They Haven’t Taken Enough

…so they want more. And more. And….

President Biden made a renewed push on Monday to galvanize congressional Democrats to overhaul the nation’s tax code and dramatically raise rates on corporations and ultra-wealthy Americans.
… Under his proposal, taxes would rise by $2.5 trillion….

And

The higher taxes would largely be borne by Wall Street and the top sliver of US households, in the form of a steeper corporate rate, a modified wealth tax….

That raised corporate tax rate is, in part, a withdrawal of the corporate tax cuts of the Trump administration, a reduction that made our companies globally competitive and brought their investments back home as well as encouraged increased foreign company investment in our nation. It’s also a net increase in rates over what existed prior to the Trump cuts.

That wealth tax includes a

minimum 20% tax on the incomes of US households worth $100 million or more

along with a tax on unrealized capital gains—that’s the “worth more” part. Those unrealized gains aren’t even income, either, since the assets experiencing the growth isn’t income.

Withdrawing all that money from the private economy is money that won’t be, can’t be, committed to R&D, other innovation, production facility improvement, production facility construction, wage and benefit increases for employees, job creation for additional employees, and on and on and on.

President Joe Biden (D) said his budget demands ensure that

corporations and the very wealthy pay their fair share.

Pay our fair share? What, I ask, is our fair share? Biden and his Progressive-Democrat cronies answer, “All that you have.”

Even one of the founders of the modern Progressive Movement, TR Roosevelt, might demur from this bit of confiscation:

Our country, this great Republic, means nothing unless it means the triumph…in the long run, of an economic system under which each man shall be guaranteed the opportunity to show the best that there is in him.

That is the essence of the American Dream, but Biden-Harris and his cronies want to cap our Dream and punish us American citizens for being successful.

Envy

President Joe Biden’s (D) Success in the American Dream tax. That’s what he and his Progressive-Democratic Party cronies are about to propose and to try to inflict on us. A minimum tax of 20% on income, and on the increased value of non-income assets over the prior year—whether or not those assets were sold and actual income received from the sale.

Because success—making it especially big—in our nation without the “help” of Big Government is anathema to Progressive-Democrats. Such success goes against their mantra that us average Americans can’t be trusted with our own decisions; our own definitions of our needs, our wants, our charities (and how to support them); our own means of satisfying our responsibilities and living with our liberties.

No, our American Dream must be, and must be limited to, what Progressive-Democrats say it is for all of us, not what each of the 330 million of us individuals say it is for each of us individuals.

Oh, and this: Biden and his syndicate cronies don’t even have a use for the tax money, nor have they claimed a plausible one. They just want it. They’re jealous that others have more of it than they do.

Idiocy

David Cameron, once (and future?) British Prime Minister, thinks that if Russian President Vladimir Putin attends the upcoming G-20 meeting, everyone else should boycott the meeting.

Cameron griped, among other things that when Putin and then-President Barack Obama (D) attended the G-20 meetings in ’14 and ’15,

the conversations with Mr Putin were worse than pointless.

Then Cameron gave the game away, amusingly, without recognizing it.

What does or doesn’t happen at the G-20 won’t change the world.

Indeed. The G-20 is a coffee klatch wherein previously and behind the scenes decisions are announced. Otherwise, the gathering is just a see-and-be-scene show for the political glitterati of the developed world.

Conversations with Putin are, indeed, worse than pointless, but avoiding the G-20 because Putin shows up is the wrong answer.

Instead, boycott Putin, don’t waste time on conversations with him. Don’t interact with him at all. For those two seated next to him at dinners, they should turn their backs on him and converse with the dinner companions on the other side.

Boycotting the G-20 if he shows up would be just a toddler-ish face-spiting nose-cutting temper tantrum. Or a cowering away from the Big Bad Man.

The Greenies’ Desired Outcome

As even the wokest of the woke “Green” energy aficionados know, oil is at the heart of a modern economy, both for energy and for other products.

  • resin sheet makers that in turn get raw materials from big chemical companies—which get their chemicals from hydrocarbons: oil and natural gas
  • fertilizer typically includes ammonia or other nitrogen compounds that are made in a process starting with natural gas—that’s all of our food, from the grains we eat to the grains we feed meat animals

Also negatively impacted by the Greens’ attack on hydrocarbons:

  • the availability of plastics and carbon fibers for the electric vehicles they’re so enamored of
  • the availability of plastics and carbon fibers for the “environmentally sound” housing and office buildings they so vociferously demand
  • the availability of energy to produce the glasses and metals necessary for the solar and wind and battery storage devices they demand to replace hydrocarbon-sourced energy production

But let’s see how many of these items they’re willing to live without.

Of course the food supply and cost won’t bother these dilletantes—they’ve got the money. It’s the poor who will suffer from the higher prices, become nutritionally deficient because they can’t afford the higher prices, suffer the damage and deaths from the famines that will result from the lower production rates of food.

Just a Thought

Much is made of our current hydrocarbon-based energy and industry economy and the resulting pumping of carbon dioxide—CO2—into the atmosphere, with the supposedly bad planetary warming associated with that pumping.

Hydrogen production is being seriously looked at as a substitute source of energy, along with solar and wind energy production (although the extreme costs and environmental pollutions of the latter two are being ignored). Hydrogen, though, is supposed to be utterly clean: its only product from use, after all, is water.

Air Liquide, one of the three truly major producers of hydrogen for energy production use, for instance, believes that hydrogen will be

powering buses and smaller commercial vehicles by 2025 and big-rig trucks, trains, and cars by 2030. Ships and airplanes will take longer still. The market will need support for years but seems likely to get it.

And there’s hydrogen-based energy to power industrial production. But what about that water that results from hydrogen use? What about, in particular, the vast amounts of water that would get produced (reproduced, since the hydrogen will come primarily from splitting water molecules) were hydrogen to become as ubiquitous for energy production as hydrocarbons are today? Where would all that water go?

Much of it would, to be sure, be used as liquid—drinking, food production, even aquifer replenishment in the few places where that would be practical. Much of that water, though, would be evaporated into the atmosphere. And there’s the rub, maybe.

Today’s Earth is two-thirds covered by clouds, on average (with wide variations by region, season, whether over land or sea, but we’re talking about the planet as a whole here). Clouds have three contradictory effects on planetary temperature. One is that they’re fine infrared reflectors, so as the earth radiates its heat (from lots of sources, one of which is industrial activity, another is loss of heat absorption at the surface due, among other things, to human clearing of land for urbanized use), clouds reflect that heat back to the surface—if not contributing directly to global warming, contributing to global not-cooling.

Another cloud effect is blocking sunlight, which prevents solar heat from getting to the surface in the first place. The third effect is from clouds’ albedo: they actively reflect sunlight back into space. This is related to, but separate from, the simple blocking effect.

What are the relative weights of the three effects? Today, that two-thirds coverage is in relative balance for today’s planetary temperature.

What happens, though, if a planet-wide hydrogen energy economy pumps significant amounts of water vapor into the atmosphere to become an increased level of cloud cover? We worry about increasing atmospheric CO2, yet the lifetime of CO2 in the atmosphere is measurable in a very few decades; it has constantly to be replenished to have any warming effect. Individual clouds might last a few hours to a very few days, but the aggregated cloud cover is permanent relative to human lifetimes.

Just a thought.