala that raises money for the costume industry caused a raucous, which I guess is ok if you are trying to raise money.  With so much crap going on in our government, our country and The World Over (shout out to Raymond Arroyo), I should […]

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Join Jim and Greg as they chronicle how the U.S. likely killed a U.S. ally instead of ISIS-K personnel in the drone strike following the terrorist attack at the Kabul airport.  And this news comes as the State Department stops processing special immigrant visa applications for our Afghan allies.  They also hammer the Democrats for proposing $3 trillion in higher taxes to pay for their bloated, reconciliation bill full of terrible policies.  And they sigh as more Democrats see Trump supporters and unvaccinated people as bigger threats than the Taliban or China.

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Click here to listen to the podcast! On this episode of the Resistance Library Podcast, Sam and Dave discuss the Pittman-Robertson Act. It’s unusual to think that Second Amendment proponents and members of the freedom movement would celebrate the day that a tax took effect. But that’s precisely what the Pittman-Robertson Act is – a […]

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Join Jim and Greg as they discuss Senate Republicans’ refusal to raise taxes to pay for Biden’s proposed infrastructure bill, the results of the Virginia Democratic primary, and a new study showing the unlikeliness of bipartisan friendships.

A Pox on Retroactive Taxes

 

One staple of legal philosophy is the prohibition against retroactive laws. The late legal theorist Lon Fuller spared no anger in denouncing these laws as “monstrous,” because “to speak of governing or directing conduct today by rules that will be enacted tomorrow is to talk in blank prose.”

Nonetheless, large governments are often hard-pressed to fund their ambitious spending programs. And so the Biden administration proposes to increase the capital-gains top rate from 23.8 percent to 43.4 percent to pay for its $6 trillion American Families Plan, which includes about $1.8 trillion for child care, education, and paid employee leave. But as its Treasury Report makes clear, it fears that the steep capital-gains rate increase will induce massive selling before the effective date of the statute in 2022. It, therefore, proposes an unprecedented step of imposing the higher capital-gains rate on any transaction that took place after late April, when that tax hike was first proposed.

But Treasury misfires badly. Sales of capital assets are good for the economy because they allow individuals to shift from weaker to stronger investments. The inefficiency comes from forcing premature transfers. Yet the massive rate increase proves that high rates, even when applied on a prospective basis, will distort the allocation of capital, depress overall share prices, and ensure that the new tax will fall short of its revenue goals, which are better achieved through durable tax cuts. But the Biden administration plainly ignores these drawbacks for long-term wealth creation in its relentless request for revenue today.

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Those of us who were done with college, starting careers, trying to buy homes (and gas) during the late 1970s and early 1980s know what inflation is. If you’re under 50, especially under 40 years of age, you have no clue. With all due respect. Let me put it in perspective. A $100,000, 30-year mortgage […]

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We’ve Had Worse Times

 

My wife became a US citizen 14 years ago.  She did it on her own hook, after being in the US for 25 years, not because she married me.  But now she tells me she’s beginning to regret becoming a citizen because of all the nonsense we are seeing now.

Yes, racial relations are getting worse and worse and the situation is being driven by race mongers and seditionist leftists.  Yes, the libs are threatening to tax us and take the money in our IRA’s and 401ks.  Yes, an increase in inflation is threatening to destroy our retirement savings.  Yes, inflation is increasing.  Yes, corporations will pay higher taxes, and we will pay more for goods and services as a result.  Yes, people are losing their jobs and status for speaking their minds.  Yes, we are set to waste trillions on the phantom of climate change.  Yes, crime is on the rise even as leftists are calling to abolish the police.  Yes, we have seen continuous rioting, vandalism, and violence in our cities.  Yes, anti-white racism in on display everywhere.  Yes, there is an open season on American Jews.  But not to worry, I say.   The US has seen worse.